1300 Virginia Drive
Suite 400
Fort Washington, PA
19034
1-800-262-APEX
(T) 215-283-8880
(F) 215-283-8885
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Apex Mortgage Corp.
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Essential questions to ask your potential commercial borrower
When you get a commercial inquiry, you should first fully complete a 1003 and pull a tri-merge credit report. That will give you most of the information you need to submit the deal. Be sure to ask the following questions during that initial interview.
1. When did you buy the building, what did you
pay for it?
This is necessary to determine what kind of investment
your borrower has in the building. The less the personal investment from
the borrower, the harder the loan is to book.
2. Why do you want to do this loan? What are your plans for
the building?
If you don't understand the purpose of the transaction,
your lender will lose faith in you. The deal has to make sense to the
borrower, the lender and the broker.
3. Why have you had past credit problems?
Just
like residential, commercial lenders will look for positive credit history. All
lates generally need explanations.
4. For purchases, where is the down payment
money coming from?
Commercial mortgages require 20-45% down payment
depending on the property and the experience of the buyer. The down payment must be real money
that belongs to the borrower. No gifts of equity.
