Just because you are seeking lending for the first time, does not mean you have to go it alone. It’s very helpful and beneficial to have an experienced professional on your side to help navigate the complex and sometimes downright confusion waters of commercial lending.
This is a big step for your company or business, and obtaining an investment property is one of the biggest choices you’ll make as a business owner. When you are preparing to obtain property, there is a lot that goes on. First, you’ll want to make sure you have a current and accurate credit report. Credit scores are an important part of the process so you want to make sure you have an accurate representation of your scores and history. Take some time to review your history so you know where you stand. Take care of any issues you can, but don’t close out any pre-existing accounts yet.
You will also want to find out how much you are eligible to be pre-approved for. This can be very important when it comes to shopping for the right investment property. You don’t want to waste your time looking for properties that are out of your budget. Being in a position to put down at least 20 percent down is another big advantage toward having your loan application accepted. You can also inquire about owner financing as an option.
You have put yourself in a desirable position one you’ve checked and reviewed your credit score and history, sorted out any credit issues, gotten pre-approval. Now it’s time to review your commercial lending options and find the right lender and loan for you. Keep in mind that as a first-time borrower, it may be more difficult to obtain a traditional loan from a conventional source.
Even if you have prepared as much as possible, a conventional loan for your first time loan might not be in the cards. That’s okay. There is nothing wrong with seeking alternative lending options and oftentimes this is exactly what you need to get off the ground, establish great credit history so you are in a solid position for your next commercial lending situation. But take it one step at a time and make sure you get the right lender and loan for the first time. Be sure to ask a lot of questions, as a first-time borrower, you will need as much guidance as possible. It’s important that the lender you choose will take the time to go through the process with you with patience and expertise.
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.