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Finding Commercial Mortgage Lenders

Because of the current challenging economic situation, many commercial mortgage lenders have pulled back on their caseloads and only make new loans under the strictest of circumstances. In these uncertain times, it is not unusual to see this defensive strategy being used. The chances of getting a first-time commercial mortgage is slim, especially during a time of economic challenges. Those who don’t have enough money will have a hard time fulfilling their dreams of starting their own business, even if they have a great business plan already drawn up. Fortunately, lenders have not disappeared from the scene entirely. Be forewarned, however, that they will insist on an ironclad plan for success. If certain hurdles can be overcome, it is possible to get a good commercial mortgage loan even in these lean years.

Commercial lenders will insist on a business plan that is convincing. They will look at your past business documentation, and sometimes even at your previous personal tax returns. It’s been a commonplace business practice for some decades. Historically, these documents were not likely closely examined, but merely checked to ensure their completeness. Today you can expect the documentation in support of your application to be placed under a microscope, and closely scrutinized for even the slightest hint of errors or problems. If you have a documented history of earnings through your previous tax returns, this will serve as proof of your past cash flow.

Being able to show that you’ve filed and paid your taxes is just the start of the process you’re facing. Today an unproven or even slightly risky business venture is unlikely to get approval from commercial mortgage officers. Be assured that they will thoroughly examine every facet of the viability of your business plan. Effective communication of your business aspirations coupled with a positive attitude as to the likelihood of your success will do wonders toward persuading your loan officer to view your venture in a favorable light. In such difficult times it is essential to be able to develop a solid rapport with the loan officer. If you find a qualified financial advisor with outstanding communication skills, you will find that his or her services can be almost miraculous.

March 25th, 2010

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