Any time you are obtaining a commercial loan through Commercial Lending Corporation (CLC), it is worth your time to fully read through all of the paperwork to ensure you understand the terms and conditions of your loan. There are several things you need to verify and confirm before signing the papers. First, your loan should include a proposed payment schedule including both principal and interest amounts. This monthly amount is calculated by taking the loan principal and adding it to the total amount of interest paid back over the entire length of the loan. The amount of interest depends upon the rate you are able to secure. You have to consider whether the amount you are borrowing, plus the interest, is worthwhile for your business.
The next thing which should be present in your loan proposal from Commercial Lending Corporation is a breakdown of specific costs. These not only include the amount financed, and interest, but also closing costs, application fees, and appraisal fees. Some programs do allow you to include some of these related expenses into your financing instead of having to pay for them directly out of pocket. However, just remember, by adding additional amounts to your original principal, your monthly payments will increase. In the event you are unsure, unclear, or have questions about specific details in your loan proposal, never hesitate to ask questions. Your CLC loan consultant is there to help you through the entire process. He or she is able to answer your questions and concerns, as well as to explain what each item in your proposal means.
Tagged: Commercial Lending Corporation