Tag Archives: commercial loans in texas

Commercial Loans In Texas – What You Need To Know About Working With the SBA-Part 4 – Selecting the Right Lender

November 2, 2017Uncategorizedcommercial loan, commercial loan in texas, commercial loans, commercial loans in texasbigdaddydennis

Once you have all of the paperwork in place and understand the process of obtaining a commercial loan in Texas through the Small Business Administration, you must now begin the process of figuring out which lender is going to serve your needs. Picking the correct lender is very important in making sure that your loan process runs smoothly.

While they might all seem the same on the surface, there are vast differences amongst lenders, especially when it comes to a loan through the Small Business Administration. In order to make your process as easy and stress-free as possible, you will want to find a skilled lender that not only have experience in commercial loans, but also one that has experience dealing with the various aspects of SBA loans.

One of the differentiating factors with a lender who is familiar in dealing with the Small Business Administration is whether or not they are a “Preferred” lender. This is important, as an approved lender (noted by the preferred status) has already cleared some of the basic requirements put forth by the SBA and this will greatly speed up the process for the borrower. If a lender is not preferred, they must initially submit the borrower’s credit application to the SBA directly. A preferred lender can skip this step.

Another factor that will help you pick the correct lender for your needs with your commercial loan through the Small Business Administration is whether or not they have a department that is dedicated solely to these types of loans. Will you receive specialized attention? Or will you just be another application that is thrown into the stack. Lenders that have dedicated personnel are going to make your loan process much smoother and will help you to feel at ease with the process.

Along with selecting the right institution, it is critical that you also select the right loan officer. This person is going to be working with you and will be critical to your success. If you do not get along with your loan officer, or do not feel they would do a good job, then that is a sign that your commercial loan process is not going to be as smooth as it should be. Your loan officer should not only be familiar with commercial lending in general, but also be familiar with Small Business Administration loans specifically.

What other questions should I ask a potential lender about my commercial loan in Texas through the SBA?

You will no doubt have many questions when trying to find a potential lender, as you well should. There are two basic questions that every lender should have answer to very quickly. In fact, they might even have printed documentation for you. The first is what sort of supporting documents this specific lender requires for the loan process. The second is how long this specific lender expects the commercial loan process to take. Good lenders will be able to give you concrete, precise answers.

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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Commercial Loans In Texas – What You Need To Know About Working With the SBA-Part 3 – Getting Started

November 2, 2017Uncategorizedcommercial loan, commercial loan in texas, commercial loans, commercial loans in texasbigdaddydennis

So you have decided that obtaining a loan from the Small Business Administration is a route that you would like to take. And you have also determined that your small business is eligible, according to their guidelines. Here is what you need to do to prepare for an SBA commercial loan in Texas.

Congratulations on making it this far! The world of commercial lending can be an intimidating place, so the fact that a borrow starts to get their ducks in a row to apply for a loan is a huge step in the right direction, and is a giant leap forward in making business dreams come true.

But how does a potential borrower get started with a commercial loan? The first thing is to understand that the process does not happen overnight. It is going to take some time and that is okay. So just be patient. A borrower is going to spend a great deal of time organizing, gathering and sorting various financial documents.

So get organized. If you are not a numbers person, you might want to become one. If you have a professional accountant, now would be the time to begin to understand what exactly they do. If, however, you already have your nose in the books, then you are going to be just fine. If you understand how all of your accounts work, and how to access all of the information, you are already ahead of the game and will simply need to organize the information to present to a potential commercial loan application. In addition to this, know exactly how you will be using the loan and how it will benefit your business. This goes beyond simply crunching the numbers. A solid business plan, that is updated to include the expansion that will be possible with the commercial lending, might not be required by a lender, but it most certainly will not hurt to have in place before beginning the application process.

Also, pay attention to detail. It is far better to provide too much information than not enough. The SBA and the lender are going to determine if you are financially competent enough to not only be responsible with their money, but also if you are going to pay it back. If they have to pull information out of you, it does not bode well for you being fiscally capable of handling significant debt on your own. That is not an impression that you want to leave with potential lenders.

