Throughout the country, there are plenty of commercial mortgage borrowers looking for financing for their auto-repair properties. Because many of these businesses are small, these borrowers often have a difficult time obtaining financing from traditional sources. However, there are small-balance commercial lenders who specialize in helping small business owners. To obtain a commercial mortgage from […]
Read More… from Getting your Borrower a Commercial Mortgage for an Auto-Repair Property
For many small business owners, owning their building makes life much easier and allows them greater control. Whether a borrower is looking to purchase the building from which they currently do business, a new building to expand their operations or an investment property, it’s important for commercial mortgage brokers to understand what is needed to […]
Read More… from Getting your Borrower a Mortgage for a Commercial Property Purchase
It’s happened to every commercial mortgage broker: The local bank or your primary traditional lender calls to let you know that the deal you submitted has been turned down. While setbacks of this nature are disappointing and frustrating, that might be all it is: a setback. Just because the bank or your primary lender can’t […]
Read More… from What to do When the Bank Turns Down Your Borrower’s Commercial Mortgage
Every commercial mortgage broker has dealt with a hard-to-close deal. Whether it’s because the borrower has tough credit, tax issues or simply isn’t as forthcoming about their financial information as you’d hope, there are times when simply giving up seems like the best option. Knowing when to walk away from a small-balance commercial loan is […]
Read More… from Perseverance Pays off in the Commercial Lending Industry
Small business owners with less-than-stellar credit histories still need commercial mortgages. As a commercial broker, your job is to find a lender willing to work with these borrowers and to convince the lender that they can handle taking on new debt. Proving that your borrower’s credit issues are behind them means you need to provide […]
Read More… from Convincing a Commercial Lender to Look Past a Credit Score
There is not a single small business lender who does not appreciate a clear, concise loan summary when evaluating a commercial loan scenario. When you submit your borrower’s deal, it’s important that you draft a summary of the deal, including information about your borrower and the loan. Here’s how to write a loan submission summary […]
Read More… from How to Write an Effective Loan Submission Summary
The debate over credit reporting practices continues as one United States legislature has proposed removing negatives from credit reports, according to a report in the Miami Herald. At a hearing before the House Financial Services Committee, Rep. Maxine Waters, D-California, proposed amending the federal Fair Credit Reporting Act to require the national credit bureaus to […]
Read More… from House Debates Changes to Credit Reporting Laws
If you are in the mortgage brokering business for the long haul, you need to know the best outcomes for your borrowers. As a commercial mortgage broker, it’s in your best interest to consider what’s best for your borrowers when it comes to loan terms. Many commercial lenders offer what at first glance seems like […]
As a commercial mortgage broker, you’re likely to come across small business owners having difficulty finding small commercial mortgages from traditional sources. Bank loans can be very difficult for some borrowers to obtain, and many small business owners who can’t get a commercial mortgage from their local bank tend to go the hard money route […]
Read More… from Finding Commercial Mortgages for Non-Bankable Borrowers
When it comes to applying for a small commercial mortgage, not all lending sources are the same. You’ll find that banks tend to have tighter lending criteria, but there are lenders who are willing to cut borrowers more slack than the banks. These lenders understand the challenges that small business owners face on a daily […]
Read More… from Why Lenders Turn Down Commercial Mortgage Applications