Ever walked into a bank requesting a commercial business loan? Wouldn’t it have been nice to know ahead of time what your options were and how to qualify?

In fact, being on the same page with the lender only helps the loan process to go more smoothly. When you go about getting commercial loans the right way, you can get exactly what you want and need.

Let’s consider first things first. It’s important to know what constitutes a commercial business loan. Even though bankers have their own definition, the answer ultimately depends on you. For example, ask yourself, “Do I need…

– A loan to buy, refinance or renovate commercial property?

– A loan secured by other assets such as inventory, receivables, or equipment?

– An unsecured business loan?

– A cash advance (which is actually not a loan at all)?

– Or something altogether different?”

An experienced commercial loan specialist is skilled at assessing the best loan product available to meet your needs.

Let’s imagine that you need a loan to purchase, refinance, or renovate a commercial property. (By the way, examples of commercial property might be multi-family dwellings, retail storefronts, office buildings, warehouses and the like.)

Would you be curious about the easiest and most cost effective way to finance the deal? You might want to know credit score requirements and the amount of down payment you’ll need to qualify.

Just like with any other loan, you’d likely expect a loan process that begins with an application and ends with a closing. Would you be concerned about how to excel through each phase of the process? Here are some questions you might ask:

Your Questions…

1.) Where can I go to get my question answered?

2.) Where should I look for commercial business loans?

3.) Can I find someone who is willing to hold my hand throughout this complicated business loan process?

Real Answers…

1.) Where can I go to get my question answered?

Most would choose to go first to their local bank that carries their deposits. Others might look to their financial planner or accountant for guidance.

However, these sources are often limited in their ability to secure financing sources that match your specific situation.

For example, the local bank may expect you to have perfect credit along with a significant amount of deposits. They may not offer commercial loans without personal guarantees or without pre-payment penalties.

2.) Where should I look for commercial business loans?

Conversely, an established loan specialist will have access to a large number of banks and non-bank lenders who are more flexible and are willing to compete for your business.

You can expect your loan officer to be able to point you in the right direction on where is the best place to apply based on your specific circumstance.

3.) Finally, can I find someone who will be willing to hold my hand throughout this complicated business loan process?

Yes, Indeed! Talk to your commercial business loan specialist. He or she will know which lenders…

  • Do NOT require perfect credit scores
  • Require less documentation
  • Close fast
  • And more

In fact, they’ll likely encourage you to get all your documentation together before ever approaching a lender. That way you’ll be in a position to know up front if you qualify. In essence, you’ll greatly decrease the stress of worrying about being turned down.

A considerate loan officer will take the time to answer your questions and communicate with you throughout every phase of the loan process. Work with a good one and you’ll be prepared, confident, and most likely, approved.