Mortgage Rates Are No Problem
My brother was getting set to open up his own factory that produced cell phone towers. He had learned the trade while working in Mexico and thought that he knew enough to start his own company. He found a factory that was big enough to house all of the equipment and have enough room for office space.
He had an appointment with a commercial mortgage advisor for later in the week and wanted to know if I had any advice for him. I told him to make sure he put enough money down or he would be dealing with very high mortgage rates. I know a friend who got a commercial mortgage loan and only could afford to put down ten percent, and her rates were double what they should have been.
You can always refinance to get better mortgage rates, but it is better to start out with the best that you can get when opening up a new business. He was sure that he could come up with the twenty percent so he had no worries with that issue.
He was approved for the full amount he had asked for and started to order all of the equipment he would need to get the company up and running. If it not for the commercial mortgage loan being approved, my brother would not have been able to turn his skill into his livelihood.