If you’re ready to apply for a loan with a commercial hard money lender, you may want to review the following advice. While you don’t have to be perfect, these characteristics may have a helping hand in making your dreams come true.
As experienced commercial hard money lenders, we try our very best to make the loan application process and approval easy for you at Level 4 Funding. However, there is a lot that you can do even prior to the start of the loan application process. Here’s the key–you don’t have to be perfect or have perfect credit history–you just have to have a plan for success!
BE PREPARED: Be sure to “come to the table” having done your homework. Spell everything out for your commercial hard money lender; making it easy for him or her. After all, they hold the key to your outcome of your future. From a business plan including a mapped-out marketing strategy to financial records including cash-flow statements– get everything organized, up-to-date, and ready to professionally present.
BE AUTHENTIC: Good credit or bad credit –commercial hard money lenders just need to know. Don’t “walk into” the loan application process without being ready to explain your history and state your case. Yes, it’s wonderful that you may have been able to consistently make payments during good and bad business times, but if the latter, just document your story and be ready to effectively explain and share it.
So, you’re organized and forthright with your business plan and financials; in-hand. Take it one step further and get a little proactive before engaging with your commercial hard money lender. A final thought is loan collateral. If you have a down payment with respect to the potential purchase of property, be ready to know what it is and be ready to put it down. Anything you can offer helps looming loan-to-value requirements.
Look to Level 4 Funding when applying for your first or next commercial mortgage loan. Our commercial hard money lenders are experienced and are here to help. We focus on speed of service and offer more flexibility than traditional banks. We want to work with you! If you happen to be prepared, authentic, and even a little proactive–it will only make things that much easier all-the-way-around!
111 Congress Ave |Austin | Texas | 78701