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Commercial Mortgage Loans, Business Lending Criteria And Mixed-Use Property Deals
This department covers information specific to commercial property mortgage loans and mixed-use properties. Business people are a unique breed, but they can also be a lucrative new profit center with the right mortgage training. If you've never done a commercial loan before, you may want to give it some consideration as these type of deals are usually large often in the million dollar range. And a small cut of a big loan equals a very nice payday.
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Commercial Mortgage Refinance -- Negative Terms
Although there is no iron clad guide on what to terms to avoid on your commercial mortgage refinance, there are a few major items that borrowers should be prepared to deal with. For example, pre payment penalties, value and or loan to value restrictions, upfront fees and making sure the loan matches your long term over all game plan. Take a gander at below: Prepayment Penalties and Lock Out . . .
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How To Get A Commercial Mortgage Loan For Daycare Centers
Loans for daycare centers or more specifically, commercial mortgages for daycare centers typically have a few challenges that set it apart from most. The special use nature of the property and relative high foreclosure rate make many lenders very cautious with in this industry. . . .
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Commercial Subprime Mortgage Options
Although there is really no "commercial subprime mortgage" sector like there is in residential, there are 3 types of commercial mortgages programs that are designed for borrowers with difficult situations. These loan programs include: 1. Stated income commercial loans 2 . Commercial hard money 3. SBA 7a loans. . . .
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Business Debt Consolidation -- Cash Flow is King?
During these difficult times business owners search for any angle on how to reduce costs. Consolidating business debt into commercial mortgages can be a "clean" and relatively easy way to increase cash flow, but there is risk and a cost to do this. . . .
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What to Expect On Commercial Motel Loans
Motel loans can be difficult to fund for a couple of different reasons. For example, motels are often located in small towns or in rough area's which cannot support larger, flagged hotels. Further the exterior corridor of most motels also is a negative feature that adds additional risk for the lender. . . .
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How To Fund Commercial Restaurant Loans, Your Options
Restaurant owners have limited options for commercial mortgages, relative to other businesses and building types. One of the most common options is the SBA loans. Although not perfect, they can be a viable option. For one, they are still reliable and are still closing. . . .
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How To Fund Gas Station Loans, Your Options For Commercial Deals
Gas station loans can be "tricky". Environmental concerns, slim profit margins, credit card fees, fuel theft often causes many banks and lenders to shy away or better said, ignore gas station loan opportunities entirely. In fact, many gas station owners seeking financing will find it difficult just to find a local bank that will look at their deal. Here in Michigan, where we are located, most banks won't consider financing regardless of how successful an operator might be. . . .
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Commercial Loan Broker Training
A lot has been written in how to calculate Debt Coverage Ratio's on both investment and owner occupied transactions. One of the more complicated tasks of deriving the DCR is calculating all possible income out of the borrower's tax returns. . . .
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Brokering Commercial Mortgages -- What It's Really Like
Brokering commercial mortgages certainly can have its perks. It is generally viewed as a prestigious profession and brokers get to deal with highly sophisticated borrowers on most of their transactions. The income potential is truly uncapped as well, as some of the seasoned commercial brokers bring home over 7 figures. This is without having a lot of fixed expenses or a large support staff to manage. It's no wonder that so many residential brokers are entering the market as their side of the business is still taking the brunt of the capital market woes. . . .
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Commercial Real Estate -- Should You Lease Or Own
Business owners often contemplate whether they should own the building their business occupies or lease it. Commonsense would dictate that the entrepreneur should buy their facility and "pay themselves" rent and thus build long term equity. Large decision like this, however are rarely that simple and have both objective and subjective factors that further cloud the question. . . .
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Hard Money Commercial Loans -- What To Watch Out For
Unfortunately the arena of hard money commercial loans is rough and filled with aggressive lenders and a few that are complete con artists. Most borrowers come to these lenders in vulnerable positions needing cash quickly and are often in much emotional stress. It goes without saying that a borrower can worsen their situation by picking the wrong hard money commercial lender. . . .
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How To Become A Commercial Loan Broker
Interested in information on how to become a commercial loan broker? There are a few areas of the business you need to master in order to succeed as a commercial loan broker. 1. You have to be very good at pre screening deals -- so that you do not waste your time chasing transaction that will not close. 2. You need a strong lender network. 3. You need multiple, reliable sources of leads. . . .
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Calculating Global Income -- Commercial Mortgage Loans
Global income in terms of commercial mortgage underwriting is about trying to get at the whole picture of the borrowers financial position. Underwriters want to know what the borrower's total NET income is. This is calculated by looking at all income and all expenses on all businesses, real estate, any other investments and personal expenses the borrower has. . . .
