Whether you’re looking to purchase a retail office building or would like to refinance and make some improvements or pay some bills, a commercial loan with Apex Mortgage Corp. can help you reach your goals. Here are some helpful tips to get you started when looking for financing from Apex.
- Know your credit score and understand your credit report. Your credit score and credit report are two of the most important tools a commercial lender will use to decide whether or not to give you a loan. Because your credit report is so crucial to the process, it’s important for you to know and understand it. You can pull your report for a small fee, or you can authorize the commercial lender to pull it. If you’re pulling your own credit, be sure it’s as recent as possible, so that the commercial lender has up-to-date information when evaluating your loan request. Be ready to discuss any financial “bumps” that appear on your report, like account delinquencies or bankruptcies.
- Prove to the lender you can pay back the loan. It’s very important to any lender that you are able to make your monthly payments. To give your comercial lender an idea of your ability to pay, be sure to record relevant financial information about your retail business. Filling out a 1003 or a Personal Financial Statement will provide a commercial lender with the financial information they need to evaluate your situation.
- Know your property and your business. Make sure you know the facts about the retail office building you’re pledging as collateral. How big is your retail office space? What kind of business are you going to run? If you have tenants, what kind of business are they running? How many people work in the retail office building? All of this information will help your lender to assess your circumstances.
- Be prepared to discuss past financial obligations. A commercial lender will want to know how you’ve handled past business loans and mortgages. If you’ve had some financial issues in the past, be ready to talk about it with the lender.
- Be prepared to discuss the use of funds in detail. The commercial lender will want to know what you’re using the money for, whether it’s purchasing retail office building to start your own business or refinancing your mortgage to improve an existing business. The more information you give the commercial lender, the easier it will be for them to help you.