So you’d like to buy a commercial building for your business–you know prices are good right now and your business is ready to expand. Your plan is to take out a commercial mortgage but you need some guidance–is it even possible to get a commercial loan right now?
Let’s take a look at the steps you should take if you’re interested in getting a commercial mortgage.
- Go in and talk with a banker. If you already have a relationship with a commercial mortgage banker, so much the better. Because commercial real estate varies by area, it’s important to talk with someone local right from the start and find out how difficult it might be to get a commercial mortgage in your area. While you’re here, also find out what sorts of numbers you should be looking for–purchase price, down payment, cash flow–to get the commercial mortgage interest rate you’d like.
- Find a great piece of commercial real estate to buy. Your banker should have given you some perspective on the sorts of numbers you should be looking for. A commercial Realtor can be very helpful with this because they’ll know about what the property’s being rented for (if you plan to have commercial tenants), and how much flexibility the seller may have on the price.
- Find a commercial mortgage lender. Don’t automatically go with your local banker, because you may be able to find a more attractive offer. But, don’t discount your local commercial mortgage banker, either–right now, local banks are somewhat competitive and worth considering as you look at your options. Compare rates among multiple commercial mortgage lenders, look at the points, and how much they’ll loan you for the specific property you’ve chosen, also look at the terms and structure of the commercial mortgage loans they’re offering you.
- Make your offer on the property. The reason to get your commercial mortgage lender chosen before making the offer is that this makes your offer much more attractive–which just might give you more negotiating room. Negotiate with the seller so that you’re both getting what you want in the sale, and keep your commercial mortgage lender in the loop with your progress straight through to the signed contract.
- The moment you have your contract, it’s time to get busy. Check in with your commercial mortgage lender on at least a weekly basis in the beginning. Towards the end, check in once a day. Sure, some days there won’t be an update, but this way you’ll know in advance of any delays or additional materials that might be needed.
- Celebrate the closing of your new commercial mortgage! You’re now officially a commercial real estate investor–may this be just the first of many successful commercial mortgages under your belt.
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Art of Commercial Mortgage Brokering $34.16 |
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The Handbook of Commercial Mortgage-Backed Securities, $81.25 |
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The Art of Commercial Mortgage Brokering by Evaldo F. Dupuy and Evaldo Dupuy… $34.76 |
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The Handbook of Commercial Mortgage-Backed Securitie… $27.95 |
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Financial, Commercial, and Mortgage Mathematics and The $209.09 |
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Frank J. Fabozzi – TRENDS IN COMMERCIAL MORTGAGE-BACKED SECURITIES – 1st 1998 $75.00 |
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