Comparing commercial and industrial loans happens quite often and many people in Florida believe they are exactly the same. However, it is important to know for what you can use the funds of a specific type of loan before putting it in the same category as others. After all, there would not be a point in creating two types if they were the same.
In the case of commercial and industrial credits, it is true they have several factors in common:
- They are not available for particulars or individuals.
- The loan sizes are bigger.
- They cover commercial expenses and projects.
Most commercial loans you know about are mainly for real estate properties, constructions, and similar projects that involve premises and buildings. But when it comes to industrial loans, they are more focused on industries alone instead of general companies and businesses and the usual expenses in properties and premises. Industries are very limited in the type of loans they can access to maintain cash flow, expand their workspaces, or just finance several needs and expenses that allow them to grow or continue operating.
Credits for commercial purposes or classified in this way are usually long-term loans as well, which means the period for repayment ranges from 10 to 30 years. In the case of industrial loans, you are going for short-term funds that allow you to finance emergencies, specific expenses, and projects that will take place in a matter of months or 2 years at most. Why would you request short-term loans as an industry? Because you can access the funds in a matter of days after approval, interest rates can be lowered, and you do not need an excellent credit score.
Instead, you can rely on the collateral you can offer but keep in mind that you must be able to show your capabilities of repayment due to the loan term for repayment. At Commercial Real Estate Loan Pros of Jacksonville, we work with industrial loans that are available for any industry in Jacksonville, Duval County, and throughout the state. Unlike lending institutions like banks and financing groups, we do not limit these credits to only a few industries but rather open the option for any of them.
This means you do not have to be part of a specific field or perform certain operations in order to apply for the loan. Instead, you only need to meet the basic requirements: credit score, collateral, financial records, details about your needs and projects, the sum of money needed, and your industry details.
Once we review all the information, our team will get back to you and determine how much we can cover your expenses. In very few cases, we are able to cover up to 100% of the project and help you with all the funding process, but you must meet additional requirements and conditions. Finally, feel free to ask all your questions to our team at Commercial Real Estate Loan Pros of Jacksonville before and after applying for the industrial loans to be confident about your decision.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.