Finally, keep your financial records up to date. Not only does this apply to the application process, but also as the loan is current. You should try to fall no further behind than 60 days. If you are detail oriented and organized, this should not be a problem at all. No lender, who is looking to grant you a commercial loan, is going to make a decision based on financial information that is outdated.

What strategies can I use to ensure the highest degree of success with my commercial loan in Texas?

Plan to devote a great deal of time to this process. If you must, seek help, whether that be mentors or other small business owners who have gone through the process. Remember, you do not have to do this alone. There are plenty of others who have successfully obtained a commercial loan, but it does not come without a great deal effort.

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Commercial Loans In Texas – What You Need To Know About Working With the SBA-Part 2 – Eligibility

November 2, 2017Uncategorizedcommercial loan, commercial loans, commercial loans in texasbigdaddydennis

Seeking funding for any commercial enterprise, whether it be real estate or business expansion, can be a confusing endeavor. There are so many different options that it is hard to know where to begin or to determine which is the best for you. So how do you know if seeking a commercial loan through the Small Business Administration in Texas is right for you?

Knowing what you are getting into before you begin the application process with the Small Business Administration (SBA) is very important, as the application process for a commercial loan is very arduous. The good news is that, if all else fails, you can consult a lender and ask them questions about SBA loans.

One of the ways that the Small Business Administration is able to work with small business owners is by partnering with lenders. The SBA does not directly lend the funds to small businesses, but they work with banks and other lenders to not only find the correct fit for a small business, but also to underwrite a portion of the commercial loan. This takes away a great deal of the risk from the lenders and enables them to be more flexible in their offerings. Because the Federal government is taking on a portion of the risk, lenders are able to grant loans to small businesses and individuals that would otherwise not meet their criteria.

Because of this, however, lenders are the ones to set the interest rate and it might vary from lender to lender. While this can be confusing, if a borrower is organized and detailed oriented, this will not be a problem.

Even still, not all businesses are eligible for a loan through the Small Business Administration. Because of the risk that the government is undertaking, there are additional requirements from the SBA. Lenders might also have a list of requirements (even if they are lowered from a traditional loan). Some of the basic requirements from the Small Business Administration in lending commercial loans are: the business must be “for profit,” the business must be of a certain size, and the business must be able to show that they will be capable of paying back the loan. A much more subjective requirement is that the business must have “reasonable” equity from the owner or partners.

Not every business is able to obtain a loan from the Small Business Administration. For example, even if a small business meets all of the requirements but is a financial institution or a certain type of insurance provider, they are automatically ineligible for any loan through the SBA.

What if I still don’t know if I am eligible to receive a commercial loan from the SBA for my business ventures in Texas?

If you have looked at all of the requirements and still have some confusion about if you are eligible, the best thing to do is to simply ask. It would be an absolute waste of time to go through the extensive process of applying for a commercial loan through the SBA, only to find out that you were not eligible from the start.

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Understanding REO Commercial Mortgage Texas

October 2, 2017Uncategorizedcommercial loans, commercial loans for bad credit, commercial loans in texas, commercial mortgage Texasbigdaddydennis

Purchasing a commercial property can be complicated. But what does it mean for your commercial mortgage Texas when you find the perfect property is an REO?

When you are searching for a commercial property you might find many options but you will want to be sure that you understand all of the real estate terminology that can have an impact on your ability to obtain a commercial mortgage Texas. One of the terms that you might be unfamiliar with is REO. The price of an REO property might make it very appealing but you need to understand that there can be a few risks associated with these properties.

The term REO is an acronym for “other real estate owned”. It is a common accounting term for a real estate property that is owned by a bank. Basically this means that the property was foreclosed on by the lender. The property is then placed in an auction by the local government at the county or state level. The lender gets to set the opening bid amount for the property and it normally will include fees and the balance of the loan. In some cases, that places the property above the current market value. In these cases, the property rarely sells at auction. Then the lender takes possession and it becomes an REO property.

Purchasing an REO commercial property can have more risk involved than purchasing another type of property. In many cases, the property has been vacant for some time and could be in disrepair or even have been vandalized. You will want to try to have a full inspection by a qualified professional before you consider making an offer on the property. The current condition of the property can have a huge impact on your ability to get a commercial mortgage Texas.

