Getting a California Commercial Loan is something I honestly believe you can, yes I said can, jump right into once you do a little bit of preliminary research first. There are some universal factors you must understand before you embark on an endeavor like this, so avoid any potential pitfalls that could arise in the future.
First of all, Commercial Lending typically starts at $500,000 to $10,000,000 and up, depending on what is applied for. Banks tend to be very well regulated when it comes to approving loans. Properties included are usually Apartment Complexes, Rent to Own Condominiums, Warehouses, Strip Malls and Office Buildings and Loans for Construction Projects, such as a Tract Home Development.
Whether you’re looking for Tarzana California Commercial Loans or the Coldwell Bank Commercial Loans Division in California a Specified Rate or Rates in California there is a program that will fit your needs.
Lets look at some factors Banks will look at before they release a California Commercial Loan to someone. California is a bit more strict than the other states
1.) When choosing a lender, you might have to go through a few to find what you are looking for. Some seasoned lenders will be able to point you in the proper direction no matter what way you go. Beware, some will only specialize in a certain type of property structure such as an Office Building or Strip Mall, and have to refer you to another lender that would actually close your deal.
2.) For larger loans, your Credit is looked at closely not only for it’s financial attributes, but for credibility reasons as well.
3.) How is your organization doing. Is it on the verge of economic turmoil, and your hoping for that big loan to make your big relocate again? Or do you own an already booming business? Or is it just pulling in a steady, measurable residual income? The banks match all these factors.
4.) If you are attempting to get a California Commercial Loan, your unparalleled bet would be to find a Nationwide Lender or a Lender in the State of California. If you’re attempting to find a lender from another State to close a loan for you in Cali, you may find yourself fighting an uphill battle.
Listen to these suggestions when trying to find a Lender in California:
1.) Setup a Dialogue with the Agent or Broker and ask all your questions up front. The more you know the less chance you have to become unsystematic or information overloaded later. A good Broker will take the time to explain everything to your satisfaction before you move forward.
2.) Don’t just settle for what you can get. Always try to negotiate offer points. A California Commercial Loan Officer will get paid real well for any deal he finalizes, so a good one will try to negotiate offer points for you to get you the unparalleled deal possible. Of course this depends on capital Up-Front, your Credit Score, Work History, Location, etc..
The bank takes all these factors and has software with complex algorithms built in to calculate a score for you. Everyone varies on how fast loan approvals work but we typically can get any client an answer of Yes or No within 4 hours, and in all cases 1-2 working days.
Finally I cannot emphasize strongly enough to not let the factors above discourage you from attempting. These types of Real Estate deals close every single day, so why not get your fair share of the action. When there is a will there is a way to get your California Commercial Loan. And once you own just one commercial property you are on the way to long term wealth.
Let Brian Garvin & Jeff West teach you More about Commercial Real Estate Loans and read our Free Real Estate Articles today. You can always call us for Free Real Estate Advice as we have a lot of resources to help you find what you need, with no obligation.
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