Commercial loans have stricter guidelines to follow and usual closing time is 30-60days. Also w/ commercial loans you will probably not get 100% financing, its usually around 75-80% of ltv. The rates for commercial loans are also higher than residential loans.
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Commercial loans have stricter guidelines to follow and usual closing time is 30-60days. Also w/ commercial loans you will probably not get 100% financing, its usually around 75-80% of ltv. The rates for commercial loans are also higher than residential loans.
He's totally right. Commercial appraisal can cost up $5000 too.