Before you apply for a commercial real estate loan at www.sbalclc.com, you need to know what sort of documentation is required. For example, you should pull your credit reports and scores for your business. If your business is fairly new, you may want to pull your personal credit reports and scores, as some lenders use your personal information, along with your business information, in making a determination about your loan application. Many loan products will require you to submit copies of your credit reports and scores, along with your commercial loan application. Other types of documentation are also required, like profit statements, tax returns, and projected earnings. The kind of documents you must provide with your loan application does vary, based upon the commercial loan program and its qualifications. Commercial Lending Corporation has resources on their website that let you know the documents needed with your commercial loan application, or you can contact them directly for further assistance.
http://www.sbaclc.com Offers Investor and Owner-Occupied Commercial Loans
One type of commercial loan product available from http://www.sbaclc.com is for investor and owner-occupied properties. These kinds of loans are common in situations where the property is owned by another party and different parts of the building are being leased by another company. For example, you may be considering the purchase of a retail shopping center that has a current occupancy of 80 percent. This means 80 percent of the entire retail space has been leased out to other businesses and there is 20 percent of space still available to lease to new tenants. Because the building already has tenants, it might make it easier to secure financing, since there will be a steady flow of revenue coming in after you finalize the purchase of the property.
There are some small business commercial loan programs available through www.sbaclc.com. These programs are specifically designed for small business owners to fit with a variety of situations. For example, one loan available is a SBA 504 commercial loan. This loan is a fixed rate loan that features long term financing in order to purchase fixed assets like land, new facilities, existing buildings, machinery, equipment, and to make improvements to existing properties. Loans can range in amounts from $500,000 up to $10 million, with up to 90 percent LTV. These loans may be used gas stations, warehouses, children’s daycare, hotels, motels, condos, liquor stores, franchised restaurants, assisted living centers, and offices.
A second type of small business commercial loan program offered by http://www.sbaclc.com is an SBA 7(a) loan. This kind of loan program may be used to finance land and building purchases, as well as for renovations and new construction. You could also apply for this program to secure working capital for your business and buy new equipment, machinery, furniture and fixtures. Leasehold improvements and debt refinancing are additional items that might be able to be financed under this program. These are just two of the many commercial loan products you are able to find through Commercial Lending Corporation. With their wide network of financial partners and lenders, they are able to help you find the right commercial loan product for your business. Working with CLC is like speaking to hundreds of lenders, all at the same time, without having to submit an application at each one.
There are different types of commercial financing available through Commercial Lending Corporation to fit with your business needs. For example, one loan you are able to secure is a bridge loan. A bridge loan is a special kind of commercial loan used for short term financing when you want to close quickly on a sale or for some other reason where there is a delay in obtaining traditional long term financing. Once traditional commercial financing is secured, the bridge loan is normally paid off. For example, new construction projects might seek a bridge loan to obtain the financing needed to apply for building permits, site inspections and other such items. Once these items have all been completed, it is easier to secure a conventional construction loan to complete the project.
Another kind of commercial real estate loan program available through Commercial Lending Corporation which is used for some construction projects is called a mezzanine loan. This type of program is different from a bridge loan, because they are obtained early on, often during the development phase. The development phase is when a business wants to develop a piece of property and brings in the construction firm to act as the developer. During this time, blueprints, environmental impact studies and other items are completed before permit applications are submitted, as these items occasionally have to be included with the applications. Rather than put a lien against the property to be developed, some lenders will put a lien against collateral provided by the project developer. This way, if the project does not come about, the lender is still able to recover their money.
The Better Business Bureau (BBB) assigns letter grades to businesses based upon their opinion of the business operation. In order to assign an appropriate grade, the BBB uses different grading elements, including the number of complaints against the company, the type of business, the number of years in operation, licensing and government actions, the company’s background information, failure to comply with commitments with the BBB, and any advertising problems. The letter grades assigned by the BBB range from A+ for businesses with the highest ratings, to F for businesses with the worst ratings. Knowing how companies are graded helps you choose the organizations with whom you want to conduct business, such as Commercial Lending Corporation for your commercial lending needs, which has an A+ rating.
