Down payment is determined by several factors. Credit score, debt to income ratios (your income and expenses) available liquid assets, property type and revenue potential of the property.

Closing costs are the actual fees involved in obtaining commercial real estate loan. Examples include, credit report, application fee, processing fee, appraisal, underwriting fees, survey and title company fees. Usually, you may be asked to pay a credit report/application fees before loan approval and all other fees after loan is approved or prio to closing. Pre-Paid fees are the fees that make up YOUR escrow account. For instance, your insurance and taxes. Pre-paid expenses may also include interest on your new loan from the day of closing till your first payment is due.

Yes, in many instances. Lenders want to make sure that you are financially capable of paying for both taxes and insurance whenever they due.

Generally, the application start with information about you, your credit scores and finances, your business information and finances if you aready have one. Your credit report will then be pulled after you signed what is called a boorower authorization with two copies of your identities documents, there after you will be ask to supply all necessary documents, such as personal financial statement and business financial statement if you already have an existing business, two years tax returns for both you and your business.

Unless it is an extraordinary circumstance, on a complete application, generally we will approve a loan immediately after preliminary credit application review by our underwriting department.

We have investors that work with people who have had credit problems. There are also specialists right here in our office who deal only with credit challenges. If the worst happens, and you cannot obtain a loan right away, we will go over your credit, work history, or whatever the problem is, and counsel you on what it will take to get the loan done.