Things To Consider When Applying For A Commercial Loan

Jan. 18, 2012 - PRLog -- Winston Rowe & Associates has prepared this article to provide some insight about the commercial lending process.

For more information on commercial loans, you can contact Winston Rowe & Associates at 248-246-2243 or visit them online at http://www.winstonrowe.com  

A commercial loan has a more in-depth application process and its specifications are much more thorough when compared to personal loans, as commercial loans need details and financial data from not only the borrower but the business too, though personal loans only call for information from the individual borrower.

When applying for a commercial loan, there are many significant elements to consider for example credit ranking, financial history, and other factors, and each commercial lender focuses on different factors when making a loan decision.

There are two main general commercial loan collateral types, the secured and unsecured loan. For people with a powerful company an outstanding credit rating, unsecured loans can be a great option as the borrower will not have to present any collateral to secure the loan. The only problem with unsecured loans is that the interest levels are normally higher because of the increased risk to the commercial lender, and they're usually harder to get. A secured commercial loan is where the loan is backed by the pledging of collateral like a residence, commercial property, or business asset(s). The risk of a secured loan is that the asset(s) pledged are at risk need a default happens. But because commercial lenders prefer to do secured loans, the interest rates and terms are usually much better along with secured loans.

The type of commercial real estate and loans the amount of paper work of which the commercial lender will need you to complete and this could even more increase the processing time. But you don't have to go through the lengthy process of doing your commercial loan application on your own. You need to work with a professional firm, such as Winston Rowe & Associates that understands the processes and underwriting guidelines that the various lenders use.

A firm like Winston Rowe & Associates will submit a summary to potential commercial lenders and investors to get the process started and to gauge their interest level. The summary will include details such as the loan quantity requested, purpose, and your ability to repay the loan, requested interest rates, fees, and terms. Commercial loans really have their positive aspects, however there will also be disadvantages based on the nature of the loan that must not be ignored.

Why use a firm like Winston Rowe & Associates, because many traditional banks and lenders only offer one or two loan programs with limited options. Borrowers often do not get the best financing solution or are constrained with terms that are inadequate because the lender is inflexible. Getting the "right" loan requires a lender with multiple program options and the willingness to be creative in its approach. With multiple alternatives available, Winston Rowe & Associates customizes each loan to meet the specific needs of the Borrower.

Winston Rowe & Associates has no upfront free private money commercial loans in the following 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

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Winston Rowe & Associates is a nation wide commercial real estate consulting firm that does not charge upfront fees for commercial loans.