Are you aware that applying for a commercial loan is different from residential but don’t know the difference? Are you considering buying a multi with more than 4 units but don’t know how to get funding? Do you know that how you present your deal has more to do with your approval than you think?
Commercial lenders look at the deal metrics in much greater detail than do residential lenders on 1-4 family properties. They talk about cap rates, DSCRs and other measures that residential lenders don’t consider. They want to know your experience level and your cash reserves, and will expect a pro forma. Presenting your deal in the best possible terms and highlighting the metrics and your plan for the management are all part of the process with commercial lending.
Different asset types require funding from alternative sources – and you might not even know how to find them. Peel back the layers of commercial lending to discover untapped resources right in your backyard. But only if you know where to look.
Stephen Smeke is a commercial mortgage broker with GoldCoast Commercial Mortgage , and he will cover the ways you can best present your deal, and the sources to pursue.
You will hear
- The key points important in commercial lending
- How best to present the information and why your presentation and organization is key
- How to identify the right capital source for your particular deal
- Running an effective process to get the best possible outcome
- Your portfolio and your financials – what they want to know
- Different types of commercial loans and sources and some general requirements for each
- You will leave armed with a the knowledge to negotiate the best terms and a loan package checklist for your reference