An Independently Prepared Loan Package Results in High Approval Rate
While a growing number of banks are turning away new commercial loan applications as they deal with bad loans and reserve issues, many business owners and commercial property investors are finding success in getting their loan applications approved quickly and at competitive terms by submitting their own professionally prepared and pre-approved loan application package.
An independently prepared loan package puts the borrower in the driver’s seat, not the banker. Instead of waiting weeks for a Funding Commitment or Letter of Interest from a lender, a borrower can submit their package to multiple lenders at the same time and receive loan quotes in just a few days.
“Another advantage a borrower has in using their own loan package,” according to Naomi Monk, a consultant whose firm, Naomi Monk and Associates, provides this service nationwide, “is the ability to determine in advance, before a lender reviews the proposal, the hidden strengths or weaknesses. Armed with this information, a borrower can adjust the report to play up the strength’s of their loan request as well as make needed adjustments when weaknesses are spotted.” She added, “It can definitely make the difference between getting rejected or approved in today’s market.”
The loan package provides the primary criteria a lender needs to produce a quote and a full term sheet, namely, the property’s operating performance, rent roll and leasing analysis, property characteristics and conditions, and market attributes along with an underwriting analysis that are contained in a comprehensive 10 -12 page report. The finished report removes the time-consuming hassle of submitting actual data to the lender, but rather, an analysis of the actual data.
Once the loan application package has been created, borrower’s can opt to have their package electronically submitted to a database of almost 100 national and regional commercial lenders still actively funding loans and obtain loan quotes in 48 hours. This loan submission strategy is also a critical factor in the high success rate borrowers are experiencing.
A professionally prepared and pre-underwritten loan application package can also be an effective marketing tool for property sellers and commercial brokers attracting full price offers and expediting the loan closing.
For more information about obtaining a professional loan application package nationwide visit the company’s website at http://SmallCommercialMortgageOnline.com or call (949) 612-1280.
