proper planning for commercial loan approval applicants

Proper Planning for Commercial Loan Approval10 things you need to know before calling a bank or business lender!

Do you have all your Paperwork ready?

1. Property Type

2. Location, Location, Location City, State and County Physical Address If it’s an office condo, then the Unit # The parcel would be great but not

necessary at this point.

3. Purpose of the Loan?

4. Appraisal? Is there a recent appraisal? How recent? When was the last sale date? Who did the appraisal? Are they still in business?

5. What is Owed? Refinance loans vs. Purchase loans Liens Judgments Pre-payment Penalties Lock-outs 1st, 2nd, 3rd mortgages

6. Since The Last Sale How much was the last sale? When was the last sale? Has there been any improvements?

7. Show Me The Money

8. Why is Money Needed? Loan to Value Seller carry second?

9. Credit Pull your own credit report AnnualCreditReport.com Know your FICO scores Explain any derogatory accounts

10. A Picture is Worth 1000 Words!

Lenders want to see photos of properties

Take a few snapshots The seller should have photos (if buying)

Re-Cap: Credit: Know your credit score and

understand your credit report. Your credit report is one of the most important tools used in making lending decisions. Be prepared to discuss any account delinquencies, past bankruptcies, or financial “bumps” you may have experienced.

Collateral: Know the facts about the property you are pledging as collateral.

Capacity to Pay: How will you manage your new commercial mortgage payment?

Character: How have you managed past financial obligations and responsibilities?

Do you know your Lender?

Experience  Process  Costs  Service 

Creative Business Finance, LLC

Started 2/2002 as Felt Financial Group in Denver, CO

Name change 5/2008, Opened office in Maple Shade, NJ

Re-opened Denver, CO office 1/2013 Opened Miami, FL office 5/2013 Managing Director/Founder Stephen Felt www.Linkedin.com/in/SteveFelt 3 Regional Managers & 18 Loan Officers in 8

states www.BizMoney411.com