Know the Market

When a commercial property does not sell at auction, the owner is normally more motivated to drop the price and get it sold as quickly as possible. This can be great if you make an offer quickly but you should expect other potential buyers to be placing competitive offers. For this reason, it is good to have your financing in order and be ready to apply for a commercial mortgage Texas. It can take a few weeks or months to complete the process and you don’t want to lose a great opportunity.

Understand the Process

Buying a commercial property or an REO commercial property can be a complex process. But knowing what to expect and how to complete the process can eliminate a lot of the unneeded stress. If you are considering an REO property, then you might want to begin the prequalification process with a lender who is familiar with financing REO commercial mortgages. The purchase process might take a little bit longer than buying a conventionally owned property, but you could get a much better than market value price on an REO property. Understand that with an increased risk comes the potential for a greater reward.

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What is Asset Based Commercial Lending Texas?

October 1, 2017Uncategorizedcommercial lending texas, commercial loan in texas, commercial loan Texas, commercial loans, commercial loans in texasbigdaddydennis

Asset based commercial lending Texas is growing in popularity. It is a newer alternative to the standard commercial real estate financing that has been in place for many decades.

The conventional commercial lending Texas process normally involves many steps. There is an analysis of the commercial property that must be completed to determine if it has the value to secure the loan. The borrowers must also provide a deposit to cover the loan processing and fees for discovery prior to being granting the loan. In addition, the borrower must submit a great deal of financial information to the lender to demonstrate their financial security and ability to repay the loan that they are requesting. And even though this does not look like a long list of tasks, the reality is that it can take six to twelve weeks for all of this to be completed. But asset based commercial lending Texas can offer a much shorter timeline.

Asset based commercial lending Texas can offer a shorter turnaround time because the lender is not looking as much at the value of the commercial property. In this case, the collateral is not the property being purchased but instead it is the company’s other assets such as accounts receivables, balance sheet assets such as inventory or equipment that is being used as the collateral. This eliminates a lot of the preparation time that a borrower devoted to preparing financial documents for a lender and also reduces the time that the lender must devote to evaluating the borrowers financial stability.

True Asset Based Lenders

In reality, a true asset based lender does not request any financial documentation from a borrower. And they are willing to accept any level of credit score or credit history that the borrower might have. What the lender does want to see is proof of ownership of the other assets that the borrower is using as collateral. In the case of inventory or equipment, the lender will want to be sure of the value of the items. This might require appraisals that the borrower will need to pay for. But the greatest benefit other than the lack of credit and financial information is the fast approval time. In many cases these loans can be processed in a fraction of the time that a conventional loan requires.

Who Are Asset Based Lenders

In many cases, an asset based lender is a private lender who is not restricted by federal lending regulations. This can work in the borrowers favor as the criteria to qualify can be much less strict. But it can also work against the borrower because the lender is not forced to comply with any interest guide lines. But if you need a commercial loan quickly or you have a questionable credit history, then asset based lenders are a great option. However, as with any loan from any lender, you will want to have the loan documents reviewed by your legal professional prior to signing them. This will ensure that you are in full agreement with all of the terms of the loan.

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Tips on Getting Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loans, commercial loans in texas, commercial loans texas, texas commercial loan, texas commercial loansbigdaddydennis

Getting commercial loans Texas is not as simple as many business owners might think. There are many tips out there but the best all center on being prepared.

Commercial loans Texas are a necessary evil just as any debt is. Due to the overwhelming cost of a commercial property, it is unlikely that just about any business could afford to purchase property without some type of loan. It is a big step to take and one that you should carefully prepare for to ensure that you have the most success possible.

The biggest factor in your approval for commercial loans Texas is your creditworthiness. The lender is going to ask for many different documents to evaluate the financial health of your company and possibly even the personal financial condition of the owners. You will need to prepare a copy of your business plan, financial records including tax forms, bank statements and P & L statements as well as cash flow documentation. It is also important that all of the information be as current as possible. Having this packet of information prepared lets the lenders know that you have invested time and effort into the process and that you are serious about purchasing property.

