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A commercial loan is a loan taken out by individuals, businesses, or parties to fund the growth of a commercial operations and develops into a business. Business loan is considered to be a category in commercial loan, there are also commercial property loan, and business operations loan.
When clients wish to borrow a commercial loan, similar process as to residential lending are taken into account such as ; Borrowing capacity assessment, credit assessment, value of securities, loan appraisal and documentation. However the business part of the commercial properties are more complicated as more professional expertise are involved in the borrowing process.
Usually security properties include factories, warehouses, offices, retail shops or community care centre etc, however exceptions such as commercial land do exist and details are often based on each borrower’s different circumstances.
Business owners can also borrow a commercial loan for business purposes, including cash flow, paying wages, marketing expense or business upgrade.
Under normal circumstances business must operate for more than 3 months under current management for an existing business, or 6 months for newly established business.
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