When we heard that our current office was going to be sold and we would have to move our office, we were unsure of what to do. We had been renting the same space for ten years now. Our accountant suggested that we purchase our own office space and not rent again.

He put us in touch with a commercial mortgage broker who specialized in loans for first time commercial buyers. My partner and I met with him for lunch and to discuss what we were looking to buy, and he wanted to discuss the mortgage rates with us. He figured that if we knew what we could afford before going out to search for property, we would be able to narrow the list of possible buildings we could purchase.

After going over our credit and how much we could put down, the commercial mortgage broker ran the numbers and figured what kind of mortgage we should be able to afford using the current mortgage rates. We would have to find a building and apply for the loan to secure a rate.

We found two different office buildings that would work for us, and they were priced within our budget. We decided on the one that was closer to our homes, so that our commute would be shorter. We were approved for our commercial mortgage in about two weeks and closed on it, about two weeks after that. We have since moved our business into our very own building.