Preparing to apply for commercial loans Texas can be a long process. But it is one that will provide a great return on your investment.
Applying for commercial loans Texas is more complicated than most business owners think it is. There are many qualifications that you will need to meet and many documents that you will need to provide to demonstrate your creditworthiness and professionalism to the lender. Investing some time to prepare your documentation and to understand the criteria for approval will save you time and money when you find the perfect property to purchase.
One document that your lender will scrutinize is your balance sheet. Not only do they want to know that you have a good credit history and that you have remained current on other loans but they will also want to see the money that you have coming in each month. Cash flow is what is going to give you the ability to repay your loan and the lender will want to see a consistent income over a long period of time to know that you are a good risk.
As you prepare to apply for commercial loans Texas you will also want to find an experienced legal professional to assist you. In most cases hiring an attorney who specializes in commercial loans Texas will ensure that you can negotiate the best terms and rates for your loan and also that the documents are completed correctly. The money that you spend on legal assistance will be only a small amount in comparison to the money that your attorney will save you on fees and interest during the life of the loan.
Find the Right Lender to Meet Your Needs
You might think that you only need to approach your current bank when you are seeking a commercial loan but the truth is that you need to broaden your search. In some cases, your familiar banker will be the best choice but you have no way of knowing that without speaking to several lenders. Borrowing from a lender who is the right size to best meet your needs can be critical to the long term success of the business relationship. A smaller lender is more likely to offer you a small loan and a larger lender is a better resource for a larger loan. It is simply a matter of finding a lender who specializes in what you are looking for. When you match their services to your loan then the processes will be simpler and smooth and your service will be of a much better quality. In addition, you are likely to get approval much more quickly when using a lender who is accustomed to processing many loans of the same approximate dollar amount.
Have Your Ducks in a Row
Knowing that you are entering into a long process, it is always wise to have your documents and information in good order. Submitting multiple packets can greatly slow down the approval process and can also cause your entire application to be rejected. Knowing some of the common pitfalls of the loan application process and avoiding them can make getting your loan must faster and easier.
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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