Are you in need of a Colorado commercial loan, but aren’t quite sure where to start? Abbey Mortgage and Investments, Inc. can help. We understand that the process of getting a loan can be confusing and frustrating. There is so much jargon that accompanies loan financing, let alone multiple loan options and lenders. It can be difficult to know where to begin. To help you in the process, we have outlined the seven main steps of getting a Colorado commercial loan.

Step 1: Understand Your Why & Exit Strategy

Before you jump to filling out Colorado commercial loan applications, it is important to understand why and what you need the loan for. This will save you time from filling out loan applications that aren’t the right fit for you, as it will help you to better understand what type of commercial loan you need. Having a good understanding of the purpose for your loan, as well your game plan for paying back lenders will set you up for success when getting a Colorado commercial loan.

Step 2: Determine What Type Of Commercial Loan You Need

Determining what type of Colorado commercial loan you need can seem like a daunting task. The good news is, if you have determined your why for you loan, as well as brainstormed some exit strategy ideas, you are well on your way to finding the best Colorado commercial loan for your business’s needs. Below we have outlined some things to consider when researching different types of Colorado commercial loans.

-Bridge Loans

-Real Estate Purchase Loan

-A Joint Venture Loan

-A Participating Mortgage

-Hard Money Loan

For more information on each type of commercial loan, click here.

Step 3: Research Colorado Commercial Loan Lenders

Once you have an understanding of the purpose for your loan and what type of loan best suits your business, it’s time to search for the right commercial loan lender. When it comes to commercial loan lenders, you do have quite a few options in terms of who you can go to. You can work with commercial banks, hometown lenders, private or hard money lenders, credit unions, and more. While searching for a Colorado commercial loan lender, here are a few things to consider:

-Your Capital

-Who Has The Best Commercial Investment Rates

-Turnaround Times

-Fees

-Referrals

For tips on finding the right commercial loan lender for you, click here.

Step 4: Find Out What You Pre-Qualify For

Alright, you’ve found your lender, now it’s time to get pre-approved. Your lender will look at a variety of things, such as, the purpose for your loan, financial history, income, debt, and more. Once your lender analyzes your financial history and income, they will report back to you with how much you pre-qualify for.  

Step 5: Complete Your Colorado Commercial Loan Application  

After you have been pre-qualified, it’s time to fill out your application. This stage in the process consists of a lot of paperwork and further documentation for your loan officer to review.

Step 6: Send Proposal To Underwriters

After your application has been approved by a loan officer, it will be sent to an underwriter — and it’s ultimately then in their hands to either approve or deny your Colorado commercial loan.

Step 7: Close The Deal

If your request for the loan is approved by the underwriters, you will undergo a final approval and shortly after close on your loan. (Yay! You made it.)

We hope this blog helps give you a better idea as to what to expect when applying for a Colorado commercial loan. If you have any further questions about how to get started or you would like us to review your loan and loan term options for FREE, contact us today. We would be happy to help!