Hey!
SO, I have my first commercial lead, and I need some advice. What kinds of things will I need to know about from the borrower? He has an 800 credit score, and does not have a property yet. I have heard that he needs to find a property first, before he can be pre-approved. Is that so? The property is the most important part, and I know that I will need financials from the place, and that kind of thing. Any other ideas of what I need to ask him before he finds the property? Thanks guys for any advice or suggestions!
Your Financial Coach - Bellingham, WA
What kind of property is it. Vacant lot, Apartment complex, commercial leased property? It does make a lot of difference in how it pencils out and the loan to value. Are they puting 10% down and the payments received will pay for the PITI? with a 90% CLTV? If so it's a stated income deal that is pretty quick. Lot/Land...going to need big down payment and 3 years taxes for a start...so many things...Mainly what do they want and how much down payment...then how much reserves do they have to make payments just in case....
Jul 02, 2007 06:58 AM
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