 |
Sell
Mortgage,
Real
Estate Investment,
Seller
Financing,
|
|
|
Place/View Listings: Sell Mortgage • Mortgage Wanted • Get Mortgage • Note Brokers • Mortgage Brokers • Lenders Bookstore |
Site Index | |
Commercial Mortgage Applications
An article by Gillian Muessig of
www.avatarfinancial.com, a direct hard money lender. The author is solely
responsible for the contents of the article. Commercial Mortgage brokersCommercial loan brokers are an important cog in the wheel of business finance.
They deserve to be well paid for their services. Unfortunately, secrecy
surrounding their fees, services, and relationship between borrowers and lenders
taints the entire profession. Like insurance agents, commercial brokers are
independent. They can represent any number of lenders. And they guard their list
of lenders jealously. After all, knowing where to place a loan request to get it
funded is how they make their money. Their knowledge is all they have to sell. Due Diligence CostsDo expect to pay about $5,000 or even a little more for due diligence costs associated with coming out to see your property, getting acceptable appraisals, etc. You should expect to submit your request and get a response within a day or so as to whether the lender is interested in funding such a deal. Once the lender expresses initial interest, you will be told what the lender needs to see to make a firm commitment. And you will receive a letter of intent. If you sign the letter of intent, only then, will you be asked to put down some cash to cover the due diligence costs. Finally, after the lender has reviewed your property, seen all the financials, appraisals, etc., will you get a final paper that says the lender is ready to fund. That sheet will carry the exact interest rate, points, etc. You will be ready to close. The rest is up to you.If you are going to go direct to a lender without the aid of a broker, be prepared to present the documents necessary to get funded. Generally, you should be prepared to send photos of your property, inside and out, as well as the surrounding neighborhood. If the property is income producing, send last year’s and this years’ YTD financial statement showing the gross income, expenses, and net income. The lender is going to want to see that you will be able to take the loan you are requesting, pay your bills, and still have a few dollars left in your pocket at the end of the day. Include an Appraisal if you have oneIf you have a recent written appraisal, include that right away. If the lender has a loan application on their website, download it and fill out what you can. The more you can provide, the faster your loan will be funded. And finally, don't be afraid to ask for help from the lender. Lenders want to fund you. They are willing to be of assistance and no question is too silly to warrant asking it.Find a lender for your real estate project.• |
Free info on mortgage investments, private mortgages, hard money mortgages, discounted mortgages, seller financing.
Mortgages, owner financing, deeds of trusts, discounted mortgages, seller financed mortgage, hard money mortgage Web sites design hosted for note brokers note and cashflow buyers web site design hosting Web site design hosting for mortgage brokers, mortgage broker web site design | |||||||||||||||||||