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Q: Commercial Bank Loan ( No Answer,   4 Comments )
Question  
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?
Answer  
There is no answer at this time.

Comments  
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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