Getting commercial real estate loans in Texas allows you to borrow money for your business use, whether it’s property, equipment, or improvements. You need to know how the process works before applying for this type of loan.
When you are seeking commercial real estate loans in Texas for your company’s business expenses or growth needs, it’s important to understand that it’s much different than trying to obtain a home mortgage loan. Typically, its much bigger, and truthfully, much more complex than a residential home loan.
When you need to purchase property for your business, commercial real estate loans are very beneficial, and can take your company to the next level by getting you the property you need to build on or expand. But before applying for this type of loan to purchase property, you need to be prepared. Having your business plan, your financial statements, current credit status and other important documents in order will help you get a head start on preparation.
Pre-planning is essential for the success of getting approved for commercial real estate loans Texas. You will need to know that these loans are secured via a lien on the property you want to purchase. That means the lender has the legal right to take ownership of the property if you are not able to keep up with the schedule of the repayment terms or any other terms of the loan agreement. Pay close attention to all the clauses in the lenders’ agreement, and it’s a good idea to have all documents reviewed by a lawyer that is well versed in commercial real estate loans in Texas to help you understand what you are signing.
It’s important to know the consequences for not being able to meet the financial responsibilities agreed upon in the documents.
If you fail to meet the terms of the agreement, or are in breach of contract for any reason, you are putting your business at risk. If you can’t make the payments, you could face foreclosure of your property.
You are responsible for a down payment for your commercial real estate loans Texas, and other costs and fees, too.
To obtain this loan, you are going to be required to make an initial down payment of about 20 to 30 percent (depending on the current state of the economy) of the property’s costs, which is beneficial since you will begin to earn instant equity. As you approach getting this type of loan, understand your commitment to your lender including interested, feeds and other costs associated with the loan, so you can repay it wisely.
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.