Have you been turned down for a commercial loan? If that’s the case, you’re not alone. It’s not rare to be denied a commercial loan. So, if you find yourself in this circumstance, here’s what you can do:
The first step is to figure out why you were denied. Commercial lenders aren’t required to explain why borrowers are turned down, so ask if they can. If a commercial lender says they won’t give you an explanation, double-check your documents to ensure everything is proper. If your paperwork appears to be in order, it’s possible that you were turned down due to your credit score. Examine your credit score to check if it is satisfactory. If your credit score is below what is considered acceptable, this may be the reason your loan was denied.
Don’t be concerned if your credit score was the cause for your denial. Monroe Funding Corp is committed to assisting clients with all credit scores in obtaining the necessary approval. Credit scores are not used to determine loan approval. Rather, we assess the value of your commercial property. Additionally, loan approvals and commitments can be given in minutes rather than days, weeks, or even months as opposed to traditional lenders. Commercial real estate loans with Monroe Funding Corp take fewer than seven days to get from initial approval to close (in some cases).
Monroe Funding Corp has a wealth of experience and knowledge to help you reach your investing goals. To learn more about Florida Commercial Real Estate Loans, contact us online or by phone at +1 (954) 419-3539.