There is such a thing called commercial mortgage—just so you know in case you only think about financing of a residential property when you hear the word, “mortgage.”

‘Commercial loan’ and ‘commercial mortgage’ are terms often used interchangeably to umbrella business financing options such as:

* Buying property where you will operate your business

* Buying property for the purpose of leasing it out

* Business startup financing

* Overdraft protection

* Lines of credit

Here, we’ll talk about commercial mortgages for the purpose of buying property.

Commercial Property

You normally talk about single-family houses, duplexes, townhouses, or condominiums, while discussing residential purchases.  ‘Commercial property’ describes a much more…