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The following article was published in our article directory on September 23, 2015.
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Four Things to Prepare for Commercial Property Loans

Article Category: Finances

Author Name: Michael McGovern

It is a usual misconception among people that obtaining a commercial loan or a commercial property mortgage in New York is easy since they believe that lenders exist to lend money. The truth is that getting commercial property loans can be a difficult and time-consuming process. However, there are steps that you need to need to follow in order to make the entire process easier while getting you the best deal available in the market. Here are the top tips on how to get a commercial property loan:
Get the requirements in order first

Before for commercial property loans, it is important that you have the things that the lender requires on-hand and updated. A lender will likely require you to submit copies of your recent financials, rental schedule, tax returns, copies of leases, rental schedules, sales contracts, and asset and liability statements. A lender will need to all of these and should be in good quality. Having everything ready can provide the lender the impression that you are a professional which is a crucial factor considered by most lenders when approving a commercial loan.

Understand the value of your property

Most lenders consider people who overly exaggerate the price of their property compared to its true market value as unprofessional. There are two ways in order to evaluate the value of a commercial property.

The first way is through Comparison Basis wherein the rate per square foot of your property is compared to rate of the similar property in the current market. The second way is through Capitalization Basis wherein the true rental income of the property is multiplied by the Cap Rate. The Cap Rate refers to the assessed value of the property based on the recent sales of similar property in the market. The value will then be divided by the property�s net income. For instance, if a commercial property sells for $700,000 and it generates $60,000 net income per annum, the cap rate is calculated by dividing the net income with the property value. So, that would be 60,000/700,000 = 8.57%.

Establish a property strategy

Lenders will need to know the borrower�s business plan. The lender will need to know why the borrower needs financing and specifically how it can positively impact the value of the property or help the borrower generate more income. The borrower needs to clearly present the strategy and keep this strategy in mind especially when discussing your commercial property loan with a loan officer. To keep things simple, you need to be on-point and straightforward about your business strategy.

Prepare a detailed and updated tenancy schedule

Most commercial property borrowers tend to neglect this aspect for their property. After all, it is one of the factors that help the business produce significant income. Surely, a commercial property owner needs to have a detailed schedule of the tenants� payments. Surprisingly, there are those who do not keep track of it. The following needs to be detailed in a rental schedule: tenant�s name, section of the property rented, rental amount, nature of business, rate per square foot, lease commencement and expiry date, as well as other crucial information.
These are just four of the things that you need to prepare when applying for commercial property loans. Ensure that you have these things ready to increase your chances of getting approved immediately.

About the Author: Like| Just like} our name {suggests| indicates| implies}, we connect our {clients| customers} to commercial mortgage {lenders| loan providers| lending institutions} that are willing to listen to our client's {unique| special| one-of-a-kind| extraordinary} stories and make exceptions when {traditional| conventional| typical} Banks or a direct commercial mortgage lenders will not. Even though most banks, credit unions and commercial mortgage lenders claim to have lending programs for all shapes and size scenarios. The {truth| reality| fact| honest truth} is, most have very {strict| stringent| rigorous} guidelines and are {particular| specific} with what loans they will fund. Working with these commercial mortgage providers can lead to high fees upfront, higher interest rates and {unnecessary| unneeded| needless| excessive} delays. Worst yet, you can be tied up in a {lengthy| prolonged| long} underwriting process where the end {result| outcome} is either a loan you're not happy with or a loan that never closes. To find out more about Commercial Mortgage Connection, Inc., visit commercialmortgageconnection.com.

Keywords: commercial property mortgage, commercial property loans

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