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Prior to seeking commercial real estate financing, it is important to be prepared. Furthermore, you can ask for professional help in writing your business plan so that you can ensure that you write a good report. Since the lender is not familiar with you; then you have to persuade him that you are trustworthy and that you really need the loan.
Your credit rating is the fundamental aspect that the lender will examine before he even thinks of offering you a loan. The lower your credit ratings, the lower the chances of you getting a loan. There are many ways that you can apply to correct your credit ratings so that you can increase the chances of obtaining a loan.
Furthermore, the amount of money that you earn as well as the level of your expenditure will determine whether you will get the loan or not. Similarly, it is best that you include all your sources of income in your business plan. If you want to buy an additional property that you intend to rent, then the lender ought to determine whether the anticipated rental income will be enough to pay back your loan.
Moreover, you can talk to a friend or a family member that has gone through this process before, so that you can be prepared with all the documents that are needed. That means that you are required to be ready with all papers that are needed so that you do not waste time looking for them while your lender is looking for them. If you are able to persuade fully the lender that you deserve the loan, and you have all the necessary documents then you will have the loan in no time.
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Moreover, another consideration that your lender will concentrate on includes all the elements that can hinder you from paying the loan. Moreover, he will examine all loopholes that are likely to exists so that he can be sure that he is making the right decision. Hence, you will not obtain the loan on the same day that you request for it, and instead you will probably wait for a few days.
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When the lender completes his assessment then he will inform you of his decision using a commitment letter. Ensure that you deal with a lender that make everything official so that you can be sure that he is legitimate. Make sure that you personally receive the commitment letter that is signed by the lender. Additionally, you can ask your legal representatives to reread the commitment letter and ensure that nothing is legally binding you to something that you had not agreed on. In case there is any section that you do not understand, make sure that you ask for clarification immediately. Any changes that need to be undertaken should be done as soon as possible, before you forget and sign the contract without making the changes hence the need to involve other professionals such as your lawyers.