Tag Archives: commercial loans

Strategies For Negotiating With Commercial Lenders

October 9, 2017Uncategorizedcommercial hard money lenders, commercial hard money loans, commercial loan, commercial loansbigdaddydennis

In order to get the best rates and terms for your commercial loan, you are going to have to negotiate with commercial lenders. However, there are strategies that you can use to enhance your chances of successfully getting the terms that you want.

If you are like most borrowers, you might feel like you are at a disadvantage when it comes to dealing with commercial lenders. They know more about the process and they have something that you want. But this does not necessarily give them all of the power. In fact, you, as a borrower, do actually have power to wield in negotiations with lenders.

One of the biggest strategies that you have as a borrower is your ability to walk away from a lender. It might not always seem like it, but they want your loan. It is the way that they make money. Even though you are coming to them for the loan, commercial lenders only get paid on loans that are actually underwritten and taken, not on inquiries. This gives the borrower a great deal of power.

The best way to use this power is to play different lenders off against each other. Rather than directly negotiating with a lender, get them to offer better terms by letting them know that you have other options that are better. Commercial lenders are not going to drop their rates and terms easily if they know that they are your only option. This would only cost them money. But, if they might lose your business if they do not adjust to your needs to keep it, they are far more likely to drop their rates without you having to do any negotiating whatsoever.

Another strategy is to front end the majority of your negotiations. Once the application process has started, it is very difficult for a borrower to find any leverage to have anything in the deal changed. But before you sign on that dotted line, the lender does not know if you are going to sign or walk away from the deal. This, again, give you the leverage that you need to make sure that your critical issues are addressed properly by the lender.

These sound like great strategies for negotiating with commercial lenders, so what could possibly go wrong?

Now, this does not mean that you should be terribly aggressive about this tactic. Doing so in the incorrect manner might backfire. So, it is okay to play lenders against each other, but do not go overboard with it. Threatening and being combative is not going to win you any battles in this, and might end up burning you tremendously.

And when it comes to negotiating before you sign the application, make sure that you limit your demands to what is actually critical to you. Decide what this is going in to the negotiation and do not overreach. If you have too many demands, you are likely to upset the lender and working with you is going to look like more of a hassle than it is worth. So make critical demands before you sign that dotted line, but convey to the lender that you are detail oriented and not overreaching.

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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Why Do Commercial Mortgages Fail To Get Funded?

October 9, 2017Uncategorizedcommercial loans, commercial mortgagesbigdaddydennis

There are a variety of reasons why commercial mortgages fail throughout the process. It is the job of both the lender and the borrower to ensure that the loan process goes smoothly and does not fall apart at the last minute, but how can you make sure that your loan does not fail?

Even though a lending application has been approved and the process of finding an underwriting is well under way, there are still a number of factors that have the potential to make things difficult for the actual funds to be dispersed. As a borrower, the best thing that you can do to prepare for such an issue and prevent it from happening is to stay informed and ask questions. But what questions should you ask about commercial mortgages? Here are some suggestions:

-How is the Loan to Value determined?

This is important to understand right out of the gate, as it significantly affects both the security of a loan and the amount that a lender is going to be putting out. A borrower most certainly would not want to have the property overvalued by them only to find out that the lender has its value at a significantly lower price. Commercial mortgages are begun based on the estimates of the owner, but are completed based on the assessment of the lender. This will not only reduce the amount of the loan, which will surprise the borrower, but it also has the potential to prevent the loan from being completed altogether.

-What costs are associated with closing?

Again, this needs to be something that is well laid out at the beginning of the process. If closing costs are too high for you, as the borrower, to pay, then you will not be granted the loan. Imagine getting to the end of the process with your commercial mortgages, only to find out that you don’t have enough cash on hand to seal the deal. This will leave a sour taste in the mouth of the lender and has the potential to affect other commercial loans you might make in the future.

-Will I need a sponsor?

If you do not have enough experience in the industry, or if your financial situation, both personal and business-wise, are not up to the standards of the lender, they might require you to pursue a sponsor of some sort. This might be something that they require as the application process advances. It is simply to provide more security for their commercial mortgages. If you are going to need a sponsor and are caught off guard by this, it could lengthen or entirely end the process.

As a potential borrower, looking at various commercial mortgages, how do I get the answers to these questions?

The best way to approach this is to ask lenders directly, as all are slightly different. Even better than that would be to get their answers in writing so that you have a reference to compare lenders and also to protect yourself if something were to go wrong with your loan. With a little extra effort, you can ensure that you succeed where many commercial mortgages fail.

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Is One Commercial Lender Better Than Any Other?

October 9, 2017Uncategorizedcommercial lender, commercial loan, commercial loansbigdaddydennis

When you venture out to seek funding for a commercial real estate project, the number of options can appear to be daunting. But which one is best for you? And is there really any difference between one commercial lender and any other?

In the commercial lending industry, there are a variety of sources of loans for borrowers, depending on a variety of factors, such as credit score, down payment size, property value and security collateral. Each type of commercial lender has different qualifications and benefits for their borrowers, which makes choosing the right type of lender highly subjective.

