Information You Need to Know before Applying for a Commercial Loan at

Prior to applying for a commercial real estate loan through, you need to take some time and gather some information. First, it is worth your time to obtain copies of your business’s credit reports and scores from all of the credit agencies. Once you have these, you are able to review the reports to determine if there is any inaccurate information that could drastically have a negative impact on your credit score. Each agency will allow you to dispute items which are not yours or which are inaccurate. You should wait until the agency makes their determination and resolves the issue before applying for a loan.

Another thing you can do is determine the purpose for the commercial loan you want to apply for at Are you purchasing a new property, refinancing existing commercial loans, or needing a construction loan? For instance, in cases where you are looking to buy a new commercial property, you might want to consider becoming prequalified for your loan. Prequalification provides you with a credit limit based upon the amount of money your business is able to afford towards monthly mortgage payments. Being prequalified helps you avoid looking at commercial properties outside of your price range and allows you to only concentrate on those that fit within your prequalified limit. Further, because you are prequalified, you are able to make an offer on the property without having to wait to see if you are able to secure financing. In addition, the seller will take your offer more seriously, as they know they can quickly close on the property.



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