When you begin to think about applying for commercial loans Texas you should immediately begin to work on building some important relationships. Commercial lenders can provide you with more than just the loan that you are looking for.
There is a lot more to getting commercial loans Texas than simply completing the application for the loan. Commercial loans are much more complex and require more documentation and information than a residential mortgage. It is important to fully understand the process and the criteria for loan approval as well as having an understanding of your different options for lenders and their areas of expertise.
Start with some basic research of the banks in your area. The local and regional connection can often be a little bit of an advantage for commercial loans Texas as the lenders are more familiar with the area and have a vested interest in the local economy. Use the list of lenders that you have complied to make some brief phone calls to discuss what types of commercial loans Texas that the lender specializes in. You might also want to inquire about the industries that the lender works with on a regular basis and what special criteria that they require to qualify for a loan. All of this information will help you to know which lender will best meet your needs once you have selected a property and know the size of the loan that you will need.
As you begin to understand the process more and have refined your selections for a property, engage the lenders with questions. This is a good way to gauge who is interested in your business and will be eager and willing to work with you during the application process. You might find that only one or two lenders are willing to meet with you prior to being ready to submit your application. This is a good indication of who will be there to assist you during the application process and even before when you are working to make your property selection. The lender who wants to grow a relationship with you will offer advice and tips and become a very valuable free resource.
Be Honest From the Beginning
It is important that you are honest and tell the lenders that you are just in the planning stage. This will verify that they are really interested in a long term relationship and that they are willing to help you along the way. It also helps to prevent misunderstandings that could cause them to be less willing to work with you when you are ready to apply for the loan.
Commit to Full Disclosure
The more information that you are willing to provide to the lenders the more they can assist you. If you have had credit challenges then tell them so that they can offer helpful information and suggestions. Let them get to know you, your business and your industry so that they can provide you with the most accurate information available.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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