Commercial property loans are loans made using real estate as collateral to secure repayment.

Like residential property loans, a building will be used in order to secure repayment from the debtor except the collateral is a commercial building instead of a residence. Additionally, a business will take on a commercial property loan most of the time, rather than an individual.

A corporation, LLC, and even a partnership can borrow for a commercial property loan. This fact causes for the assessment of the credit of the borrower in a commercial mortgage to be much more difficult for the lender than it would be with a residential property loans borrower.

Some commercial property loans are nonrecourse, meaning that in the event of default in repayment, the creditor can only seize the collateral, but has no further claim against the borrower for any remaining deficiency. This is a contrast to the norm with residential property loans, in which a lender can usually seize other assets of the borrower in the event of non-payment.

A commercial property loan can possibly be supplemented with a general obligation of the borrower, as well as with a personal guarantee from the owner of the property, which makes the debt payable in full, regardless of whether or not the foreclosure on the mortgaged collateral doesnt satisfy the outstanding balance.

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