You also need to be prepared from a financial standpoint. You will need to be in a position to pay certain fees associated with the loan and the down payment for the property. In most cases, a lender will only finance about 75% of the cost of the property so having that remaining balance available in cash is critical. You will also need to pay some fees such as a loan application fee, a loan processing fee or appraisal fees. You might also want to investigate getting your own independent appraisal done to have an unbiased estimate on the property value. Also be prepared to pay for environmental reports on the property. Most lenders now require these reports to ensure that the property is not contaminated.

Manage Your Time

A great deal on a commercial property usually means that the property will sell quickly. For that reason you will want to be sure to begin your application for commercial loans Texas as quickly as possible. It is well known that commercial lenders will greatly overestimate the speed at which they can process your application. They will quote you 45 days but in most cases it will drag out to over three months. Don’t let a great property get away while you are still completing application documents.

More Knowledge is Always Good

Understanding the process for applying and getting approved for a loan is critical to your success. Having a plan in place to meet the criteria and requests of the lender will make the process less stressful and can even decrease the time it takes to get approved. As with most things in the business world, you will get as much back as you invest in a project. So the time it takes to prepare documents, complete research and make a professional presentation is a good investment in your company’s future.

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Tips for Building a Relationship for Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loans, commercial loans in texas, commercial loans texas, texas commercial loansbigdaddydennis

When you begin to think about applying for commercial loans Texas you should immediately begin to work on building some important relationships. Commercial lenders can provide you with more than just the loan that you are looking for.

There is a lot more to getting commercial loans Texas than simply completing the application for the loan. Commercial loans are much more complex and require more documentation and information than a residential mortgage. It is important to fully understand the process and the criteria for loan approval as well as having an understanding of your different options for lenders and their areas of expertise.

Start with some basic research of the banks in your area. The local and regional connection can often be a little bit of an advantage for commercial loans Texas as the lenders are more familiar with the area and have a vested interest in the local economy. Use the list of lenders that you have complied to make some brief phone calls to discuss what types of commercial loans Texas that the lender specializes in. You might also want to inquire about the industries that the lender works with on a regular basis and what special criteria that they require to qualify for a loan. All of this information will help you to know which lender will best meet your needs once you have selected a property and know the size of the loan that you will need.

As you begin to understand the process more and have refined your selections for a property, engage the lenders with questions. This is a good way to gauge who is interested in your business and will be eager and willing to work with you during the application process. You might find that only one or two lenders are willing to meet with you prior to being ready to submit your application. This is a good indication of who will be there to assist you during the application process and even before when you are working to make your property selection. The lender who wants to grow a relationship with you will offer advice and tips and become a very valuable free resource.

Be Honest From the Beginning

It is important that you are honest and tell the lenders that you are just in the planning stage. This will verify that they are really interested in a long term relationship and that they are willing to help you along the way. It also helps to prevent misunderstandings that could cause them to be less willing to work with you when you are ready to apply for the loan.

Commit to Full Disclosure

The more information that you are willing to provide to the lenders the more they can assist you. If you have had credit challenges then tell them so that they can offer helpful information and suggestions. Let them get to know you, your business and your industry so that they can provide you with the most accurate information available.

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4 Tips for Securing SBA Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loans, commercial loans for bad credit, commercial loans in texas, commercial loans texas, texas commercial loansbigdaddydennis

SBA commercial loans Texas offer some great benefits for borrowers but the application process can be long and tedious. Give yourself the edge by following these tips when you are applying.

It can take a lot of time and patience to be approved for SBA commercial loans Texas. But the low interest and down payment requirements as well as the very favorable repayment terms make it worth the extra effort. But to be more certain that you are going to get approved, you need to follow a few tips to make your application stand out from the crowd.

Having your credit and finances in order before you apply is critical. You want to do all that you can to improve your credit score prior to beginning the application. Be sure that you have not maxed out your credit and that any debt that you owe is being paid off ahead of schedule. Your goal should be to get your credit utilization under 30% to get the most favorable review from the SBA lenders.

Having all of your documentation in order prior to starting your commercial loans Texas application will make the process less stressful and more rapid. SBA lenders are notorious for requesting very detailed financial information about your company and about the owners. Having that packet prepared and ready to submit will show all lenders that you have invested time and effort into the process already and are prepared to answer any additional questions that they might have for you.

