Commercial Real Estate Loans
Commercial real estate loans are making for the purposes of construction, renovation and refurbishment of hotels, apartments, shopping complexes, offices and etc. The loan range from $200 thousand to 5 millions.
Getting these loans are not easier as home loans. The application process is fraught with dangers and difficulties. The appraisal and report fees for these loans are very expensive and if you get turned down, you will have to pay for all new third party reports.
If you interested about this loan, here are some tips provided to keep you out of troubles :-
1) Apply for the loan earlier if you considered to take the loan. Because lenders may quote you a 45-day processing time when the truth is closer to three months.
2) Get at least 4 lenders to quotes for you, don't just rely on 1 lender. The approval of these loans are depend on some fallible and unpredictable human being.
3) There are many con men act as commercial loan lenders in the market, they will steal borrower's application fees. Beware of the scam companies, find out the reliable and reputable companies.
4) Select your local lenders instead of lenders far away, the closer lenders to your property, the better offer will be given. You may look for regular bank that has good relation with you. Banker might likely to borrow money to the customer who has good record.
5) If your cash flow through your business is strong enough and sufficient, you may use the promise of a deposit relationship to bargain for better deal.
6) In order to get the best rate and deal, you shall apply a small commercial loan through small banks. If the loan amount is large, go for larger banks.
For more information please check out
Home Loan Guide instead of Commercial Real Estate Loans
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