Chapter 8
Conventional Financing Options
In This Chapter
Seeing what the commercial lending process looks like
Understanding how commercial lending and residential lending differ
Examining what criteria lenders use to evaluate property
Gaining your lender’s approval
Selecting a loan that fits your situation
Okay, so here’s a riddle for you: Out of all the tasks when buying commercial property, which takes the longest? And what requires you to file enough paper documents to kill a forest full of trees? Give up? Here’s the answer: getting a loan for your deal!
Well, it isn’t really that bad, but sometimes it can sure feel like it. Getting your property financed involves jumping through quite a few hoops. For example, you have to figure out how much income the property brings in, what the quality is of the people or companies that make up the income, how well the property supports the mortgage, what condition the property is in, whether the property appraises for the price that you’re ...
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