Be Ready to Relate Your Story

Seeking commercial loans Texas is much like trying to land a client. The lender will have many of the same questions that a potential client might have. They want to know about your business, your industry and why you are the expert that they should put their faith in. A customer wants to know that you will do a good job because they are going to pay you for your product or service. A lender wants to know that you will do a good job because they want your customers to continue to pay you so that you can repay your loan. Also be ready to answer any questions that the lender might have about your business plan or business model. Explaining this information will demonstrate your knowledge and skill in working within your industry and in business in general.

Don’t Be Afraid to Shop Around

Not all SBA lenders are the same. So you will want to be sure that you explore all of your options and the lenders who are working with the SBA. This will ensure that you select the best lender to meet your current and future needs. Being comfortable with the lender is important and so are the terms that they are offering you. Take some time to get to know the lenders and determine who might be the best fit for you. A smaller regional lender might be a better fit for a new company or a smaller loan amount. Following these few tips can make the process a little faster and much more successful.

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Learn the Differences Between Short Term and Long Term Commercial Loans Texas

October 1, 2017Uncategorizedcommercial loan Texas, commercial loans, commercial loans in texas, commercial loans texasbigdaddydennis

When it comes to short and long term commercial loans Texas, there is a lot of terminology and “fine print” to understand. With these tips, you can understand the differences and determine which loan type would work best for you.

As a new business owner, you may not be versed in the jargon of loans, and that’s understandable. Which is why it’s helpful to work with a professional broker or lender who can help you learn about the nuances of each type of loan and which would be best for your company’s needs. When you understand the differences between short and long term loans, you can make an educated decision about the right type of loan for you.

Short-term commercial loans Texas can get you cash – fast. Sometimes you will get the cash “in hand” in as little as 24 hours after the loan is approved. If you are in a bind and need cash fast, this is typically the way to go. The application process can be complex and repayment terms are often required monthly or even multiple times a month. These loans might be available for a smaller amount of money than a long-term loan. However, it’s usually pretty easy for businesses to get approved and get the money they need fairly quickly. These loans can be obtained from alternative lending options versus conventional banks or lenders as this type of loan can be perceived as “high risk” for conventional banks and lenders.

Long-term loans are typically larger amounts and therefore a little more difficult to obtain. The good part about this type of loan is that repayment structure occurs in multi-year terms, over the course a long period of time, such as 10 years or longer. Interest builds up over time in the case of this type of loan so you may end up paying more in interest than with a short-term loan. However, you are more likely to get approval for a long-term loan with a conventional bank or lender.

How do I determine if a short term or long-term commercial loans Texas is better for my business?

Short term and long-term loans each have their own set of pros and cons. It’s really about deciding what is going to work best for your company based on your needs. If you need money quickly, a short term may be your solution. If you can go a more traditional route with a long term, you may be able to get a larger loan amount. Figure out your business needs and go from there.

What are the first steps I should take to obtain these types of loans?

When you are considering obtaining a commercial loans Texas, it’s important to be prepared with documentation needed to apply for the loan. It’s also a good idea to figure out how you intend to pay back the loan – in no uncertain terms. The bank or lender will need to ensure you have the ability to pay back the money you borrow. Short and long term loans are the two largest loan categories in commercial mortgage, and they can be very different. Talk to a lending expert, as they can help figure out the best strategy for your business’s needs.

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Alternative Ways to Obtain Commercial Loans Texas Through a Broker

October 1, 2017Uncategorizedcommercial loans, commercial loans for bad credit, commercial loans in texas, texas commercial loansbigdaddydennis

In a down economy or if your credit is poor, there are still opportunities to get approval for commercial loans Texas. Sometimes working with an alternative lender or going through a broker is your best bet in these circumstances.

There are many alternative options to obtaining commercial loans Texas, so even if you have dings on your credit history or the economy is making banks extra tight with their funding, doesn’t mean you are out of luck. Seeking a hard money loan would be the way to go. Talking to a broker about this route will help you get the best loan regardless of the circumstances.

