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Quickly Find Ideal Program For Commercial Lending In Atlanta

By Author: John Bairstow
Total Articles: 4

If you're new to commercial lending in Atlanta and looking for a lender that meets your needs, simply follow the advice here and save some serious time.

Here are three steps to help you quickly find the ideal lender and program for your situation.

Step 1: Getting a firm handle on your situation can be a big help when trying to identify the ideal lender type.

You obviously know why you need a commercial mortgage in Atlanta, but being able to clearly communicate your need to prospective lenders can help them introduce the programs and options that make the most sense.

Different lenders will have different credit requirements, so your credit history will play a large role in the type of lender you can work with and the type of loan you will eventually secure.

Being an expert on your property's history can be a big help when communicating with lenders.

Step 2: Match your needs to the right lender type Do this step with care and you will quickly land in the right lender's ballpark, where you'll find programs that will match your objectives.

Bank loans are available for the purchase or refinance of commercial real estate, to obtain operating capital and funds for business expansion, and to provide financing of the purchase of inventory and equipment.

SBA loans include lower down payments and longer repayment terms than conventional bank loans, enabling small businesses to keep their cash flow for operational expenses and spend less on debt repayment. Eligible property types include conventional, rent-restricted, cooperatives, seniors, student housing, and manufactured housing communities.

Eligible properties include conventional multifamily housing with five residential units or more, including conventional housing with tax abatements and Section 8 vouchers. Non-bank lenders are financial institutions that extend credit or loans to consumers and businesses who do not qualify for financing from traditional lenders like banks.

These lenders include marketplace lenders, and hard money lenders. Loan amounts range from a low of a few hundred dollars to $100 million depending on the lender and their source of capital. Learn to identify the lender types and you'll be on your way to landing on a solution that works for you.

Step 3: Match your needs to the right program type look beyond interest rates Now that you've found the right lender, you will want to drill down to specific programs that will work for your situation. Well, you'll use that same background about investment strategy, motivation for financing, credit story, and property story in this step to find a lender and program. If you select a lender based purely on their low rate, you could be doing yourself a big disservice especially since the lowest rates are often offset by upfront points or covenants that could harm your bottom line.

Think of your original purpose for the loan: Do you want to keep the property for a long time, or do you intend to turn the property for a quick profit? Invest your time in Step 1 to learn your real needs, get to know a stable of lenders and their programs, and you will sail through the process. Commercial Direct is a non-bank lender offering competitive pricing and flexible terms on loans from $250,000 to $2 million.

Our team has closed and funded more than 20,000 small commercial loans, and we specialize in working with business owners and investors to help them get the funding they need fast and hassle-free. If you're ready to partner with a direct lender to fund your commercial mortgage Atlanta, apply online today and tell us your story.

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