If you are in the market for acquiring a private commercial loan, whether it be for real estate, construction, or another venture, Abbey Mortgage & Investments has the experience and dedication to excellence that counts in this field. We’ve become a primary entity in this vertical by providing quality hard money and commercial loans (among a host of other specified loan types) to residents up and down the Front Range of Colorado. People from communities that include Golden, Denver, Fort Collins, Windsor, Greeley, Wheat Ridge, Arvada, Berthoud, Loveland, North Glenn, and Colorado Springs have all found us to be a reputable commercial and hard money lender and investment company.
We Focus On The Success Of Your Investment, Not The Paperwork
Over the last 20 years, we’ve developed a nuanced and creative approach to hard money lending by being willing to be flexible and treating each loan as a unique opportunity. When you choose Abbey & Mortgage & Investments, it means you can reduce the stress and uncertainty associated with going through a broker network because we use our own funds. With a single source of funding from Lynx Loan Fund, LLLP, we can focus on the success of the investment rather than getting bogged down in paperwork, as is often the case when opting to go with a commercial loan through any number of national banks.
Now that we’ve established that framework, let’s get to what you were promised by the title of this post – a Colorado commercial loan checklist, along with other tips that will likely make your life a whole lot easier, should you opt for a private commercial loan. Read on if you think you are interested in gleaning some commercial loan tips from your local mortgage company!
Commercial Loan Checklist
A quick qualifier before we reveal our sacred list. This list isn’t necessarily representative of our exact specifications or requirements here at Abbey Mortgage & Investments. Rather, it’s more general guidelines to point you in the right direction, as opposed to actual rules. See Pirates Of The Caribbean for a fictional reference about pirate’s code that will help that principle make sense, should the thought trouble you at all.
- The Application itself (call us and we will set up a time to meet and get this to you)
- Picture ID
- Credit Bureau Release Form
Business Entity Information
- A minimum of three years’ worth of income tax and financial statements. It is helpful if you can prove consistent income, if you are able to get that information on paper from your bank.
- Year-to-date profit and loss statements, with a current balance included.
- Articles of Incorporation and a Certificate of Good Standing
- The Authorization of Resolution which proves aspects of your business that include sole proprietorship, corporation, liability, and/or partnership
- A complete business plan – It depends on whether you are opting to work with a bank or a private lender, but generally you will need information that includes the last 3 month’s bank statements, current operating statements, cash flow projections, copy of the last 2 years’ year-end profit & loss, a copy of the last 3 years’ tax returns, and the last 2 years’ balance sheets, among other specific requirements that depend on your loan type. See us for complete requirements.
- Inventory report, and a schedule of any standing business debts are also typically necessary for a private commercial lending company to review internally.
Commercial Real Estate Loans
For commercial real estate loan in particular, this is a helpful checklist.
- Appraisal – You want to present your most recent appraisal, the most recent tax appraisal, and a legal description of the property on hand and ready to present.
- Purchase contract, or buy/sell agreement – you will want to make sure to include any and all exhibits.
- New construction contract and/or budget – this can include a copy of the budget, contract, specifications, refinancing information, copy of the deed or trust and promissory notes, and other relevant information.
Commercial Loan Tips
Again, the above information is helpful and meant to point you in the right direction. Ultimately, you will want to speak to your private loan officer at Abbey Mortgage for details that concern your specific loan. That said, the faster that you can compile the required documents, the faster we can move on from the paperwork side of things and focus on the investment opportunity itself.
Additionally, while the above list might seem daunting, keep in mind that national banks generally require significantly more documentation than a private lender like Abbey Mortgage & Investments. Here are some other helpful tips to help accelerate and streamline this process for you.
- Keep your financial information and statements in an Excel doc. And update it along the way when you receive statements from your bank, broker, and the like. This will help make the task less overwhelming if your present-self helps your future-self out down the road.
- In the same vein, do your best to keep up to date on all tax returns, year-end statements, and both personal and business financial documents so that you can have them on hand. Sometimes the window for an investment opportunity is slim, so it’s vital to have the ability to pounce on one.
Your Colorado Commercial Lender
Ultimately, our livelihood is contingent upon the success of yours. We are passionate about our partnerships here at Abbey Mortgage & Investments, and we are dedicated to helping you meet your goals when it comes to investments. For nearly a quarter century, we’ve been providing prompt and painless mortgage loans. And although the above checklist might seem like a nightmare for some, we make a point to walk through the process with you, so everything is straightforward and digestible. With a finger on the pulse in the Colorado mortgage and loan field, please reach out to us so we can answer any questions you may have. We are based in Berthoud and our area of service stretches throughout most of the Front Range. That means you are our priority, so it’s time to accelerate the process in an affordable and understandable way. Get in touch with us!