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Commercial Equity Line vs. Fixed Rate Commercial Second Lien Position Loan
Many owners in the commercial real estate industry are unaware that a second lien position loan exists, and especially in this rough market. But yes, for the right scenario borrowers can still secure these second lien position loans. These programs are geared towards smaller projects though with real estate values less than $3,000,000. Loan amounts on the commercial line or commercial second mortgages are capped at $500,000. . . .
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Commercial Loan Brokers -- How To Not Succeed
We get roughly 5 calls a day from commercial loan brokers. Most of these calls are a complete waste of time for us as the broker has little or no control of the file and has not seen a single documentation on the deal. They have no idea if it's really doable or not. The broker is almost always trying to get an idea if the loan is fundable, what the restrictions are and of course what the rates and fees would be on the proposed loan. . . .
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Commercial Banker Discusses Typical Loan Scenarios For Private Money Deals
Commercial private money loans also know as commercial hard money loans are becoming more prevalent as borrowers enjoy less red tape, quicker closings and more "common sense" underwriting than conventional financing provides. Typically though, borrowers still relay on this type of financing as an option when conventional sources are not available. . . .
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Commercial Stated Income Loans -- Or Lack There Of
Say good bye to commercial stated income loans as this loan program is all but gone. It wasn't 6 months ago that that 90% financing with commercial stated programs were a very viable and strong option. Credit score as low as 620 were doable, as little as 1 year in business was needed and 75% loan to value on cash out refinance were some of the most aggressive features. . . .
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How To Get Paid On Commercial Mortgage Deals
Residential loan officers and brokers that are used to full lender agreements and full yield spread disclosure from their banks are often shocked at how vulnerable their fees can be on commercial loans. For example, many banks will not allow commercial brokers to get paid on the settlement statements and instead make the broker collect their fee outside of close. . . .
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Commercial Loan Refinance Considerations for Entrepreneur's
Business owners often are asked us what the optimal time is to refinance a commercial mortgage. Many factors such as market interest rates, prepayment penalties, existing loan terms etc. come into play. There are no set answers of course, but below are some thoughts on how you might analyze your own commercial refinance. . . .
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Underwriting Parameters of Commercial Mortgage Refinance
Property owners conducting a commercial mortgage refinance are often surprised by the new range of loan programs that have become available in the last 5 years. Programs such as commercial 30 year fixed, second lien position loans, etc are turning heads. However the process is still expensive and time consuming and underwriting is still tied to the fundamentals - loan to value, debt service coverage ratios, global income, property analysis, and credit worthiness of the borrower. . . .
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SBA 504 And SBA 7a To The "Rescue" Of The Commercial Mortgage Industry
As the commercial mortgage industry continues to suffer and credit polices continue to tighten, entrepreneurs are starting to rely more on the classic SBA loans to get their commercial mortgages. Many businesses owner have shied away from this route, largely out of bad press, expensive guarantee fees and or floating rates. . . .
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SBA Loans -- Not All Are Lenders Are The Same
A major misperception among business owners, regarding SBA loans is that they are all the same. Meaning, most business owners have the perception that all of the terms, processes and eligibility requirements are identical from one bank to the next. Although understandable, this simply is not the case. . . .
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During Difficult Times the SBA 7a and SBA 504 Programs are Normally the Answer
Currently we are seeing decline rates at, literally 90%, from banks here in Michigan. Meaning that 90% of all commercial loan request that come in the banks doors are being turned down. 50% - 60% of these potential commercial mortgages probably make sense from a traditional underwriting perspective, but the banks are not willing to take the chance as loses continue to rack up and take their toll. . . .
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Commercial Mortgage Refinance -- Will You Qualify?
To determine if your commercial mortgage refinance will qualify, use the below to "prescreen" your situation. Understanding your potential loans strengths and weakness will save you time and ensure your best chance of a successful close. . . .
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Commercial Mortgage Decline And What To Do About It
Two of the more common reasons for commercial mortgage decline are property value and or concern over net income. As capital sources continue to tighten underwriting standards, borrowers feel the pinch in lower loan to values and higher debt coverage ratios. Transactions that were tight, but doable 3-6 months ago are, in many cases, simply not fundable today. . . .
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Restaurant Mortgage Refinance
Historically, from the borrower's perspective, financing restaurants properties has been cumbersome with limited loan options. Further on restaurant loan refinances, borrowers face even more limitations as the SBA (a leader in financing this building type) typically does not perform refinances. Borrowers are left with a limited pool of lenders that remain cautious within this category and offer conservative underwriting guidelines, like max 60% loan to value and debt coverage ratios of 1.4 or more. . . .
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Commercial Mortgage Brokers -- What Are They Good For?
Commercial mortgage brokers should save their clients time, aggravation and of course money. The bottom line is that the brokers experience and expertise should be valuable for the borrower, who may have little knowledge of this often complex and daunting process of closing a commercial mortgage. . . .
