In this blog series, we are looking at knowledge you need, and how you can acquire it to qualify for the apartment loan you want in this tough economy. In this blog, we are going to focus on how to best communicate and work with the apartment loan source you choose so that you can optimize your outcome in this tough economy.

1. Be completely honest with your apartment loan provider. It’s better to show all your weaknesses as well as strengths. The weaknesses will show up anyway on bank statements, etc. Your honestly can help in winning over the apartment loan provider to give that extra effort that may make the difference in your getting the loan.

2. An important part of the apartment loan process is getting your submission items in to the loan person. These items include your personal financial statement, property description, current rent roll, etc. The key is getting them in at the time you say you are going to get them in. Do not procrastinate. If you tend to procrastinate, you will not be taken as seriously. Be timely and your loan will have a higher priority so that the lender will get it done more quickly.

3. Ask questions freely to discover what you need to know to complete the loan process successfully. Do not hesitate. When something comes to mind that you don’t understand, please ask. It is possibly that you are asking a question that is paramount to getting your loan done. Getting your questions answered is an important part of the process of acquiring apartment loans.

Give us a call at 866-811-9515 to learn how to succeed in getting an apartment loan plus get a rate quote and answer questions you may have. We are your A+ Better Business Bureau rated apartment loan provider.

Also be sure to look at our educational videos on apartment loans by visiting www.apartmentloanstore.com
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

This week we will go into the importance of having the knowledge needed to win in getting an apartment loan. The knowledge you have is pivotal to your success. I come across many people applying for apartment loans from us who know next to nothing about investing in apartment buildings and nothing about the apartment loan process.

Their chances of getting a loan from us is very small. Apartment loan investing and understanding the loan process is a serious business just as running a retail store or a dental office is a serious business. Some people feel they can just buy an apartment building and start making lots of money even though they know next to nothing about the industry.

On the other hand, there are people who are fairly knowledgeable about multifamily investing, and have some knowledge about the apartment loan process – who are still at a handicap. This is because they have not kept up with the times. The industry is continually changing. And quite possibly the biggest change is the tough economic loan climate which makes qualifying for a loan more difficult. Their knowledge about the loan climate is outdated.

Here are two suggestions for helping you get current with the current apartment loan climate.
1. Call a couple of top notch apartment loan companies and ask to set up an appointment to learn about the current loan climate and requirements.
2. Find a couple of successful multifamily investors in your town who have gone through the process recently of acquiring apartment loans. Invite them to lunch and offer to pay for it in exchange for their sharing their wisdom with you. This invitation has you appreciating and acknowledging them for their wisdom. This is likely to get their attention and could quite possibly result in their getting together with you.

Give us a call at 866-811-9515 to learn how to succeed in getting an apartment loan plus get a rate quote and answer questions you may have. We are your A+ Better Business Bureau apartment loan provider.

Also be sure to look at our educational videos on apartment loans by visiting www.apartmentloanstore.com
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

But, there is hope to this story. If you know the loan requirements for this recessionary period, form a strategy to implement them, and implement them, you can achieve your apartment loan dream.

The biggest problem that we have in qualifying people is that they do not have enough liquidity and enough net worth to qualify for the loan. The amount of money needed can be substantial, depending quite a bit on the value of the property as well as the loan to value. A second problem is the borrower having too low of a credit score. Generally, the credit scores from the 3 bureaus need to average at least 680.

A third problem is that the borrower lacks experience in owning apartment loans. This experience is defined as current ownership of one or more multifamily properties, each being a minimum of 5 units. It is important to note that some loan programs will allow you to acquire apartment loans when you do not have any multifamily experience.

There are two basic different strategies that can help you acquire an apartment loan if you currently do not meet the qualifications.
1. Strategize and implement a plan that allows you to get the wealth needed to acquire an apartment loan.
2. Get a partner who has the finances and the experience. You will still need some money to put into the investment. However, the partner could have the majority investment.

Next week we will go into more detail on How to Get a Recession Proof Strategy for Acquiring Your Apartment Loans.

Give us a call at 866-811-9515 to get a rate quote plus answer questions you may have. We are your A+ Better Business Bureau apartment loan provider.

Also be sure to look at our educational videos on apartment loans by visiting www.apartmentloanstore.com
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

And importantly, knowledge is also strongly connected to leadership. Those who have the most knowledge, especially applied knowledge, at times even find themselves elevated to leadership roles without even consciously asking for it.

For example, when a group of friends get together in a car and pick out a restaurant to eat at, the person with the knowledge of the most direct route to get there will tend to find himself in the leadership role of leading the way.

The apartment loan providers, who give you pertinent and on-going knowledge in how to complete the apartment loan process successfully, are certainly leaders in the arena. Without the correct knowledge, you will be less likely to make correct decisions – which can cost you time, money and stress.

Terry and Bruce Painter will not only inform you, but you will experience a format that is fun, and humorous. We both have a background in the arena of education – we love to teach and we love to have fun. Stay tuned to a future blog which will announce our premiere Web TV show. We will very much appreciate your tuning in and being part of our apartment loan community. Please spread the word – let your friends know.

Give us a call at 866-811-9515 to get a rate quote and answer your questions. We are your A+ Better Business Bureau apartment loan rated provider. And we are here with you to help you accomplish your apartment loan dreams and goals.

Also, be sure to check out our educational videos on apartment loans by visiting www.apartmentloanstore.com Get ahead of the curve through the power our knowledge will provide you.
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

In this blog, we are going to look at another important factor that is important in knowing that your loan provider looks after you:
They keep up with the changes going on, especially with the economic loan climate.

