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It is important to understand the process behind commercial processing to gain an insight into how a financing institution assesses and decides on whether or not a is granted. While commercial loans provide an attractive source of income in terms of interest, lenders exercise a lot of care in evaluating borrowers to ensure that funds lent out are recovered along with the earnings.
Applying for a Loan
Lenders basically pre-qualify potential borrowers by assessing their background and capacity to pay. The process starts by initial gathering of background and personal information such as purpose for the loan, your income and existing debts. To formalize and commence the process, you must then fill-up and complete a application form.
Requirements to Expect
Take note of the documentary requirements that will go with your application. This may require some consideration and time to gather. A business for example, may require a business profile that gives a general background of your business. In addition, a business plan that clearly describes how your business will be run and how it is projected to perform financially will be required.
Standard requirements for different types will include personal financial statements listing all personal assets, liabilities, as well as your personal tax return for the past three years. Another fundamental requirement is collateral. Collateral for a may include assets such as real estate and stocks or bonds, hard goods such as equipment, and other personal assets and guarantees. This is meant to give the lender some guarantee that you will be committed to seeing your repaid. It also offers assurance that should you fail to meet your obligations, they can recover from your assets the money that they have lent out.
Processing Your Application
A officer will review your application and documentary attachments. Your officer will review your credit reports, collateral documentation, as well as your income information. Some additional documentation may be requested in order to support the information in your application so that all details may be properly assessed and verified.
Loan Underwriting
Once all documentary attachments are deemed satisfactory, your application will then be submitted to a underwriter or a committee. They will review, assess, and eventually decide whether your will be approved.
At this time a processor will present you with a letter of intent or term sheet for signing. This document includes the amount of financing, terms of payment, type of security or collateral, and other key terms. The decision to approve or reject is usually made within five days. Expect some requests for you to provide additional documentation during this underwriting process.
You will be required to sign the letter of intent and along with it, you may be asked to give a check to serve as a deposit, and to pay for some third-party reports used in the underwriting process such as appraisals.
Finally Getting Your Loan
Once all the conditions and requirements are satisfied, the application package is resubmitted to the committee for final approval. Upon approval, you will be required to sign the final documents. If you have a closing agent (an attorney or escrow company representative for example), they will receive the closing documents and coordinate the signing of all necessary papers. They will also coordinate the transfer of funds, record the deed transfer and mortgage, and order title insurance.
With all requirements met and all closing documents in order, your can finally be released! This can be done in several ways - electronic wire transfer to your designated account, or issuance of a cashier's check or draft in your name.
Apply For Commercial Loans using our FREE Commercial Loan Application to compare rates and contact multiple commercial lenders. We have over 300 commercial real estate lenders, business and construction lenders as well as private equity groups waiting to help you. Best of all, GlobalBX is FREE!
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