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Common Commercial Loans
here are many different Commercial Mortgages are investor
types of commercial loans, loans that offer many options for
which can usually be the owners, or purchasers, of
tailored to meet specific needs. larger commercial properties such
Here is a list of some of the as offices, industrial, retail,
popular loan programs we offer to warehouse, manufacturing, R&D,
our clients. apartments and hotels.
Owner Occupied Commercial Loans Multi-Family, Apartment and
are available for a business Student Housing Loans are
owner to acquire an office, available for those wanting to
warehouse, medical/dental, acquire housing apartments of 5
retail, or mixed use building for units and more, large apartment
their business needs. complexes or student specific
housing.
Commercial Bridge Loans are a
specially designed form of Hospitality & Hotel Loans are
interim financing that is available for those wanting to
primarily used when a borrower is acquire an existing profitable
planning to sell a property operating hotel. Loans are also
quickly or refinance within the available for new hotel
near future. construction, providing that it
is in a desirable location with a
Commercial Real Estate Loans are well-known flag.
designed for the small commercial
building investor. Properties Condo Conversion Loans are a
include multi-tenant office, popular ways to invest in real
retail, warehouse, and industrial estate. Transforming rental
buildings. properties into condos allows
buyers to generate considerable
cash-on-cash returns relatively the application process.
quickly, which also allows prior
apartment owners to cash out at Stated Income Loans
the top of the market.
Stated Income Loans do not
Small Business Loan are require verification like
guaranteed by the Small Business traditional full documentation
Administration, and must be given loans do. In this type of loan
approval. They are for the the individual self-reports their
benefit of those wanting to income. However, during the
purchase professional facilities, underwriting process a mortgage
or to expand the facilities which lender is likely to consider what
they already have. is a reasonable income would be
in relation to employment type.
General Investment property loans For example, if an individual is
come in all types and terms, a public school teacher, but
depending on the property being lists an income far beyond what a
financed. We invite you to public schoolteacher is typically
contact us in order to discuss compensated, the underwriter may
your available options in greater reject the application. In other
detail. words, a stated income should
fall within a somewhat standard
Stated Income Loan Vs. Full range for the type of work or
Documentation Loan company providing the income. A
stated income loan may be the
The main difference between a best option for self-employed and
stated income and a full wage earner borrowers who, for
documentation mortgage is simply one reason or another, are not
how your gross monthly income is able to provide standard
determined and/or verified during verification.
income verification and are
Essentially with this type of available for both the
loan, the lender agrees to take self-employed and traditional
your word for it. Since this wage earner borrower. Here is a
approach may carry higher risks list of documents and forms
for the lender, it is reasonable commonly used in the mortgage
to assume that your interest rate industry to verify income, asset
may be higher. Keep in mind that and liability.
all income, assets and
liabilities still need to be Standard Proof of Earnings:
disclosed, even though they do
not require verification. W-2 form
Recent pay stub(s)
Pros: Tax returns for the past two
May be faster years
Provides a solution for those who
cannot verify income Self-Employed Proof of Earnings:
Less paperwork
Profit and loss statements
Cons: Tax returns for current year and
Possibly a higher interest rate previous two years
May be more difficult to get
approval Examples of Additional Income:
(examples)
Full Documentation Loan
Social Security
This type of loan is often Overtime Bonus
referred to in the industry by Commission
the shortened name of “full doc”. Interest Income
Full documentation loans require Veteran's Benefits
Alimony or Child Support creditor information.
-Evidence of mortgage and/or
Asset Verification: rental payments
-Copies of alimony or child
Address of your Bank Branch support
Bank Account Numbers
Checking and savings account Information regarding Desired
statements for the previous 2-3 Purchase
months -Copy of the Ratified Purchase
Savings Bonds, Stocks or Contract
Investments and their approximate -Proof you are committed to the
market values purchase
Copies of titles to any motor -Canceled deposit
vehicles that are paid in full
Pros:
Debt Information: Typically offers a lower interest
rate
Credit Card Bills for the past May be easier for qualified
few billing periods applicants to obtain
Other Consumer Debt
-Car Loans Cons:
-Furniture Loans May take longer
-Student Loans More paperwork
-Other Personal and Cosigned
Installment Loans including
About the Author:
SNC Commercial Loans has been in the commercial loan industry for years. They are a direct lender that accepts 1003 applications. Learn more about commercial loans here.
Read more articles by: Eric Morgan
Article Source: www.iSnare.com |
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