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Stated Income Commercial Mortgage
Commercial Stated income loans may not require tax returns, but this is not the "wild west" of commercial lending. There is a solid underwriting formula behind this commercial mortgage. . . .
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Owner Occupied Commercial Mortgage Refinance
Business owners currently considering a commercial mortgage refinance, will find that many of the rules have changed. As the economy and so called credit crisis continue, small balance lenders (loans between $300,000 - $5 mil) are scrambling to reset their guidelines while not denying every loan that comes across their desk. . . .
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Commercial Real Estate Investors Need To Examine New Commercial Second Mortgage
Commercial real estate investors that are involved in renovation projects and or actively seeking new acquisitions should take a hard look at the new commercial second mortgages that have become available. This loan program can create a significant amount of liquidity in investor's existing commercial equity. Equity that was previously dormant can now be "tapped" and used in other projects. . . .
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Underwriting Parameters Of Commercial Equity Lines
Property owners considering a commercial equity loan are often surprised by the flexibility and liquidity that these loans provide. This loan sits in second lien position (or first) behind any existing first mortgage basically eliminating the need to perform cash out refinance. . . .
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Cash Out Commercial Refinance, There's Now An Alternative
If you have recently received a Letter of Intent or a "pre approval" from a lender regarding cash out refinance on your commercial property, you don't need me to explain the pitfalls. Upfront appraisal fees (at $3000 - $5000), environmental fees ($2000), start off an often expensive and "brain numbing" process to fund your commercial loan. . . .
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Industrial Building Refinances
Loan to values are often restricted at 75% on industrial building refinances and are normally capped at 70% loan to value on cash out refinances. Higher LTV's are available, but come at an increased price for the borrower. Lower loan to value requirements should be expected for industrial investment properties, normally reduced by 5% off the above. . . .
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Commercial Mortgage Underwriting Through The Eyes Of The Underwriter
Getting a borrower to approach you with a commercial mortgage loan scenario is only the 1st step in the commercial mortgage loan process. Upon your first analysis of the scenario, there are a great many combined factors that will determine if it will ever fund or close. The best borrower and the best property means nothing if due to some error, a careless mistake or a poorly put together loan package there is no closing. Equally, if not more so than residential financing, the commercial mortgage business is extremely relationship driven, particularly when talking about lenders. . . .
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Due Diligence Checklist On Rental Property
What is "due diligence?" Simply put, it is investigating the details of a potential investment, so you know what the real numbers are and what you are getting into. You'll often start this process before you even make an offer, but your offer will normally have provisions allowing for you to review (and approve) certain documents and have certain inspections done before you close on the property. . . .
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How To Start With Commercial Properties
In my commercial newsgroup and at seminars, people often ask me, "How I start my career dealing from small to larger properties?" The inquiry is frequently followed by a recital of how the depositor has tried and failed to acquire a bigger property or is uncertain of the steps needed to acquire larger revenue properties. . . .
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Commercial Mortgage Strategies Every Business Owner Should Know
We were recently asked what we consider to be the most important qualities to look for in commercial mortgages. The person asking for this assessment recognized as we do that a commercial real estate borrower usually can't have it all: if you can't find all of the commercial mortgage qualities that are important in a particular commercial mortgage, then which qualities should be viewed as the most critical? . . .
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Understanding A Commercial Mortgage
In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose. . . .
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A Brief Commercial Mortgage Guide
Commercial mortgage loans are used when purchasing structures such as office buildings, apartment complexes, health care facilities and retail outlets. Whether it's a hi-rise tower or a family-owned restaurant, buyers typically need additional funding to complete the transaction. Commercial mortgages are what they pursue. . . .
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The Two Worst Things That Could Happen With A Commercial Loan
It is important to have an understanding of what can go wrong with a business loan. The focus of this article is on two situations that will have the most severe financial consequences. A loan disapproval at an early point in the application process is not included here because it is not likely to have the immediate financial consequences of the examples provided below. . . .
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NNN Property Refinancing
Refinancing a NNN property has a few intricacies that set it apart from the typical commercial loan refinance. Corporate guaranteed leases (among other strengths) have attracted many prominent capital sources to this arena. However, due to special use nature of many NNN buildings (For example a fast food restaurants, drug stores, etc) and that many properties contain a single tenant, lenders can be cautious. . . .
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The Top 12 Commercial Mortgage Loan Problems To Avoid
This article describes 12 recurring commercial mortgage problems that commercial borrowers and their advisors need to anticipate before it is too late. The following problems are common in traditional bank commercial real estate loans and should be avoided if feasible (special circumstances will periodically make some of these terms unavoidable). . . .
