How to improve your chances of getting your loan request funded in todays difficult market?
1. Summarize your loan request. Document your request in a complete, concise summary (no more than 1-2 pages). Whether it is a refinance or purchase make sure the lender can quickly, within minutes, review and understand your request. A loan summary that is easy to understand and follow will make your deal go to the top of a lender's list. (see link on how to better prepare an executive loan summary)
2. Provide the necessary documentation at the right time. Have your financial statements, borrowing entity information, and property information including operating history and photos readily available to present to the lender. However, you don't want to provide this information until after the lender has reviewed your loan summary and is interested in pursuing the loan. The key is don't overwhelm the lender with documentation on the initial request.
3. Know your lenders. Relationships are key to getting deals done. You have to know what lenders are active in your specific market and what product types the lenders are looking for. It's a different world from just a few years ago, the lenders that you used to be making loans are not and new lenders have sprung up and unless you have the contacts and relationships the right lender is sometimes difficult to find.
This is where Cornerstone Commercial Mortgage help you get your loan funded. We have the lender contacts and know how to prepare the best loan package to get the lenders attention. We will provide the necessary information to the lender in a timely manner. We have the most important part of the equation, the lender relationship which can mean getting the loan or not.
Whether it is an acquisition, a purchase and rehab of an income property, or a straight refinance, Cornerstone Commercial Mortgage is here to assist you with your personal economic strategy.
Remember, Cornerstone Commercial Mortgage is a full service mortgage brokerage firm with access to numerous lenders arranging loans nationwide, as well as having a direct lender relationship doing direct loans in the San Diego area, so call us today to see how we can help you.
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