Hints for prompt answers from banks regarding interest on a Commercial loan: I have worked in the Commercial Lending industry for multiple years now and primarily with brokers. Often in order to save time, brokers will send over an entire large financial file as an email blast to multiple banks to save time in searching for a home for the loan. Save yourself the time and trouble and learn to fine tune the data down to the basics. This eliminates sending your client's financial files to cyberspace when not needed and also assists you in getting a more prompt answer from the bank, by not sending large files for them to open only to learn the loan is outside their spectrum. Commercial lenders know their industry well, and by viewing a small set of parameters can often tell you quickly if they can service the loan. The following list of data written in list format on an email will get you often the most prompt answer:
Property Type
NOTE: In this economic market, many banks like to see 2 yrs tax returns & Personal Financial statement showing all cash, assets & debt (net worth) and an idea of FICO range as well, but best to submit the above and let them evaluate the property first. If you prefer to use a pre-designed form, I have designed a Rate Request Form that gathers all of the above into a simple form to complete, often brokers will use to collect data for multiple banks. For
more information please feel free to contact me. |
