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Business Interests »Tips, tricks, and advice
Questions to ask your Commercial Lender, ME..
eric boos over 1 year ago
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1 response
1. What is the maximum amount I can borrow?
2. Is there a balloon payment?
3. How soon will I have a solid commitment, and how soon can I close?
4. Will I have to maintain minimum assets or deposits?
5. What are the documentation requirements?
6. How much financial reporting is required, and what financial covenants must I make?
7. Is the loan assumable?
8. What are the total costs associated with getting the loan?
Buying real estate is quite the investment. Most often, when businesses are looking for commercial real estate, the loan they acquire can play a large role in the success—or lack thereof—of their company. The kind of commercial real estate loan you can receive depends largely upon property type, location, condition, value of the property, and the amount of income stream it can generate.
There are many different factors included in determining how much money a business can receive via a commercial real estate loan. As a general rule the most money you are able to borrow against investment and commercial property is eighty percent. The only exception to this rule is for owner-occupied business properties that receive money through the Small Business Administration loan program (SBA). (taken form the commercial loan advisor).
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over 1 year ago beingzoe said ...
Someday I hope we need this advice to expand CoTradeCo!
Great tips though, keep em coming! (I’ve moved this from the Business interests Shameless Promotion topic to the Business interests Tips, Tricks, and Advice topic ).