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What is a commercial real estate loan and how do I qualify for one?
Virtually everyone has at least a glancing familiarity with the residential mortgage process. What is much less well-understood, however, is the process for financing the purchase of a commercial building.
With that in mind, letβs take a closer look at how these loans work and what you need to do to successfully acquire one.
Understanding commercial real estate lending
The Commercial Real Estate Loan (CRE) is a mortgage secured by a lien on a commercial property. Common forms of commercial propertiesβ¦
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Scenes from the Business Journal's 2021 40 Under 40 celebration (Photos)
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Family Business Profile: After 75 years, 3rd-generation Tacony Corp. continues to sew together growth
Nick Tacony started sewing together the history of Tacony Corp. from the basement of his south St. Louis home.Β
In 1946, Tacony invested his life savings in used sewing machines and parts to repair and sell them.Β
βHe was a mechanic by trade, had an eighth-grade education and he really just had a strong entrepreneurial spirit. He loved the idea of families doing business with family,β said Taconyβs granddaughter Kristi Tacony Humes, who is CEO of Tacony Corp.Β
In the 75 years since itsβ¦