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If you are looking for a loan your bank is unwilling to offer(such as a 90% mortgage with a 30 year fixed rate) you may want to look outside the bank.Traditional bankers have a working knowledge of the products that their bank may offer,but a mortgage consultant specializing in automotive properties will be aware of any nicheproducts for your industry and can sometimes offer terms much more favorable thanyour local bank.
There are steps you can take to minimize your interest rate risk.You could first deal with a lender that specializes in automotive properties.There are many lenders that do not require the full "relationship" that the bank requires.In bankers speak, relationship = your deposits.As long as you are aware of the time to complete the necessary due diligence andthe loan to value guidelines associated with automotive properties,financing them can be almost as simple as other commercial property types.You may also want to try to find a loan that is fixed for the life of the loan.If this is a product that you want, or if you want to put down less thanwhat is typically required, it would make sense to contact a lender or mortgage consultantthat specializes in automotive properties.
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