Commercial Real Estate Loans
If you’re planning on purchasing a commercial property, expanding your business to a new location or setting up a new facility for your business like a store, office, or warehouse, or renovating your business, commercial real estate loans can help. CRE Loans are one of the best options suited for getting funding at lower interest rates. Using these loans, you can get most of the cost and save capital for setting up your business. These loans are made for investors, property dealers or managers, corporations, developers, trusts, etc.
Commercial Real Estate Loan Pros of Fort Myers acts as a mediator between the borrower and lenders for providing quicker funding. We are always there to help you to find the best lenders in Fort Myers, Florida (FL), without any headaches or inconvenience.
What is a commercial loan?
This loan is a type of financing provided to companies for purchasing business-related properties. Banks, private investors, independent lenders, credit unions, or insurance companies offer these loans.
The main factors that the lenders keep in mind are the creditworthiness of the borrower and collateral. The amount you get off the loan depends on the subject value of the property used as collateral. Then they look for bank statements of the past 2 to 3 years and income tax returns.
Factors that can affect approval for your loan
Before going ahead for approval of the loan, the borrower should make sure that he/ she fulfills the requirements properly for quicker funding without any inconvenience.
- You should keep your documents ready, like your address proof, ID proof, tax return, and income statement, etc.
- Another thing that comes is the processing fees. Normally the processing fee is 1% charged on the loan amount. The interest varies from lender to lender. Our company assures you to provide you with lenders charging low-interest rates.
- The lenders also look for the company’s goodwill in the present market. If your building is under construction, then the lender will pay more attention to the building plans and details.
- The next factor is the LTV ratio, i.e., loan–to–value ratio. This calculates the loan provided against the value of the property. Lower the LTV ratio less is the risk and more is the chance to qualify for the loan. The LTV ratio for commercial loans from 65% – 80% is allowed.
- The tenure is comparatively shorter than residential loans. The max period for loan repayment is ten years and also means that the loan amount is not too high. The borrower is only allowed to make full payment after the completion of the years specified to the lender.
- For instance, if the borrower and lender decide that the loan is repaid after six years, the borrower can only pay the full amount after six years.
We’re one of the best companies in Lee County and have completed thousands of projects successfully. We can help you to find lenders with lower requirements, quicker funding, and flexible terms and conditions. You have a choice of choosing your lenders having similar objectives or terms and conditions. So, if you plan to start your business and look for quicker processing without any headaches, contact us on our helpline number.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.