Should You Rely on Your Local Bank for Real Estate Commercial Loans?

If you own or manage a real estate company, you sometimes find yourself at the mercy of your local bank when you need a loan. The problem with local banks is that they may not have much experience with real estate companies, and that’s supposing that they are willing to provide you with the funds you need for your business. But with the assistance of a loan consultant such as 1st Commercial Lending, you may be able to get the funding you need – fast.

Here are some of the advantages of dealing with an institution such as 1st Commercial Lending:

  • You get access to more lenders. Shopping for lenders is a necessary step if you want to get the best terms for your loan. The problem is that it is so tedious to do, and so often you’re limited to your local banks.

But reputable firms such as 1st Commercial Lending may represent more than 300 commercial lenders which can offer loans to firms all over the country.

  • Dealing with an industry specialist is much more convenient. A specialist in commercial real estate loans already understands the intricacies of real estate deals and the needs of real estate companies. So whether you need a loan for commercial real estate, business acquisition, expansion, a startup, to boost your working capital, to fund your equipment purchase, or to consolidate your debt, you’ll be guided every step of the way.
  • You can get different types of loans for different types of commercial property. These properties may be apartments, hotels, motels, office buildings, retail buildings, warehouses, industrial buildings, or self-storage structures. The loans can come from banks or private lenders or they can be backed by the SBA. Loan amounts can range from half a million dollars to $20 million.
  • The application process is very quick and easy. You just need to fill out a short application form indicating the type of property, the purpose of the loan, the amount of the loan, the estimated property value, and where the property is located. Then you furnish your data including your contact info.

In 24 hours a specialist will discuss your options with you and you choose which option is the best for your specific situation.

Typically, a commercial real estate loan can be closed in 45 or 60 days. But there is a Fast Track option that accelerates the process so it only takes 30 days.

  • You don’t even need to use up all of your savings. The SBA loan programs can cover up to 90% financing. In some cases, they even offer a working capital loan to help out on the transition.

They can also help you buy an existing business or start a new one.

So should you rely on your local bank for real estate commercial loans? The short and simple answer is no. You’re better off relying on a loan consultant such as 1st Commercial Lending instead. At the very least, you get more financing options so you can choose the best terms for your loan.