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How To Apply For A Commercial Loan Winston Rowe & Associates
The first thing borrowers discover is, lenders are utilizing a global approach when performing the initial due diligence prior to underwriting. 248-246-2243
The first thing borrowers discover is, lenders are utilizing a global approach when performing the initial due diligence prior to underwriting.
This global approach is the detailed review and analysis of a borrowers business and personal financial status. This includes, review of the personal credit history and FICO scores, personal financial statement and work history as well as the all of the business financials.
Personal Financial Requirements:
Basic criteria that you will need to meet when applying for a commercial loan is; a minimum FICO score of around 680, at least two years of no late payments on all personal credit lines and have not filed for bankruptcy for at least ten years.
Net Worth Requirements:
You need to have money in the bank. A bank or private money lender does not want to hear that you’re out of cash and all your money is in your project or you’ve had personal crises that drained your cash reserves. Bankers and private money lenders are very risk adverse in today’s banking climate and do not want to be in a position to make pay check loans.
The basic net worth requirements that borrowers need to meet for a refinance is a personal net worth equal to or greater than the loan amount if you are applying for conventional financing. If your applying for a bridge loan, hard money or private capital non conventional financing. In most cases afore will apply. However, you still can obtain refinancing with a very low loan to value (LTV) with an interest rate in the teens.
Supporting Documentation Requirements:
The ensuing is a list of supporting documents that are required to process and underwrite (due diligence) your commercial loan request.
Financial Supporting Documents:
The last three (3) years corporate tax returns
The last three (3) years personal tax returns
Name and address of corporate bank
Business profit & loss 3 years
Most recent copy of business bank statement
Personal financial statement for all guarantors
Bank payoff letter
Most recent mortgage statement
Use of proceeds for cash out refinance
Property Supporting Documents:
Schedule of tenants leases
Copies of tenant leases
Schedule of units with square foot per unit
Schedule of improvements to be made with cost breakdown to subject property
Exterior photos of subject property, photos of parking lot, street view
Interior photos of subject property
Most recent appraisal
Copy of the first page of the insurance binder for refinance
List of all litigation past and present
Guarantor Supporting Documents:
4506 T executed
Tri merge credit report
Government issued photo ID copy – front and back
Personal financial statement
Articles of Incorporation
When speed and experience are important and crucial to your real estate success, contact Winston Rowe & Associates, a principle is always available to speak with prospective clients. They can be contacted at 248-246-2243 or email them at email@example.com
They also have many other commercial real estate financing solutions that meet almost every need. Check them out online at http://www.winstonrowe.com
Winston Rowe & Associates best business practices process ensures that their clients receive lighting fast funding with the most aggressive rates and terms available, while managing every step of the financing process from document collection to commitment negotiation and closing.
Winston Rowe & Associates provides no upfront or advance fee 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