Loans Online

Where else can you get an easier life than applying for loans online? This might be true in residential real estate loans, but never more true than in commercial mortgages. The reason is that commercial loans are much harder to get. Trying to locate a lender who will come to the table in order to write your commercial deal is still hard, but having access online sure helps.

The major problem is still one of relationships and the internet for the most part inhibits this. How do you explain that your property is unique? How do you get a lender to drive by and look at your new building if they are 2ooo miles away? Sometimes, the convenience of attracting a large pool of lenders is not in your best interest.

I advise people to always start with your local bank. If you have a depositor relationship with your bank, ask them if they will fund a loan for the property you are seeking. it might be a refinance, but start locally.

If they can’t help you, you’re going to need some more experienced brokers who deal in the commercial field. If you have a loan broker who did your residence you might think they would be a good source, but in most cases residential mortgage brokers are the worst choice. You need someone who can read a financial statement and tell you how to make it more attractive to a lender. You need someone who has contacts for the specific type of property you have.

I encourage you to start locally, then to call me.