Standard commercial loans can be used to buy equipment, fund marketing efforts or solve cash flow problems. If, on the other hand, you’re looking for ways to fund the purchase or leasing of commercial property, a normal business loan may be insufficient. In these instances, Florida commercial real estate loans are advantageous.
To select the best commercial real estate loan for your purposes, you should determine how much money you require, when you require it, how you intend to allocate it, as well as how you intend to repay the loan. Additionally, you should review the lender’s standards and assess the type of commercial loan that best suits you or your business’s needs.
Consider the following factors when selecting a commercial real estate loan:
- Loan application procedure: Determine the length of the application process and the information required.
- Interest Rates: Interest rates vary significantly amongst lenders. Discover rates that are right for you.
- Qualifications: Research the lenders’ qualification criteria to ensure you understand what you must provide to qualify.
- Collateral: Collateral is the asset that serves as the security for your loan.
- Funding time: The amount of time required for funds to be put in your account.
- Additional documentation: Certain lenders may want additional documentation, such as your tax records.
The complete process of applying for a commercial real estate loan can take as short as 24 hours (for online lenders) or as long as three months (for traditional lenders). The time it takes to finish the loan process varies due to the fact that each lender has their own set of rules and procedures to follow.
To learn more about how Monroe Funding Corp can help you secure the appropriate commercial real estate loan, please visit us online.