Speed of Commercial Mortgage Financing
“Starting Early Is The Key To Commercial Mortgage Financing”
It’s a good idea not to use the word “speed” and the phrase “commercial mortgage financing” in the same sentence as they’re contradictory at best.
Commercial mortgage lenders are still taking their time these days assessing, approving, and funding commercial property financing deals.
As the economy continues to move forward on the road to a full recovery, the financial markets maintain a slow and cautious pace with respect to most things business financing related.
For business owners, entrepreneurs, or property owners looking forward into 2011, the key message here is to start the process for seeking a commercial property mortgage as early as possible and allow yourself as much time as possible to complete a financing transaction.
Faster money is going to be more expensive money for the most part, so if you believe you qualify for the lower cost commercial mortgage programs out there, then its going to be important to allow lots of time to secure them. This cautious market approach has been in effect now for almost two years and there isn’t much sign of it changing any time soon. Buyers and sellers have been slow to incorporate these changes into their thinking and planning. As a result deals falling apart when financing can’t be arranged in the time lines being allowed by buyers, sellers, and property owners looking to refinance.
Other than starting sooner, the next best action you can take to speed things up is to make sure all your pertinent financial information is up to date. If repayment of the mortgage will depend on an existing business, make sure that the last year end financials have been completed and that the current interim financial statements are up to date. These items are going to be required and can hold the commercial mortgage financing process up if they are not up to date or complete.
Another way to gain speed is to work with an experienced commercial mortgage broker who can help you hunt for money with a rifle instead of a shot gun and help cut back on the time wasted talking to commercial mortgage lenders that either can’t help you, or will have a very low probability of financing your deal in the time you have to work with.
If you need to secure a commercial mortgage for property acquisition, construction, or refinancing, I suggest that you give me a call so we can go through your requirements together and go through commercial mortgage financing strategies that can meet your requirements.
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About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel