When looking for commercial loans, Michigan has a lot to choose from. There are many things to consider; whether to use a locally based lending institution, which may better understand the needs of the local economy or to use a national lending institution, which may offer a broader array of services.

When shopping around for a commercial loan in Michigan, a low interest rate is among the most important things to consider, but not the only thing.

Other things to consider for Michigan commercial lenders:

1. How reputable is the firm? And how long has it been in business?

2. What kind of services will you receive?

3. Are you getting the right loan for your business or acquisition?

Action Steps
The best contacts and resources to help you get it done

Call in an expert who knows commercial mortgages in Michigan

Hiring a commercial mortgage broker can be an advantageous route to getting not just the best loan, but the right loan. A broker knows the ins-and-outs of Michigan commercial loans and likely has relationships with Michigan commercial lenders.

I recommend: A firm which specializes in real estate-oriented Michigan commercial loans is the Bernard Financial Group. The Michigan Mortgage Brokers Association offers a searchable list of all brokers.

Go for services from Michigan commercial lenders

Banks and financial institutions offer a range of products as Michigan commercial mortgage providers. Being able to monitor your account online and meet with experts to ensure your business and lending needs are taken care of is an important feature.

I recommend: National banks such as Bank of America and Chase offer a commercial loan in Michigan, as do locally-based banks such as Flagstar or KeyBank. Private equity groups can also be Michigan commercial lenders.

Get help with commercial loans in Michigan

A great resource for commercial loans, Michigan has a number of government agencies to be of assistance. The Small Business Association of Michigan offers a wide range of low-interest commercial loans available to small businesses.

I recommend: The SBA of Michigan’s website offers guides and steps to take for getting that loan or finding out more about commercial loan rates in Michigan.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be up-to-date on the rates to make sure you get the best deal. Fixed rates are based on the Treasury Constant Maturity Indexes and variable loans are based on the Prime or the 30-day LIBOR. The commercial mortgages in Michigan are priced on the same indices as mortgages in other states.
• •  Ask for references or ask others in the business community about the firms that they have used and what kind of service and attention they received.
• •  Be prepared. commercial lenders in Michigan will ask for financial information about your company the same way a lender would look for information when you are applying for a mortgage for your home.