Business Mortgage – Commercial Lending

Today’s world moves pretty fast. In the commercial property marketplace, it is not uncommon for the seller of a commercial property to receive multiple offers. You will find this especially true if the property is in a great location and is priced right. If you’re looking to buy a commercial real estate, you will need to move fast, but more importantly, you need to ready to act. To be successful, you need to have cash on hand, or like most people, they will need a business mortgage to buy a commercial property.

Private Business Mortgage and Abbey Mortgage

We Move Faster and Love to Say Yes!

Along with speed, there are more choices than ever before available to us. Take account of your financial situation and have some discussions with lenders to see how your investment may fit their criteria. Armed with this knowledge, your parameters for investment will be fine-tuned, and you will negotiate more confidently, knowing where you stand with a lender. When you find the commercial property for you, you need to be at least somewhat ready to get moving on a mortgage.

Let’s share a few more tips

  • You’ve probably done this already, but if not, make sure you check your credit. An excellent credit score is one more supporting argument for your investment. Equifax, Experian, and TransUnion are the three main credit bureaus, and they are required by law to give you one free credit report per year. If your credit could stand to be improved, get in touch with a credit counseling company and start working on it as quickly as possible. You’re better off knowing about potential problems with your credit and resolving them.
  • Organization and documentation make the lender’s life much more accessible and demonstrate that you have your act together. The opposite is a red flag to lenders, creating questions about your ability to manage the property effectively.
  • When you’re talking with the loan officer, give them as much information as possible about yourself. Let them know what kind of financial and professional situation you’re in the upfront. The last thing you want is to get your loan rejected after thinking you are approved.
  • Think about what your plan for the property is in the long term. If you can’t imagine leaving this investment property, the smart move might be to make a larger down payment to secure a low-interest rate throughout 15, 20, or 25 years. Also, consider the debt service of various amounts.
  • These days, qualifying for a commercial loan usually requires a lot of documentation. Ask your commercial lender precisely what paperwork they need, and be ready to provide all of it. One of the main reasons the private commercial mortgage process gets slowed down is because borrowers don’t have all of their paperwork ready to go.
  • Before you fill out the online form to reach out to a commercial investment company, make sure you know what kind of company with whom you’re dealing. You may start getting emails or phone calls from commercial mortgage companies trying to lure you in. Will, the company, run your credit report immediately, or will they do that after you speak with a representative?
Business Mortgage

We Hope Our Expertise Helps – Call Us About Your Business Mortgage Needs

  • How’s your capital? If it’s low, that says to commercial lenders that it could be a risk lending to you. Make sure you have enough money to invest in commercial property. Do a little research yourself and call if you have questions.
  • Do your homework. You’ll want to start looking for the best commercial investment rates possible, and many people begin their hunt online. However, you have the option to work with massive commercial banks, hometown lenders, private or “hard money” lenders, and credit unions, just to name a few. Commercial lenders will need to pull your credit report, process a loan application, and only then can they offer a correct rate.
  • In addition to looking for commercial lenders online, ask for referrals from friends and family. Make sure you have several options before you zero in. You’ll need to carefully examine them to determine which one is the smartest financial move. Don’t be afraid to ask lots of questions when you’re interviewing potential commercial lenders. Do they prefer to communicate with clients by phone, text, email, or face to face? How long are standard turnaround times for pre-approval, appraisal, and closing? At closing, what fees are you responsible for paying? Can those fees be waived or rolled into the investment? What are the requirements for your down payment? An excellent commercial lender wants you to ask lots of questions and should be happy to answer all of them.
  • There are no stupid questions except for the ones you don’t ask. The commercial investment process is filled with nearly incomprehensible financial jargon, and you don’t need a degree in finance to understand everything. Make sure your lender is a skilled enough communicator that they can break everything down in ways that are easy to comprehend.