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Does a personal guarantee on a commercial loan appear on a credit report and are they liable for personal injury on the property being purchased?
Wiki User
∙ 15y ago
That's two separate issues - credit reporting on a loan, depends on the financial institution - if they report it. Personal injury on a property would be on property insurance, which you have to obtain in order to purchase property.
Wiki User
∙ 15y ago
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How are commercial property mortgage rates calculated in general?
Commercial property mortgage rates are calculated primarily on the total value of the property being purchased. Other factors, such as down payment and interest rates will also affect the mortgage rate.
Do you finance purchase of commercial property?
Yes, you can certainly finance commercial property. One method is a conventional loan. 20% down and the note is backed through personal property, signature and the land itself. There are also small business loans that you may qualify for. Contract for deeds also work. Most commercial property is under some form of finance.
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Can flood insurance be purchased for rental income property?
Yes, for residential rental property, flood insurance can be purchased up to $250,000 or the replacement cost value of the property, whichever is lesser.
How can you define commercial mortgage?
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
Can you carry homeowners insurance on company property?
Commercial property cannot be covered by homeowner's insurance. Commercial property insurance must be purchased for that category of property.
What are the insurance policies that Farmer's Insurance company offers?
Homeowners, Rental Property, Commercial Property, Commercial Auto, Personal Auto, Life, Umbrella.
Industrial property can purchased in Toronto with which agents?
Industrial property can be purchased in Toronto through commercial real estate businesses like Cushman & Wakefield and Colliers. Each firm would have several specialists in the area of commercial real estate to choose from.
How are commercial property mortgage rates calculated in general?
Commercial property mortgage rates are calculated primarily on the total value of the property being purchased. Other factors, such as down payment and interest rates will also affect the mortgage rate.
Caveat over a building property?
This is a form of security lodging against the property. It means that the person issuing the caveat has "say or control" upon sale of this property. Generally used when a personal guarantee is issued, and you want your money paid to you. However you cannot force the sale of the property, but you can be fully involved in the final sale and have rights to your money when the property is sold.It is an excellent tool to use when you have personal guarantee. The Banks will have priority to you, but you will be next in line.
In a common law state such a Wisconsin will a personal guarantee signed by one spouse and not the other hold up in court?
Whoever signed the personal guarantee is solely responsible for whatever he/she signed for. The spouse is held harmless. However, any joint property (as viewed by the state of Wisconsin) is vulnerable to remedy the obligation he/she signed to guarantee.
If you file Bankruptcy on your business can they take your personal assets?
Only if then can show that you committed fraud, by piercing the corporate veil (i.e. using the business as your personal property), or if you gave a personal guarantee for business loans/debts.
Would my commercial auto policy cover contents?
Auto policies, whether personal or commercial will not cover contents within the vehicle. That is not what auto policies are designed to do. You need to have a commercial property and liability policy to cover business property while on premises or off premises.
Do you finance purchase of commercial property?
Yes, you can certainly finance commercial property. One method is a conventional loan. 20% down and the note is backed through personal property, signature and the land itself. There are also small business loans that you may qualify for. Contract for deeds also work. Most commercial property is under some form of finance.
Whats the definition of a business asset?
Business asset is a piece of property or equipment purchased for business use. It is also a personal property that has value which can be used for the payment of its owner's debt.
What is INS21 certification?
INS 21: Property and Liability Insurance PrinciplesINS 22: Personal InsuranceINS 23: Commercial Insurance
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
