• Ralph Russell

4 keys for getting your commercial real estate loan approved!

1) Have a well prepared, financial package ready for review. The package should include, 3 years of business and personal income tax returns, a personal financial statement reflecting your assets and liabilities dated within the past 30 days, a 2019 interim profit and loss and balance sheet, a rent roll when applicable, and a debt schedule showing all of your monthly obligations.

2) A conservative idea on what your property is worth.

3) For bank or credit union or top tier lender approval, credit should be 680 to 700 or above. For mid tier rates, 6%-8%, credit of 640 to 650 and for bridge or hard money rates, 600 will work often.

4) Sufficient cash flow from the property to cover the monthly payment with 20-25% to spare.

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