Following these “ABC’s of commercial mortgage Texas loan application, you can make sure you are eligible for the best loan for your company’s needs and get it in a timely manner.
Before you get too far into the process on your own, finding the right lender for you and your business needs is “step number one.” Meet with several banks and lenders, considering it an “interview” for who you want to have your loan go through. You should have good communication with the lender you choose and feel that they are the best person to get you the right commercial mortgage Texas for your business.
Take some time to research lending institutions online and collect all the information you need to make an education decision. Look at which lenders provide the loans you are looking for, and in a price range that is similar to the loan amount you need and budget you are working within. A lender that has experience with your type of business is another thing to look for. You can even talk to a broker to see if they have a recommendation on the right lender for you.
When you have chosen a lender, it’s time to start the application process for your commercial mortgage Texas loan! This can be an exciting but sometimes frustrating part of the process. You may have to pay an application fee, and that often depends on which lender you have chosen to work with. Most require that you submit proper financial statements to help with the loan application including business and personal records, business operating statements, tax returns, bank statements and more. Your lender can supply you with a complete list of documentation you will be required to produce.
When you submit your documentation, the evaluation begins.
The lender will evaluate your financial information, and calculate your ability to repay the commercial mortgage Texas loan you are applying for. You will also undergo a background check and credit report check at this time. Finally, the lender will arrange a property evaluation or appraisal for the property you are looking to obtain the loan for. This includes determining the condition of the property (even down to an environmental inspection to ensure the soil is not contaminated and there is no health risk or danger associated with the property). When all the required inspections have been completed and approved, further evaluation will take place to determine loan approval.
You’ve been approved for the loan! Congratulations… but there’s more.
After your loan approval, you will need to complete more paperwork, and now is the time to consult a lawyer who specializes in loon documentation to ensure all the documentation is fair and legal. They can help ensure you understand all the terms, and they can request any changes be made prior to your final signature. Once terms have been finalized and agreed upon, signing the contacts at the closing and making the down payment will complete the process, upon which funding is typically available within a few days.
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.