West Virginia commercial mortgage lenders can help business owners searching for property to expand or start a new business. When it comes to commercial mortgage lenders in West Virginia, there are several options from which to choose. However, business owners should research all available options to make sure to get the right West Virginia commercial mortgages and contact the most knowledgable commercial mortgage lenders in West Virginia for their needs.

Business owners should keep in mind when shopping for commercial lending in West Virginia that the process is different than that of a residential loan. There are some main differences between West Virginia commercial mortgages and a residential ones:

1. Collateral for commercial lending in West Virginia typically exceeds the amount required for residential loans.

2. West Virginia commercial mortgages' interest rates are usually higher.

3. The terms for West Virginia commercial mortgages are shorter, with a balloon payment typically due at the end.

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

Search online to compare commercial mortgage quotes in West Virginia

Use mortgage search engines to compare and contrast rates for a West Virginia commercial mortgage. West Virginia business owners can use these tools to get an idea of the different types of commercial loans available to them.

I recommend: Sites like iBank or Mortgage Loan will help give you an idea about what rates are currently available. Use these rates as a reference point to research your West Virginia commercial loan options.

Find local and national banks that provide commercial lending in West Virginia

There are several different types of banks that have options for a commercial mortgage in WV. Know what kind of service you are looking for beforehand. While the larger, national banks may have more branches, local lenders may offer more personalized service. Weigh your options while you decide which West Virginia commercial loan is right for you.

I recommend: First Bank of Charleston and Farmers Bank of West Virginia both offer commercial mortgage loans and will have a good grasp of the local business market. National banks like Sun Trust and AllOptions have several options for West Virginia commercial mortgage lending.

Research West Virginia commercial lenders through business associations

Small business organizations will have more inside knowledge about commercial mortgage firms in West Virginia than anyone else. These associations are designed to help accomplished and aspiring entrepreneurs. Often times, these organizations provide free seminars to assist business owners secure the best commercial loans.

I recommend: The Small Business Association (SBA) of West Virginia has several classes for aspiring entrepreneurs including business counseling and loan programs. The Charleston chapter of SCORE offers several classes on business planning and West Virginia commercial lending.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Before purchasing a property make sure to check the fine print on your loan about restrictions to property use. If the loan is too restrictive, it may pose problems for your business.