We Are Closing Commercial Mortgage Loans!

80% of national lenders are not doing Main Street loans, although most won't admit it.

They will just ask for more and more information and stonewall your request until they get a better feeling for which way the economy is going next and how the Federal Government will play a part.

Meanwhile the great and loyal borrower is being hung out to dry, particularly if he/she has a bank loan with a balloon due in 2009!

Advice:

           If you have a Balloon loan coming due in 2009, start working on getting refinanced now to prevent being in default when your "friendly" bank/lender drops you like a hot potato while they rebuild reserves.

           If you have Bank reporting requirements as part of your loan documents, make sure your are up to date meeting every single requirement.

Do not give your lender an excuse to "Call" their note and leave you high and dry with no where to go with a major blemish on your record.

          If you have a balloon payment coming up, check your original loan documents for any prepayment penalties, or interest guarantee provisions that may still be hanging over your head.

I recently had a client come to me to refinance out of a balloon 6 months early to find he still had an interest guarantee and prepayment provisions that would cost him $30,000 in penalties after 9 years and 6 months into his loan!

What a shock! Neither his attorney, closing agent nor the lender disclosed these provisions to him in understandable language at the time of the original closing.

Be smart and revisit you loan documents so you have no surprises and can plan to successfully refinance your loan.

Because we have money to lend "right now", we are extremely busy sorting through loan requests.

If you seriously want to make a loan inquiry, be smart and prepared with the following "minimal" information available to present to us:

• Proper name, address, date of birth and social security number for all borrowers. We will need this and your permission to pull your no cost Tri-Merge Credit Report.
• A personal Financial Statement on on borrowers. We can supply the form(s), if you need them.
• Your 2006, 2007, 2008 business tax returns (or YTD P & L), or the tax returns of the Seller, if you are purchasing a property. Plus a YTD P & L on borrowing business entity.
• If a refinance, the details of your present loan, including term, interest rate and any possible prepayment or interest guarantee provisions. Also your original purchase price and capital improvements made to date.
• Detailed Listing or property description, plus a few pictures.
• A clear short story of what you are trying to accomplish and why.

By being prepared, open, honest and cooperative with us you will go to the top of the pile and we can quite quickly package and present your unique loan request to only the lenders actively seeking your type of loan. 

This approach not only exponentially expands your chances of obtaining the best terms and conditions available, but produces a quick "Term Sheet" (Offer to Loan).

A "Term Sheet" will give you all the salient information needed by you to determine if the loan offer meets your needs and goals. And, with your cooperation by providing minimal documentation, we can normally achieve a "Term Sheet" within a few days.

Having a free "Term Sheet" in hand puts you in the drivers seat!  You will know:

•  Your deal can actually be done at what amount, interest rate and monthly payment
•  You will have in writing, all the accurate and detailed terms and conditions
•  You will know the costs, underwriting conditions and time frames to the closing table

A "Term Sheet" puts you in a position of power by allowing YOU to make an inteligent decision as to whether the lender's offer meets your approval for your ROI and affordibilty expectations.

We feel our proven efficent approach is a far more effective use of your and our valuable time and we have the testimonials from happy clients to back us up.

Pro commercial borrowers will agree with our approach from their past lending experiences.  However, first time commercial borrowers can rest assured we will educate and guide you through your funding goal(s) without a time wasting learning curve.

Thanks for visiting: