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Hi,

I want to take a commercial mortgage soon. I am planning a business with my friend. We will be taking a joint mortgage. As we are new to a business, we have a lot to know about the financing options available.

In a search, I came to read, a commercial mortgage could help us. But
it is said to have some difference with other mortgages. Does anyone know the difference between commercial mortgages with other mortgages? And for a joint mortgage, how would be the monthly payments be divided among the partners?
Is it divided equally between partners or based on the monthly income?


Any idea? Expecting reply. Thank you!




And for a joint mortgage, how would be the monthly payments be divided among the partners?


Both of you will be equally responsible for payments.

A commercial mortgage is used to buy or refinance a commercial property - office building, industrial warehouse or shopping center.

Sub: #1 posted on Sat, 01/20/2018 - 12:08

SC SC
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(Posts: 3937 | Credits: 398.71)

Commercial mortgages have higher interest rates and shorter terms than other mortgages. Ans for the joint mortgage, both of you are equally responsible for the monthly payments.

Sub: #2 posted on Sat, 01/20/2018 - 16:39

sanderspatricia29 sanderspatricia29

(Posts: 683 | Credits: 71.47)

In a joint ownership mortgage, you will divide the payments among the owners as per your personal decisions.
THe lender is interested in the money, not who pays what amount.
But if you go for a joint ownership... then if your partner doesn't do any payments, then also he will have a right to the property.!!!!

Sub: #3 posted on Wed, 01/31/2018 - 18:41

Phil Bradford Phil Bradford

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Sub: #4 posted on Wed, 02/14/2018 - 01:43

blakeward741 blakeward741

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