Sometimes hard money loans have higher interest rates associated with them, however; there are benefits, too. These loans don’t require going through all the red tape and jumping through hoops (aka having a 700+ credit score or perfect credit history) that is sometimes required to obtain a loan through a traditional bank or other conventional lender.

Typically, when trying to obtain a hard money commercial loans Texas, the most important thing alternative lenders look at is if you are going to be able to pay the terms of the loan back. While the interest rate may be higher, you will typically be able to get the money you need for your business — and get it fast. Even though you may have higher interest rates, getting this loan can make all the difference for the growth of your company and taking your company to the next level.

Talk to a broker to figure out is a hard money loan is right for your needs.

Being honest about your situation and upfront about your needs will help your broker understand how they can best help you obtain your hard money commercial loans Texas. They can also advise you on how you need to be prepared to obtain this loan via having the proper documentation available for review. You will likely need to have documents such as credit report, business and personal finances, bank statements and other documents to show.

Getting the loan you need should not be a stressful scenario.

Getting the hard money you need to take your business to the next level can be a daunting task. But it shouldn’t bee too difficult or cause you too much stress. Remember that there are many options — so it you take one road and it doesn’t work out, don’t be afraid to try another avenue. There are a number of alternative choices when it comes to getting the funding you need to make your business a success! So call a broker today and get started!

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Commercial Loans In Texas – What You Need To Know About Working With the SBA-Part 4 – Selecting the Right Lender

What other questions should I ask a potential lender about my commercial loan in Texas through the SBA?

Commercial Loans In Texas – What You Need To Know About Working With the SBA-Part 3 – Getting Started

So you have decided that obtaining a loan from the Small Business Administration is a route that you would like to take. And you have also determined that your small business is eligible, according to their guidelines. Here is what you need to do to prepare for an SBA commercial loan in Texas.

What strategies can I use to ensure the highest degree of success with my commercial loan in Texas?

Commercial Loans In Texas – What You Need To Know About Working With the SBA-Part 2 – Eligibility

Because of this, however, lenders are the ones to set the interest rate and it might vary from lender to lender. While this can be confusing, if a borrower is organized and detailed oriented, this will not be a problem.

What if I still don’t know if I am eligible to receive a commercial loan from the SBA for my business ventures in Texas?

Understanding REO Commercial Mortgage Texas

Purchasing a commercial property can be complicated. But what does it mean for your commercial mortgage Texas when you find the perfect property is an REO?

Know the Market

Understand the Process

What is Asset Based Commercial Lending Texas?

Asset based commercial lending Texas is growing in popularity. It is a newer alternative to the standard commercial real estate financing that has been in place for many decades.

True Asset Based Lenders

Who Are Asset Based Lenders

Tips on Getting Commercial Loans Texas

Getting commercial loans Texas is not as simple as many business owners might think. There are many tips out there but the best all center on being prepared.

Manage Your Time

More Knowledge is Always Good

Tips for Building a Relationship for Commercial Loans Texas

When you begin to think about applying for commercial loans Texas you should immediately begin to work on building some important relationships. Commercial lenders can provide you with more than just the loan that you are looking for.

Be Honest From the Beginning

Commit to Full Disclosure

4 Tips for Securing SBA Commercial Loans Texas

SBA commercial loans Texas offer some great benefits for borrowers but the application process can be long and tedious. Give yourself the edge by following these tips when you are applying.

Be Ready to Relate Your Story

Don’t Be Afraid to Shop Around

Learn the Differences Between Short Term and Long Term Commercial Loans Texas

When it comes to short and long term commercial loans Texas, there is a lot of terminology and “fine print” to understand. With these tips, you can understand the differences and determine which loan type would work best for you.

How do I determine if a short term or long-term commercial loans Texas is better for my business?

What are the first steps I should take to obtain these types of loans?

Alternative Ways to Obtain Commercial Loans Texas Through a Broker

In a down economy or if your credit is poor, there are still opportunities to get approval for commercial loans Texas. Sometimes working with an alternative lender or going through a broker is your best bet in these circumstances.

Talk to a broker to figure out is a hard money loan is right for your needs.

Getting the loan you need should not be a stressful scenario.