Keep Information up to date and realistic

Traditional commercial banks for the most part are not lending money for commercial projects. The available money is from non-depository lenders and financial institutions, hedge funds, off shore investment funds etc. These sources make money lending money not from checking accounts,savings accounts, credit cards etc.

There is great demand for money from these sources and the underwriters are cherry picking the best loans.

These sources require complete,up to date and realistic information. A realistic valuation of assets used for collateral is especially important.

Many appraisals done two or three years ago and updated last year do not reflect true market value to a lender who is looking at the worse case scenario if the loan fails and the property has to be sold as soon as possible.

Leased office,retail and industrial property constantly is depreciating in value because tenants are leaving and there is excess space available. Landlords often have to cut rents to keep existing tenants or lure new tenants.

Another factor is that because income stream is low, there may not be enough money for maintenance and up keep and the building looses value in the eye of an appraiser.

It is important that you do the best you can to keep the information about your property current. If your information is complete and credible, when you apply for a loan, the underwriter will put your loan on the top of the pile and you have a much better chance than the applicant who is trying to sell old information.

Let us know if we can help you.

Give Them What They Want - Now

Every business needs money. The owners know that, with rare exception, commercial banks give lip service only to their claim that they are willing lenders.

There is plenty of money available through mortgage banks and mortgage brokers who represent non-depository lenders. There is great demand for money from these sources and they are cherry picking.

To get money from these sources, there has to sufficient collateral, demonstrated ability to repay the debt, experience in the business, good credit ratings and no jail time.

Business owners know whether or not they qualify for loans.

The businesses who are getting loans are those who submit all the data in a timely and complete manner. If the lender needs one more thing and does not get it, the loan will not be made. Lenders who get information piecemeal do not give the same attention they give to applications which include all the information.

Loans take a long time because, the lender does not have all the information they need to make the decision. If a business does not qualify, the lender will let them know immediately upon initial inquiry.

It is important that business owners know what they have to provide to the lender and provide it in a complete and timely manner.

Let us know if we can assist you in getting a loan. If you qualify, there is money available.