When we talk about mortgages we always come to the head houses. But it is not always so, then I’m going to tell you my love-hate relationship with mortgages, but in this case, one that I requested to set up my own business.
The illusion of my life has always been to be an entrepreneur. Yes, call me crazy. But that’s the thing. Also, as the kitchen does not give me anything bad (let me modesty) I decided to set up a pizzeria restaurant. The only thing I knew was the machinery I wanted to have in my room. For this I contacted to a company that supplies and installs all the necessary material to open a new pizzeria. For example, ovens for pizzas, kneaders, tables, pizza accessories like pallets, thermal bags, motor boxes and boxes, not forgetting the flour and food supplies. In short, everything.
After having it, I began my search for a place that would meet my needs. And although it was not easy, I found it. Although commercial mortgage marketing is not widespread, despite the strong demand generated by the acquisition of these goods among users, as they are cheaper than a floor.
In my opinion they seem to me to be simpler mortgages, since they are more flexible, because we are the users themselves who can choose the interest rate (fixed or variable), according to our needs. In any case, the offer offered by banks is limited to only a couple of specific proposals with which to meet the demand of its customers, although it is a segment of exploration by financial institutions and it is not ruled out that in the coming months More .
I visited several banks. In Nova Galicia I was presented with a plan that is financed up to 60% of the appraisal value or purchase and sale value of the property (the lesser of both), with a repayment term that reaches up to 15 years to repay the loan through monthly installments.
Then I approached to Bank. They manage it through the Local Super-Credit, for cases in which their clients what they need is to have a local or change the destination of their business. They finance their acquisition, through a loan, when the activity is of retail trade. The maximum term to return the money is also 15 years, and you can choose between a fixed interest rate and another variable.
I also visited USA through its Multi-Purpose Mortgage, which allows the re-use of the amount already amortized to finance certain purposes of family consumption, purchase of furniture and household goods. Its objective is the purchase and then the amortized capital can be used again for the above purposes. The maximum amount granted by this mortgage loan is up to 80% of the lower acquisition or appraisal value, and gives a maximum term to amortize it for 40 years. On the other hand, the successive provisions will have a maximum maturity of 10 years, with the limit of the final maturity date of the mortgage.
I finally decided go on a bank . I know that at first it may not seem easy, but it’s all about making you feel like it. Really, do not be afraid to get into a mortgage for your business, because in my opinion, I see it more as an investment of the future than an expense. Good luck.
