When you are looking at commercial real estate lenders to fund your loan, there are certain things you should look for and certain things you should know. Here’s what to look for when you need a loan.
“Shopping” for commercial real estate lenders can be a little daunting, and sometimes even challenging. But there are steps you can take to narrow down your search and make sure you find the right lender to fund your business or investment. Traditional lending institutions like banks are very difficult to obtain loans from, even in the best of circumstances and greatest economic climate. But don’t hesitate to look to other alternative lending institutions to fund your loan.
It’s important to find a lender that believes in your dream and truly wants to invest in you and making your dreams come true. If you already have a bank with which you have a close relationship, you may be surprised that this is the best place to start to see if these commercial real estate lenders will fund your loan. They will usually be able to negotiate a very fair deal, and it’s already an institution that you work with so you already have a trustworthy relationship.
If your loan is not accepted via your bank, you still have many options for commercial real estate lenders that will be willing to take on your loan and still work with you to get a fair and loan that works for your needs.
Start with a local search in your area.
Whether you look to another local bank, a credit union or a private lender, you still have plenty of options right in your own backyard. Do some research online for local lenders to see what information you can find. Try to learn as much as you can about the lender prior to meeting, and see what their requirements are to so you can be prepared for your first meeting. Alternative lenders may offer other loan options besides a traditional long-term long. There are many other loan options and sometimes these alternative loans are much easier to get approved for – so it’s a win-win solution.
Once you’ve found the lender you trust and who believes in you and your business venture, it’s time to get going!
Gather all your documents such as financial statements, credit report, business plan, collateral proof and anything else your lender needs to up the chances of your eligibility for a successful loan application process. Once you have all your ducks in a row, the process can go forth much more smoothly and easily. There is some preparation that you will need to do but you will be so much happier knowing you have everything ready when you need it.
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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