Commercial Mortgage Lenders – Finding the Right Source

When searching for the right Commercial Mortgage Lender there are several key elements to consider. Are you looking to refinance a current property, purchase a new one or need a modification / workout done for your current loan? Are you rate shopping to see what terms and rate would apply to your property or are you more concerned with fees to acquire the funds?There are many different commercial loan types but the majority break down to a few primary categories:-Purchase / Acquisition: Buying a commercial property Refinance: Refinancing a current loan on a commercial property
-Bridge: Short term financing for Development projects and
-Rehabs Asset Based: Financing against fixed assets (equipment, fixtures or receivables).From these primary loan types there are many to drill down to depending on your specific needs. For example you may be more concerned with the security of knowing your rate is locked for a long period of time. In this case the amortization and term of the loan would be most important and therefore you may want a “fixed” loan. On the other hand you may like the idea of betting with the markets and choose a “variable” or “floating” rate which fluctuates with either the LIBOR or Treasury rates.If you are refinancing you may want some cash out at closing to use for operational purposes or some other purpose. You may want all your loan costs included in the loan so you don’t need cash at closing. Regardless of your particular need the most important thing is to know what you have to offer the Commercial Mortgage Lender you choose. The more you have to offer in terms of financial strength, operational experience, down payment or equity based on LTV etc… the better the rate and terms will be.Finding the right Commercial Lender is a simple process if you know where to look and have your act together. There are sources on the internet offering search engine type results for Commercial Mortgage Lenders based on specific loan needs. Some require a quick registration which some borrowers are uncomfortable with however once registered you have ongoing access to sources of funds you may not otherwise know or have found on your own.

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