Getting a loan can make your business dreams come true. Whether you need the financing to start your own company or take your existing business to the next level, having the additional funding you need at your fingertips can make a huge difference in making those dreams become reality. And with a few tips and tricks, you can make commercial real estate lenders want to get your loan approved and fast, making for a win-win solution for you both.
You don’t have to perfect credit score or a completely clean history to be desirable in the eyes of commercial real estate lenders, contrary to popular belief. There are many factors that go into getting approved for a loan and while credit history and score is definitely an element, it’s not the only thing that commercial real estate lenders look at. Being prepared with pre-approval, a solid business plan, and all your necessary financial documentation, such as cash flow statements, will take you a long way in terms of being desirable to lenders.
Being honest about the real state of your financial situation is crucial. While you may be intimidated or slightly embarrassed about certain aspects of your financial history, you need to know that it will all be revealed in the end — so you might as well be forthcoming about it. This will go a long way in the eyes of commercial real estate lenders, even if your business history isn’t as perfect as you would have liked.
Regardless of credit history, a strong business plan and other factors, if you have collateral towards a down payment, that is very desirable to lenders and can be an important aspect of getting loan approval. Put you affairs in order and consider whether or not you have a form of collateral (such as your home or personal vehicle) that you can put down as collateral. This can be a good help towards loan-to-value requirements. When it comes down to it, it’s good to be flexible and helpful when it comes to obtaining a loan. Ask your lender exactly what they are looking for and be prepared to bring that to the table. Do your homework and find out as much as you can about the documentation you’ll be required to submit and the type of loan you wish to obtain. The more prepared you can be, the better!
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (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: 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.