Commercial Real Estate loans
If you own commercial real estate, you need to understand private commercial lenders, such as Abbey Mortgage & Investments. As for us, we have decades of experience with commercial real estate loans for new construction, renovation, purchase, and refinance. Besides, over the last three decades, we have become a premier commercial lender by providing fast funding for commercial real estate loans. Our investors become our partners, with many of them borrowing money from us over and over. We feel this speaks to our positive reputation as a private commercial lender.
Private Commercial Real Estate Loans Focus On Investment Success
We have an aggressive and creative approach to private commercial lending. We also treat each loan as a unique opportunity, each borrower as a valued part of our business. When you choose Abbey Mortgage & Investments, it means you can reduce the stress and uncertainty associated with going through a broker network because we loan our own money. With a single source of funding from our Lynx Loan Fund, 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 the framework, let’s get to what we promised. This post promised a Colorado commercial loan checklist, along with other tips to hopefully make your experience a whole lot easier. Read on if you think you are interested in gleaning tips on commercial real estate loans.
Commercial Real Estate Loan Checklist
A quick qualifier, this list isn’t necessarily representative of our exact specifications or requirements. Instead, it’s more of a general guideline to point you in the right direction.
- 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 can 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 partnership
- A complete business plan depends on whether you are opting to work with a bank or a private lender. However, generally, you will need information that includes your bank statements, current operating statements, cash flow projections, profit & loss, tax returns, and balance sheets, among other specific requirements that depend on your loan type. Call us for complete specifications.
- 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 loans, in particular, this is a helpful checklist.
- Appraisal – You want to present your most recent evaluation, the most recent tax appraisal, and a legal description of the property on hand and ready to show.
- Purchase contract, or buy/sell agreement – you will want to make sure to include any exhibits.
- New construction contract and budget – this can include a copy of the budget, agreement, specifications, refinancing information, copy of the deed of 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 quicker 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 your account 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, and we promise to dedicate ourselves 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.
Although the 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!