One type of commercial lender is a life insurance company. In fact, these lenders have the best rates and terms on the market. This, however, is most likely not going to fit the needs of any borrower with the exception of a very small few. Typically, receiving a loan from a life insurance company not only comes with a very large down payment (nearly half), but the loan is usually over $5 million. There are also very strict guidelines for the types of property that can be acquired with a loan from a life insurance company. If you manage to secure a loan, you are in a very good position for commercial real estate.

Another commercial lender with excellent terms are commercial mortgage-backed securities (CMBS). These lenders also deal with very large loan amounts and usually involve the purchase, building or renovating of multi-family housing units, offices spaces or large retail areas. CMBS lenders do not usually work with loans smaller than $3 million, but they are much more likely to deal with properties that need work, unlike life insurance companies.

One of the newest players in the commercial loan market are credit unions. Not only do they typically have better rates than commercial banks, but they are usually more localized and willing to work with business owners in the area. They have location restrictions on most of the properties that they are willing to finance and the loans that they grant have a tendency to be on the smaller side of commercial real estate (around $1 million).

The quickest type of commercial loan provided by a lender is a hard money loan. These are usually for much smaller amounts, but have a much higher interest rate. All things considered, however, they are much easier to qualify for and have much shorter repayment terms.

With all of the different types of loan and qualifications, how do I know which type of commercial lender is best for me?

The first thing to do is to start asking questions. If you are seeking a loan for a property, talk to lenders and figure out what will work best for you. It is better to spend some time figuring out where your property falls with a commercial lender than to apply for a loan that you will not receive. Or, even worse, to be granted a loan that doesn’t fit your needs and will end costing you in the end. Research requirements and the types of properties typically served by lenders in your area.

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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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Qualification for Hard Money Commercial Loans Texas

October 2, 2017Uncategorizedcommercial loans, commercial loans for bad credit, commercial loans texas, texas commercial loansbigdaddydennis

Conventional commercial loans Texas can be hard to qualify for. But a hard money lender offers a much more stream lined and speedy loan process.

Hard money commercial loans Texas require much less paperwork and third party reports than a convention loan. This is a great benefit to a borrower who needs funding quickly or does not have the credit history needed to qualify for a bank loan. Knowing what it takes to get a hard money loan will help you to decide if this is a solution that you should explore more in depth.

Some hard money commercial loans Texas lenders have an application process that is similar to a conventional lender but others focus on asset based lending. In the case of the asset based lenders, the primary concern is not the value of the commercial property that you are buying but the value of the assets that you are planning to use as collateral. The value of the assets will even be more important than your level of credit or your credit history. In some cases the assets can be inventory or equipment. In other cases, it could be accounts receivables or other property that the business owns.

Regardless of the type of collateral that you will provide, you will need to submit a certain amount of information to the lender. This is just the process for any loan request. But what you will not need to submit is the prior financial history of your business. You will also need to provide information about the reason for your request. In most cases, commercial loans Texas lenders will want to know a little bit about the property and also see photos of the interior and exterior of the property.

What Makes Hard Money Lending Different

Because you are requesting a hard money loan, you need to expect that the interest rate is going to be higher than a conventional commercial real estate loan. The lender is evaluating the risk associated with your business and its ability to repay the loan. They are also evaluating their ability to recover their investment should you fail to keep up with the payments. This could include an evaluation of how quickly and effortlessly they could liquidate your collateral assets. Selling property could be much faster than trying to find a person who is interested in buying old equipment or merchandise which was a part of your inventory.

It is a Viable Option

Even though the interest rate will be higher than a conventional lender, a hard money commercial loan could be a good solution for your business. If you have no credit history or cannot verify cash flow then securing a conventional loan could be impossible. But be sure that you fully understand the terms of the loan agreement before you sign the document. Just because the lender is not a loan company or bank does not mean that the contract will not be legally binding.

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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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Tag Archives: commercial loans

Strategies For Negotiating With Commercial Lenders

In order to get the best rates and terms for your commercial loan, you are going to have to negotiate with commercial lenders. However, there are strategies that you can use to enhance your chances of successfully getting the terms that you want.

These sound like great strategies for negotiating with commercial lenders, so what could possibly go wrong?

Why Do Commercial Mortgages Fail To Get Funded?

There are a variety of reasons why commercial mortgages fail throughout the process. It is the job of both the lender and the borrower to ensure that the loan process goes smoothly and does not fall apart at the last minute, but how can you make sure that your loan does not fail?

As a potential borrower, looking at various commercial mortgages, how do I get the answers to these questions?

Is One Commercial Lender Better Than Any Other?

When you venture out to seek funding for a commercial real estate project, the number of options can appear to be daunting. But which one is best for you? And is there really any difference between one commercial lender and any other?

With all of the different types of loan and qualifications, how do I know which type of commercial lender is best for me?

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

Qualification for Hard Money Commercial Loans Texas

Conventional commercial loans Texas can be hard to qualify for. But a hard money lender offers a much more stream lined and speedy loan process.

What Makes Hard Money Lending Different

It is a Viable Option

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?