Commercial Real Estate Loan Tip #2
October 5, 2007
In my list of commercial real estate loan tips, here’s commercial real estate loan tip #2 … Allow adequate time for the application, approval, and underwriting of a commercial loan. While we have managed to secure and close a commercial loan in a week, we don’t recommend it. How long? We prefer 2 months, but the larger and more complex loans may take longer.
There are a number of hard money lenders that can close a loan quickly, but if you qualify for a conventional loan please give your broker adequate time to help you. If you try to close your commercial loan too fast, the terms may look a little onerous. So next time you realize your commercial loan has an impending balloon amount, give us a call right away and allow us enough time to find the best commercial loan for your situation.
