There are a few things you are able to do to help save time when you are looking at securing a commercial real estate loan from Commercial Lending Corporation, who has an A+ rating with the Better Business Bureau. First, you should take the time to pull your business’s credit reports and scores from all of the reporting agencies. Reviewing these can help you find inconsistencies and errors, and gives you time to have those corrected before applying for your loan. You also need to make sure you have current copies of the reports available to submit with your application. The next thing you are able to do is become pre-qualified. Taking this step ensures that you are already pre-approved for a set amount of money based on a set value for the property. Knowing exactly how much money you are able to borrow helps you to focus looking at only those properties within your pre-established price range.
Commercial Lending Corporation Has Tools to Help Estimate Your Monthly Payments
Another thing you can do to ahead of time is to estimate how much your monthly payments will be to purchase commercial real estate by using a principle and loan calculator. Some calculators even show you an optional estimated amortization schedule for the loan. For example, if you were to secure a $250,000 loan from Commercial Lending Corporation, with 20 percent down, with a fixed annual interest rate of 7 percent in a 30 year loan, your monthly payments would be approximately $1,330.60 per month, not including property taxes. Property taxes are a bit harder to estimate, because of variances between locations. However, your county’s tax office should be able to provide you with this information based upon the previous year’s taxes for the property.
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