Here are the main purposes of taking a commercial real estate loan:
- Purchase – to acquire a property
- Refinance – to replace an existing loan on a property
- Renovation – to fund rehab of an existing property to a like-new state
- Construction – to fund ground-up development and construction of a property
- Bridge – to fund costs that will help to stabilize an existing unstabilized property, such as Tenant Improvements to get new tenants into unoccupied space (these are temporary or interim loans lasting 1-2 years).