The application packet that you submit to commercial lenders is often a huge compilation of documents. Providing a succinct loan submission summary can be critical to getting your loan approved.
Commercial lenders all have staff members who do nothing but sort through the loan application submissions to ensure that they have the correct information and documentation included. Not only can this be a tedious process but it can also be difficult when the packet is not presented in a professional manner. Providing a submission summary is the perfect way to make a great first impression on the people who will help to determine if you get a loan or not. Providing some important and helpful information in an easy to understand format will help to get your loan application processed quickly and efficiently.
Commercial lenders want to be able to quickly learn about who is requesting a loan. This means that you will want to provide not only the name of the company but also who the owners of the company are and how to contact them if there are any questions. Included in this brief introduction to the owners should be their credit scores, personal contact information and any credit issues that they might have experienced in the past. This is just a quick information transfer for the lenders.
Provide A Brief Overview of the Property
Once the commercial lenders know who they are dealing with, their next question is about the purpose for the commercial loan is. Provide a clear description of the property that you are interested in purchasing. This should include the address, the type of property such as an office building, warehouse or other structure, and the size of the property. In addition, you should include what you believe to be the estimated value of the property. Having this information can be a great time saver for the person processing your request. Some quick research will let the lender determine if the property holds enough value to be used as the collateral for the loan amount that you have requested. This is a key piece of information and one that you want to know very quickly in the application process. If there are issues with the property value then the lender can contact you quickly to resolve them. Finally, include how you plan to use the property. In some cases your business could be the only tenant in the property but in other cases you might plan on leasing out the remaining space.
Make your Introduction Professional
Remember that your loan submission summary will be your first opportunity to explain your desires, goals and plan for accomplishing your goals to a potential lender. Be certain that you have a professional presentation that is easy to understand. Providing this summary can save the lender a great deal of time on processing your loan and it can also quickly alert them to any issues that might need attention. It is far better to have the lender contact you a day or two after the submission instead of a month after. That wasted time could cost you the property that you are planning to purchase.
Dennis Dahlberg Broker/RI/CEO
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.
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