FDIC-Insured - Backed by the full faith and credit of the U.S. Government Real estate decisions are at the heart of many business growth plans, and having a banking partner who knows the ins and outs is extremely important. Whether you are purchasing your first office, expanding into a larger facility, or developing a new property, turn to the team at Essex Bank. Leverage a group of professionals that is rooted in your community, understands local markets, and has experience with the challenges and opportunities that your business may face. Get a Commercial Real Estate Loan – and a strong relationship – with Essex Bank.
Types of Commercial Real Estate Loans
Commercial Mortgages
Enjoy flexible financing for the purchase or refinance of owner-occupied or income-producing properties.
Construction Mortgages
Access financing to cover the costs of building or major renovations, with funds disbursed as projects progress.
SBA 504 Mortgages
Use government-backed financing for purchasing fixed assets like owner-occupied real estate or large equipment, with up to 90% financing.
Ways to Use a Real Estate Loan for Your Business
A Commercial Real Estate Loan can open doors to new opportunities. Many Essex Bank business customers rely on these loans to:
Purchase Property
Acquire offices, retail space, warehouses, or other facilities.
Refinance Loans
Optimize cashflow by refinancing your existing commercial mortgage.
Expand Operations
Add locations or expand your facilities to house more inventory, manufacturing, or workforce.
Renovate Facilities
Meet the evolving needs of your business by improving your current space and environment.
Benefits of an Essex Bank Commercial Real Estate Loan
Partnering with Essex Bank for your commercial real estate financing offers key advantages:
Local Decision-Making: Essex Bank offers timely approvals from lenders who understand your market.
Personalized Guidance: Get the benefit of relationship-based service focused on your specific goals.
Flexible Loan Options: Enjoy tailored financing that matches the scale, timing, and goals of your business project.
Competitive Rates & Terms: Loan products are designed to support your business stability and long-term growth.
Community Commitment: Turn to a partner invested in strengthening the same local economy where your business thrives.
Compare Essex Bank Commercial Real Estate Loans
Compare each loan type and find the right fit for your business plans:
| Commercial Real Estate Mortgages | Construction Loans | SBA 504 Mortgages | |
|---|---|---|---|
| Loan Purpose | Purchase, refinance, or renovate commercial properties (Owner-occupied or investment) | Build new facilities or renovate/add onto existing buildings | Purchase owner-occupied real estate; acquire long-term machinery and equipment |
| Loan Type | Conventional commercial mortgage | Construction-to-permanent loan with a single closing | SBA 504 loan with conventional first mortgage and SBA-backed second mortgage |
| Interest Rate Type | Variable | Variable | Fixed rate on SBA portion; conventional portion will vary |
| Down Payment Requirement | 25% | 25% | Typically 10% borrower equity |
| Loan Amount | Maximum 75% loan to value | Maximum 75% loan to value | Up to 90% financing: 50% bank loan, 40% SBA debenture |
| Eligibility | Businesses seeking to acquire, refinance, or improve commercial real estate | Businesses planning to construct new facilities or undertake significant renovations | Small to mid-sized businesses purchasing owner-occupied real estate or long-term equipment |
| Closing Process | Standard commercial mortgage closing process | Single closing for both construction and permanent financing | Two-part structure: Conventional first mortgage and SBA-backed second mortgage |
| Special Features | Flexible options for various property types | Flexible options with a single closing | Reduces initial investment and stabilizes cash flow with long-term, fixed-rate second mortgage |
| Loan Term Options | Terms may vary – contact a loan officer for details | Terms may vary – contact a loan officer for details | Terms may vary – contact a loan officer for details |
Preparing to Apply for a Commercial Mortgage
Use this helpful checklist to gather the information you will need for your Essex Bank commercial mortgage.
Have a Question? We Are Here To Help.
Start a conversation by visiting any branch location, giving us a call, or completing the contact form below. Regardless of which path you choose, a real human will provide the response.