Whether it’s your first time or you’ve been through the loan application process before, it can be a complicated and daunting chore. However, with these tips applying for commercial real estate loans has never been easier.
Sometimes finding the right loan all comes down to finding the right lender. Your lender can be the key factor in making your loan application process a smooth and simple one. They should be well versed in the type of loan you need as well as have knowledge of your industry as well. Make sure that the lender you choose has specific commercial real estate loans experience, and that will make all the difference.
Make a point of “interviewing” the lender. Working with a lender is somewhat of a partnership and while many new business owners or first time commercial loan applicants might be a bit apprehensive, they really have the upper hand in the situation, and should act accordingly. The lender ultimately works for you to find you the commercial real estate loans that will help benefit your business. So don’t get intimidated and never settle for what you don’t think is the right loan for your needs.
Put yourself in a good position prior to applying for a loan. For example, the loan process will go more smoothly and quickly if you have already prepared your current credit report, polished a solid and strategic business plan, have your tax returns, bank statements and other required documents in order and you have a ballpark range of how much you want to borrow and how you are prepared to pay it back. Set yourself up for success before you even meet with a lender.
Sometimes it comes down to the minute details.
Even if a lender has experience in your specific loan type, you will also want to make sure that they have worked with a business in your same industry and that they are familiar with the market in which your business works. Their expertise in these matters can be most beneficial, but without it, you may not actually get the best loan for your needs. So don’t be hasty! Take plenty of time to sleuth out the lender that has experience not only in your business industry but also in the type of loan you are looking to apply for.
Sometimes you have to know what type of questions to ask.
When you meet with a lender who specializes in commercial real estate loans, be prepared to ask questions about how they are going to help you get the loan you need with the best rates and terms. You also may want to consider working with a smaller lending firm that focuses more on personalized customer service if you need more one-on-one time with your lender than a larger firm might be able to offer their clients. Asking about how much they can loan, their requirements that they ask of their borrowers and what type of commercial loan services they offer. You have a right to know what is expected of you going into this partnership to ensure it’s a win-win solution for both parties and that the lender can ensure your eligibility for loan approval success.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLCÂ Private Hard Money Lender
Arizona Tel:Â (623) 582-4444
Texas Tel:Â Â Â Â Â (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author:Â Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
Technorati Tags: commercial loans,commercial lending,commercial mortgage