California Commerical Real Estate

Commercial Loan Tips

Below, you find a few tips when it comes time to finance your Southern California Commercial Property.

Look for hidden costs - Low interest loans seem too good to be true. Often times, they are. Make sure to check for any hidden costs & extra fees before you apply.
Be prepared - Hard money loans are very appealing because they are quicker and often easier to secure. However, interest rates tend to be much higher than loans that you would receive from banking institutions.
Be aware of any restrictions - Mortgage lenders might impose certain restrictions on the use of your commercial property. Be sure to inquire what the restrictions might be and don't hesitate to go elsewhere if they inhibit you from your desired use of the property.
Sale and leaseback - If you currently own property but no longer want the responsibilities of a property owner, you can enter a "sale and leaseback" agreement with another party. The new buyer will take on your mortgage and you can then lease the property.
Credit score - Keep your business credit lines clean. Bad credit will significantly hurt your chances of getting a commercial loan, or will dictate higher interest rates if you do get approved.
Don't give up! - If your loan application gets rejected, you will typically receive reasons why. Take that information and remedy the problem, then try to reapply (with the same lender or a different one).

Your Commercial Real Estate Broker

If you have any questions regarding Southern California commerical real estate, please contact Joseph Dodge today. As your Southern California commerical real estate broker, you can be assured that we will always look out for your best interests. Please call or email today, and we'll be happy to assist you throughout your real estate transaction.