Commercial Lending Corporation Provides Loans to Expand Your Business Operations
One key rule for most types of business operations is borrowing money in order to make money. This might seem confusing, at first for some people, because they do not understand how securing a loan and taking on debt would benefit the organization. For example, if you are looking at expanding your manufacturing facility to meet larger production demands because of higher sales orders from your customers, you need to buy a new facility. In order to secure the funds needed for this purchase, you have to obtain a commercial real estate loan from Commercial Lending Corporation. Even though you are taking on a new mortgage for a new and larger facility, your business earnings will increase because of the higher volume of products you are able to produce.
One type of commercial loan program available through www.sbaclc.com is Private Placement Program (PPP) loans. PPP is a special kind of commercial loan where the loan is underwritten by private investors who are willing to supply you with the funds needed for your business. In return, you guarantee the loan using commercial collateral and agree to pay the money back with interest. How PPP loans are generated are the result of private investors raising money and making it available to other businesses to lend. In 2012, PPP investors raised over $1.3 trillion dollars designated for commercial loans. The investor reserves the right to sell your loan to another lender or financial institution at any point. Investors sell loans in order to raise money to borrow to other businesses. In the event they do sell your loan, you are still obligated to pay back the money.
PPP loans can be secured through http://www.sbaclc.com for a variety of businesses, including apartment complexes, retail shopping centers, gas stations, convenience stores, self-storage, grocery stores, funeral homes, parking garages, office buildings, restaurants, manufacturing, industrial, and hotels, as well as numerous types of operations. These loans are offered to help with purchasing, refinancing, rehabilitation, construction through stabilization, and bridge financial needs. In addition to other conventional and traditional commercial real estate loans, it is well worth your time to explore all of your options, including those available with PPP loans. Submitting your application through Commercial Lending Corporation ensures all available loan programs including PPP are considered, in order to help you secure the financing you require for your business.
Commercial Lending Corporation has access to many different types of commercial real estate loans. These loans can be secured by proprietorships, partnerships, corporations and non-profit business operations. For example, CLC has helped churches secure the funding needed to expand their facilities. They have found solutions ranging from providing assistance to purchase larger facilities, to building a brand new church. Church loan programs are also available for refinancing existing loans and rehabilitation projects. Eligible properties include the church sanctuary, fellowship halls, parsonages, schools, day care centers, office facilities and any other kind of property owned by the church. There are specific requirements for this loan program in order to qualify. You should contact CLC directly to discuss your church’s needs and find out more about your available options.
Commercial Lending Corporation Can Help You Purchase the Business from Your Boss
Going into business yourself often presents itself in different ways throughout your career. For example, the current owner of the business, who is also your boss, can be retiring, and offers to sell his or her business directly to you. They might have a restaurant, motel, hotel or retail store operation that is rather successful in your community. Missing out on this opportunity could result in someone else purchasing the business, or the owner closing it down, which puts you out of a job. While you may not have a large sum of money sitting around to complete the sale, you do have options for securing a commercial real estate loan through Commercial Lending Corporation.
When you are looking at obtaining a commercial real estate loan from www.sbaclc.com, you will need to know what the loan to value (LTV) ratio is for the property. Each type of commercial loan has specific requirements and conditions for the maximum amount of LTV available to borrow against the property. For example, a five year fixed loan through a Government Sponsored Program for five or more multifamily units, mobile home parks or mixed use has available LTVs ranging from 55 percent to 80 percent, depending upon the debt service coverage ratio (DSCR). The DSCR is the amount of debt a business is allowed to carry from available cash flows in order to qualify for the loan. For instance, with a minimum DSCR of 1.25, the maximum LTV available is 80 percent. This means that if you are purchasing a property valued at $1 million, you may be able to qualify for a commercial loan up to $800,000.
Non-recourse First Mortgage Loans Are Available from http://www.sbaclc.com
In addition to all types of recourse loans available through www.sbaclc.com, they also feature access to non-recourse commercial first mortgages. a non-recourse loan is a secured loan that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable.