Getting into commercial real estate can be a tricky endeavor. Without any help, you better have a high credit score and a lot of money available to you. Lenders have tightened up since the financial meltdown in 2008. Gone are the days of walking into a bank with a credit score under 600 and getting a loan for a rental property with zero down. If you are trying to get a commercial mortgage
yourself, you'd better have a credit score of at least 720 and a minimum of a 20 percent down payment. Even with those numbers, you may not get favorable terms if you don't know what to look for. Most lenders these days are only looking to give loans to people who they think offer the perfect scenario. What if a lender feels that you situation isn't ideal? Are you out of luck?
Visiting www.commercialmortgageconnection.com …
or any other site that specializes in pairing up lenders with those who are looking to take out a commercial real estate loan is the best way to go about getting a loan these days. You'll notice the 'Welcome to Commercial Mortgage Connection' slogan on the website. Other companies in the business have similar slogans about connections. A lot of things in this world come down to connections. That's because it really is who you know.
When you work with a company who has made it their mission to pair up lenders with clients, you get the benefit of their connections. Companies that deal with commercial lenders make sure they deal with lenders who understand that not every situation is the same. There are great ideas that might not initially appear to be ideal scenarios. Once these ideas are looked at in the proper context, it makes more sense to fund them. This is one thing that people applying for loans fail to understand. Although numbers play a part in getting a loan, a loan can be pushed through if the idea is sound enough. But how does one communicate the idea if the lender isn't willing to listen?
By using a business that deals with commercial lenders, you'll only have to deal with lenders who have open minds. There are plenty of private developers who are looking to invest in interesting ideas involving commercial real estate. Do you know any of these investors? If not, you definitely need help locating them. Even if you qualify for a typical bank loan, it behooves you to examine your options. If you find better terms through a company that works with commercial lenders, you can use those terms as leverage with the bank.