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Maximizing Your Commercial Real Estate Financing
Locating financing for every commercial project is not always an easy feat. Many items can affect the acceptance of a loan, how much is loaned, and under what specific terms the loan is given. As a commercial real estate insider, it is important to always be completely prepared when approaching a lender, whether it is a commercial bank, savings and loan company, or a private investor. . . .
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Why Commercial Real Estate?
Every day I am approached by people in residential real estate, by people in different professions such as medicine and law, and others who are not too informed on commercial real estate and what it is really about. . . .
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How To Build Your Commercial Real Estate Contact List
In commercial real estate, the quality of contacts and relationships you make is essential to your success. A good portion of this business relies on how you interact with brokers, buyer, sellers, engineers and city municipalities. In order to build a solid contact list that is sure to pull you through any situation, there are some key actions you must make with every person you come in contact with. . . .
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How Do You Become A Commercial Real Estate Insider?
Becoming a real estate insider in your specific area of interest is the ultimate position you can achieve in your community. As a real estate insider, you will know the best investments, be able to take advantage of local trends, avoid pitfalls where land values are decreasing, and present yourself as an expert to the people who matter in your business and community. . . .
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How To Become A Commercial Real Estate Negotiation Expert
In commercial real estate you are constantly going to be using negotiation skills. Your negotiations skills will be put to use, not only in the process of creating an offer and working to get it accepted, but also with your contacts, brokers, buyers, sellers, engineers, and lenders. In any situation where there are more than two interests, you can rest assured that negotiations must take place in order to satisfy everyone's goals. . . .
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Understanding Leverage In Commercial Real Estate
Commercial real estate has many tools that can be used to maximize one's return on investment (ROI). Among the many tools to choose from, leverage is one of the most effective ways to limit (or omit) the amount of personal money you put in a deal, and see the highest return possible. . . .
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What Is The Definition Of Cap Rate, And Why It Matters In Commercial Properties
In commercial real estate, cap rate, or capitalization rate, is used to determine the values of income producing properties such as apartments of five units or more, office buildings, strip malls and other such properties. The cap rate can represent extremely different things to different people in respect to their interests in commercial real estate. . . .
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Fine Tune Your Commercial Real Estate Crystal Ball
Don't you wish you had a crystal ball that showed you what is to come in the future? A simple wave over the crystal ball, the mutter of a magic word, and your entire future is there, revealed in front of you. Now that you know what is to come, you can prepare and move accordingly so you can be ready for what the now identified future holds. . . .
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Why Road Frontage On Commercial Property Is So Valuable
How many feet of road frontage does the property have? This question is among the most important when assessing the value of commercially zoned property in a city or county. For some, the reason as to why this question is so important may seem rather obvious. . . .
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Learn The Three Ratios That Are Used To Determine Commercial Lending
Getting money for your commercial project can be quite a challenge if you do not know how to analyze and present the property properly to a commercial real estate lender. Before presenting your property to a potential lender it is important to determine the most probable ratios that the lender is going to use in making a decision to lend you the money. . . .
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Commercial Property Subordination Strategies
There are many strategies in which to purchase commercial property. You can borrow money with a first mortgage, use a private investor's money, use your personal money, or use seller financing. Seller financing is also known as subordination. . . .
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Sharpening The Saw: How To Keep Improving Your Commercial Real Estate Empire
A real estate insider is only as good as his or her information, and this information must be up to date, accurate and relevant to the business of interest. The business of interest could be a certain type of property, such as apartments or raw land, a certain area, such as a specific city or state, or even specific types of deals, such as distressed properties that are offered well below market rate. . . .
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Pitfalls To Avoid In Commercial Real Estate
As wonderful and constant as commercial real estate is, there are some major pitfalls that can completely ruin the interest, investment and return on a property. Besides inaccurate assessments and risks that are beyond your comfort zone, the only real reason these pitfalls occur is because of the lack of due diligence that you perform. . . .
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How To Become A Commercial Real Estate Expert In Your Own Backyard
Many people may not realize you can literally become a commercial real estate insider just by working in your own local community. There is a wealth of opportunity for those who are motivated and wanting to make a difference, not only in their own lives, but in the lives of people in the community as well. . . .
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What You Should Know About Commercial Real Estate
Have you gone to a shopping complex? There, you will see different novelty shops, grocery stores, and other small businesses. If you will decide on whether you want to enter such business, it is important that you will understand the basics of commercial real estate investment and how you can gain profit from real estated investing. . . .
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Commercial Mortgage Secrets Everyone Should Know
But do we really understand what commercial mortgages are and where should we go when considering taking out a business loan. The commercial mortgage market ranges from the big four prime lenders who require full accounts and balance sheets, to niche lenders who will not require any accounts whatsoever. Obviously, the better the accounts and net profit, the cheaper the rates charged. . . .
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