Finding a Loan: The “Lone” Lender
By Karen Moose
Finding a loan these days may seem like trying to find something out in the Wild West.
This is where the determined borrowers need to get resourceful. What they might not know is where to find unconventional loans.
I have recently stumbled upon an option that I did not know existed for the real estate investor. Small Business Association loans are a viable option and are getting more recognition. Finding an expert to help you navigate these options is the key to finding a loan. I have found a credible source for such loans. It provides the following loans for commercial real estate projects:
SBA 7(a), 504 and USDA financing offers:
- Commercial real estate loans for owner-occupied and investment properties.
- Up to 30-year amortizations, terms dependent on use of proceeds.
- Long-term fixed and variable rate options available.
Eligible Use of Proceeds
- Commercial Real Estate Purchase
- Commercial Real Estate Construction
- Special Purpose Properties
- Equipment Purchase
- Equipment Refinance
- Partner/Stockholder Buy Out
- Franchise
- Inventory
- Working Capital
- Intangible Assets/Soft Costs
- Start-ups and projection-based businesses
After making an initial eligibility determination, a more complete loan package will be requested via a letter of interest and loan checklist, typically within 48 hours of receipt of your inquiry. Upon receipt of all checklist items, the underwriting and approval process is usually completed within seven to 10 working days. If loan approval is obtained, the lender will issue a conditional commitment letter, which may be subject to receipt and satisfactory review of the appraisal and environmental reports.
If you would like more information about finding a loan through the lending resource mentioned in this blog, or about real estate auctions, please feel free to contact me at Karen@realestateauctions.com.
