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Subject:
Commercial Bank Loan
Category: Business and Money > Finance Asked by: roofian-ga List Price: $5.00 |
Posted:
04 Oct 2006 12:06 PDT
Expires: 03 Nov 2006 11:06 PST Question ID: 770788 |
I am looking for a good place to obtain a commercial bank loan. I have a property I would like to refinance however, I know there is a lot of paperwork involved with a new loan. I don't have much time to prepare this paperwork. Does anyone know of anyone who will prepare the paperwork for you (for a fee) or...a good bank/internet bank that is easy to work with and has minimal paperwork? |
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There is no answer at this time. |
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Subject:
Re: Commercial Bank Loan
From: myoarin-ga on 04 Oct 2006 13:33 PDT |
When property needs to be refinanced, it is best to stick with banks that know the area. Banks and other lenders further removed will take longer to acquaint themselves with the terrain, and they may be additionally cautious because they assume that local banks have refused to lend. The paperwork is going to be about the same for any lender. Also, it may be just about as much work to provide a another party with the information for the paperwork as it would be to do it yourself, plus the effort of checking that it is correct. |
Subject:
Re: Commercial Bank Loan
From: pinkfreud-ga on 04 Oct 2006 13:40 PDT |
If you have an accountant who regularly handles your taxes and such, you might ask him or her to help you with the loan paperwork (for a fee, of course). |
Subject:
Re: Commercial Bank Loan
From: doug67846-ga on 09 Oct 2006 22:14 PDT |
I am a commercial lender. Your question leaves out too much detail to give you a specific answer. To even consider underwritinge your request, the banker needs to know the amount you need to borrow, what the funds will be used for, the type and value of the collateral (raw land, rental property, or what?), how you plan to repay the loan, and what other resources/assets or income you have available. Generally, your local hometown banker can give you a pretty good idea of what he/she can do for you if you can at least put together a basic balance sheet showing your assets and liabilities. Most banks will provide a financial statement form if you drop in and ask for one. The paperwork can be minimal but you need to call your bank and request an appointment with a commercial lender. Usually, you'll do better with an independent community bank than with one of the regional or national banks. If you can't complete a financial statement form, you probably won't qualify for a loan. There are loan brokers and grant funded organizations that can help you with a business plan if your use of the funds is for a buxiness, but you'll just be wasting your time (and money) if you aren't willing to at least complete a personal financial statement and talk with your local banker. Good luck. |
Subject:
Re: Commercial Bank Loan
From: roofian-ga on 11 Oct 2006 19:19 PDT |
Thank you for all the helpful advice! google answers is the place to go! |
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