finance the purchase of a building
Owner-Occupied Commercial Real Estate Loans
Transform your business.
Owning your building can be a game-changer. It can be a buffer against gentrification and economic downturns, as well as an enduring asset. Traditional capital and equity requirements put real estate purchases out of reach for too many. We aim to change that.
Personal
We take the time to get to know you and understand your business.
Accessible
You don’t need perfect credit or full collateral to be approved.
Simple
With a fixed interest rate and low fees, there are no surprises.
Features
- Lower cash down requirements and high loan-to-value financing may be available
- Specialized terms to match your needs
- Lower owner-occupancy requirements
- Flexible projections-based debt financing
NOTE: Businesses owned by entrepreneurs of color may qualify for lower rates and special terms.
Rates & Terms
Loan Size
Up to $4,000,000
Rates
Fixed rates from 8.50% to 9.50%
Fees
Loan origination fee of 2% of loan total plus closing costs
Fees for non-profits are 1% plus closing costs
Fees for non-profits are 1% plus closing costs
Closing Costs
$650 plus any third-party fees for appraisal, legal, etc
Term
Typically 5 to 7 years, with longer amortizations possible in some cases
Repayment Terms
Interest-only payments are possible for the first 3 months
Our Loans
We also offer other financing
Financing With Craft3
Craft3 supports entrepreneurs at every step of the loan application process. Note that obtaining a business loan is a more involved and lengthier process than taking out a home mortgage.
Loans up to $250,000 can be funded as fast as 30 days. Larger loans typically take longer.
1
Contact
When you’re ready to apply, complete this online form to help us learn about you and your business. If it looks like a potential fit, a Craft3 lender will reach out to talk with you about your business plan, uses of funds and collateral.
2
Apply
A Craft3 lender will invite you to apply and help you complete your loan application package. We will review your application and give your request the careful attention it deserves. Review usually takes 1-2 weeks, although it can be shorter or longer depending on the size and complexity of the request.
3
Decide
If we think we can help you with your request, we will notify you and outline the terms of the loan and the items, if any, we need for underwriting a final loan decision. After that we quickly move to closing and disbursement.
BUSINESS LOANS
What we look for in a loan application:
A strong business or idea
An entrepreneur with the skills and temperament to succeed
A financing request that makes sense given your business and your financial situation
Customer Stories
A Flagship Location for the Salvadorean Bakery
Aminta and Ana had run a bakery in a leased space for many years. They were motivated to purchase a building that could become a flagship location, help them build generational wealth, and safeguard against displacement. The Craft3 lending team crunched the numbers and tested financial projections so the sisters could secure a loan to let them acquire a property and finance renovations.
Looking for more Information?
Business Resources
We support entrepreneurs of all stages of the business journey and offer resources to help you learn, grow, and better understand your financing options.
For Businesses
Your Business Journey
We hope this business journey worksheet helps you think about your next steps and anticipate potential setbacks.
For Businesses
Glossary of Finance and Business Terms
If you’re interested in starting or expanding a business, you’ll likely encounter lots of terms and acronyms. This glossary will hopefully help you make sense of unfamiliar words and equip you for your business journey.
For Businesses
The Definitive Guide to Getting Loan Ready
We want to make the loan process as clear and transparent as possible. Here are some resources to support business preparation and growth.
Pay it ForwArd
Our Lending Model
When you repay your loan, we use that money to make other loans. This allows us to serve more entrepreneurs. Over time, this makes a big difference for communities, local economies, and the environment.
Our Team
“Being able to engage in the community I've grown up in, and to be a resource to people who I've known for so long, in a strategic effort to make our shared community better, is what gets me out of bed every morning.”
Andrew Mattingly
Business Lender, VP
