You must be approved for a commercial mortgage if you don’t have the financial resources to buy a commercial property outright. Purchasing commercial property is considered more of an investment than a necessity. To get a new commercial mortgage or refinance an existing one, you must find a lender specializing in commercial loans.
Find a Lender Who Will Work with You
You will need to find a lender offering commercial mortgages for the type of property you want. The right lender will work with you throughout the application and approval process. All commercial lenders aren’t the same. You must research and find a lender that works with first-time buyers. A suitable lender will offer guidance when purchasing certain types of properties. They can walk you through all of the required documents you may need and how to manage the property after purchase.
Complete the Loan Application
The first step in obtaining a commercial mortgage is to complete the loan application. The information you provide must be as accurate and concise as possible. You must provide all required documentation to support the financial information you included in the application. This may include bank statements, tax returns, or pay stubs.
Obtain and Sign a Letter of Intent from Your Lender
To purchase a commercial property you must obtain or sign a letter of intent from your lender that states they will provide the funding required to complete the sale. Once you are approved for a specific amount of funding and have the letter in hand, you will be able to negotiate the sale of the property and place your bid. A letter of intent from your lender will speed up the process and give you an advantage over other potential buyers who may still need to secure financing.
Wait for Underwriter Approval
Once approved for your loan and your bid has been accepted, the underwriters will begin the final approval process. Their job is to ensure no existing liens on the property and that its appraised value meets the lenders requirements for the amount of money you borrow. Once the underwriters approve the purchase, you can schedule the closing date.
Attend the Closing
The final step in the commercial mortgage process is to attend the closing and sign the final contract. When the contract has been signed, your lender will provide the funding needed to finalize the deal.
Expert Commercial Mortgage Assistance at Fidelity Mortgage Lenders
Looking to purchase a commercial property without the stress? Look no further than Fidelity Mortgage Lenders! Our team of seasoned professionals is here to assist you with all your commercial mortgage inquiries. With our extensive years of experience, you can trust us to guide you through the process seamlessly. No matter the type of commercial property you’re considering, we’ve got you covered! Contact us today or call us today at (800) 752-9533 to experience our expert support first-hand.