Commercial lenders in Washington provide business owners with much needed funds for purchasing commercial property. Through the help of commercial mortgage lenders in Washington, businesses are able to get started on the right foot.

There are several distinctions between a residential mortgage and a commercial mortgage. Washington business owners must realize that their terms will be much shorter than a typical consumer's will. Lenders typically require you to pay the balance of your Washington commercial mortgage at the end of the term. This means you'll have one large payment due at the end. If you cannot afford this, you may be able to refinance with Washington commercial mortgage lenders.

Before you speak to Washington commercial brokers:

1. Polish your credit score. Washington commercial mortgage providers want to be certain that you will pay back your loan.

2. Consider your options carefully. There are many different commercial lenders in Washington. Look at your options and choose the provider that is right for you.

3. Know how you plan to repay the loan. Once you have secured commercial lending in Washington, payments will begin immediately. You should have a considerable amount of cash flow in order to make your payments on time.

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

Seek out qualified Washington commercial mortgage lenders

You should only work with experienced lenders when you apply for a commercial mortgage. Washington professional mortgage associations are a great place to look for lenders.

I recommend: The Washington Association of Mortgage Brokers and the Washington Mortgage Lenders Association both conveniently list members on their websites.

See how commercial mortgage lenders in Washington stack up against each other

You probably want to know typical lending rates before you speak with Washington commercial mortgage lenders. Fortunately, this is easy to do online.

I recommend: LendingTree is a popular site for comparing the rates of commercial lending in Washington. Alternatively, RealWebFunds lists the current commercial loan rate matrices on their website. Both sites are easy to use.

Decide between local Washington commercial brokers or national companies

When it comes to commercial loans, Washington business owners have a wealth of choices. Many choose to support local community banks while others opt for nationwide companies.

I recommend: Cascade Bank offers a special commercial real estate lending program for Washington business owners. Many find this to be an ideal solution. Others choose nationwide lenders, such as Romax Commercial, for their experience and easy application process.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Don't be shy about speaking to several Washington commercial mortgage lenders. This will ensure you get the best deal available. Besides, if one lender turns you down, it's good to have a back up plan.
• •  Commercial mortgage lenders in Washington do not always disclose all fees related to your commercial mortgage. Make sure you ask about all costs before signing any papers so that you fully understand the costs involved.