Winston Rowe & Associates a no upfront fee commercial real estate advisory and due diligence firm specializes in the financing of commercial real estate transactions in the United States and Internationally.
They have prepared this article to provide advice for refinancing commercial real estate.
For more information about Winston Rowe & Associates and their commercial loan programs, they can be contacted at 248-246-2243 or visit them on line at http://www.winstonrowe.com
Refinance loans are the most common commercial real estate loan. There are key detail items that lenders consider when reviewing this loan type.
First, what is the reason for the refinance and why are you not working with your current mortgage holder?
Questions your new lender will have are; did you violate a covenant in your current mortgage agreement? Did your property drop in value? Are there economic problems in the area your property is located? Do you have personal net worth or liquidity issues? Did you shop your loan request to death creating high risk profile with too many credit report inquiries in a short period of time? Just to name a few.
Be prepared to answer these questions.
Second, the commercial refinance loan criteria are very straight forward. Your maximum loan to value will be 60%. You will need to have a minimum personal FICO score of 680 with no bankruptcies in the previous 7 years. Your personal net worth will have to be equal or greater than the gross refinance amount and the occupancy rate will have to be 80% for a conforming loan.
Third, the supporting documentation will be the review of the last three years of your personal and business financials as well as rent rolls. If there are improvements to the subject property you will need to submit a detailed plan with the necessary permits.
The key to a smooth refinancing process is to be truthful on your loan application and to fully cooperate with the due diligence and underwriting specialists, this is how I do it approach does not work. If you don’t cooperate and misrepresent material facts, you will most likely not receive your commercial loan.
At Winston Rowe & Associates, their primary objective is to provide the most reliable and efficient means of sourcing both debt and equity for your commercial real estate loans.
Winston Rowe & Associates
31408 Harper Ave
Saint Clair Shores MI 48082
Winston Rowe & Associates provides no upfront fee commercial loans in the ensuing states.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, Wyoming