Why is it so important that great providers for apartment loans keep up with the changes going on, especially with the economy? The answer: Because for example, it’s a very different planet in doing loans since 2008 when the recession began. Before the recession hit, apartment loan sources were much more liberal in their lending policies. Now, they are very very careful before they grant a loan. And they now have tougher loan qualifications.

It is of utmost importance that we keep our finger on the pulse of the economic lending climate so we can be informed to best serve you. Those loan sources who are not informed with such information can give you incorrect information which can cost you some finances, time, and aggravation.

Check out our testimonials on the left column of our home page in www.apartmentloanstore.com to see how we work with our customers. On the left column, click on “read more,” and especially look at Rob Powell’s testimonial to see a remarkable example of educating our customers.

Give us a call at 866-811-9515 to get a rate quote and answer your questions. We are your A+ Better Business Bureau apartment loan service. And we are here with you to help you accomplish your apartment loan dreams and goals.

Also, be sure to check out our educational videos on apartment loans by visiting www.apartmentloanstore.com Get ahead of the curve through the power our knowledge will provide you.
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

In a couple of recent blogs I’ve shared with you tips on how to do some due-diligence on providers of apartment loans. Today, I’m going to share with you how a great apartment loan provider looks after you to make sure they have quality loans to offer you.

First and foremost, such providers will do careful due-diligence to check that the loan providers they select are reputable companies that operate with integrity. At apartmentloanstore.com and Business Loan Store, when we locate a potential new loan source, we will ask for testimonials, and will want to talk with those customers who have the testimonials – an important due-diligence step.

We will also carefully examine their business practices. For example, we may be suspicious of people who charge upfront fees, especially when unnecessary. We are particularly cautious in this area because there are unscrupulous providers of commercial loans who operate a scam of taking upfront fees from customers, and you never hear from them again. I personally have never asked for upfront fees, and I feel uncomfortable about them even though there are some situations that may call for them.

Just like there are people in charge of security when it comes to computers, a good apartment loan provider will look after you to do a good job in protecting you to make sure you have a good experience in acquiring apartment loans.

We are also concerned that we pick lenders who will take care of you in the loan process from the beginning to the end. For example, if we find that a loan provider procrastinates and drags on in carrying out their loan functions, or if they have other areas where customer service falters, we will see a “red flag” around working with them.

Give us a call at 866-811-9515 to get a rate quote and answer your questions. We are your A+ Better Business Bureau apartment loan service. And we are here with you to help you accomplish your apartment loan dreams and goals.

Also, be sure to check out our educational videos on apartment loans by visiting www.apartmentloanstore.com Get ahead of the curve through the power our knowledge will provide you.

By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

So which are the best? Well, let’s start with the corner bank. Most commercial banks buy money (often overnight) wholesale and sell it to you retail. It is best for them to sell the money to you on as short of a term as possible (like a monthly adjustable). It is very risky for them to fix a rate for more than three or five years because they have borrowed the funds on a short term basis and don’t really know what rates will adjust to in the distant future when they have to pay it back.

So first of all their short term 3 to 5 year fixed rates are almost always higher than many of the other sources mentioned above because they have to add more margin to today’s rates just in case the rates go the wrong way when they have to pay the money back. Credit Unions on the other hand lend out their own money from deposits and can charge whatever the market will bear, but they usually have decent rates. But they also prefer not to fix the rates on commercial loans for more than five years. If they do so the rate will be substantially higher. To view some of the lowest apartment loan rates go to: apartmentloanstore.com

So what are the best commercial loan sources in America? The following commercial loan sources have better rates than the corner banks and will fixed the rates for ten, fifteen, even thiry years: Regional Banks, National Bank Commercial Divisions, Fannie Mae, Freddie Mac, FHA, real estate investment trusts and insurance companies.

Keep in mind that with the exception of FHA the longer you fix the rate the higher the rate will be. Most of these sources do not originate loans directly to the public but only through affiliated mortgage bankers and mortgage brokers. To view rates on many of these loan programs go to: apartmentloanstore.com

To get the best rates and terms on your apartment loan, I highly recommend that you find a competent, highly experienced commercial mortgage banker or commercial mortgage broker to assist you with financing your apartment building or commercial property. They have established relationships with the best commercial lending sources and know the underwriting for each source and will save you allot of valuable time shopping.

Apartment Loan Store.Com has 14 years experience, and is both a mortgage banker and a mortgage broker. We have a highly skilled staff, that lives and breathes commercial lending. We love what we do! You can reach us at: apartmentloanstore.com or at 866-811-9515.
By Terry Painter/President Business Loan Store, Apartment Loan Store.Com

In part 1, we shared that it’s important to get testimonials from lenders of apartment loans. Testimonials can be a useful tool to help you establish trust. It’s not the only tool – certainly you need to do your due diligence in other ways. These include seeing if they have a Better Business Bureau rating, and doing an online search of their reputation.

In this posting, we will encourage you to take it a step further in asking for testimonials from the apartment loan provider you talk with. We encourage you to ask to speak with at least a few of the people who have written a testimonial.

This will help you take due diligence a step further because of more strongly verifying the authenticity of the testimonial. For example, if the person providing the testimonial is very happy to share their testimonial with you, and is very excited in sharing their experience, this is a positive indicator. If the person is reluctant to share their testimonial of an apartment loan provider, and there is a lack of enthusiasm and conviction, this is a poor indicator. If you get several testimonials that are reluctant and lack enthusiasm, this may be a warning to choose other apartment loan providers to work with.

The leaders of ApartmentLoanStore.com and Business Loan Store do our due diligence to protect you. We carefully check out the potential lenders we use to help you have a good apartment loan experience. In doing my due diligence on one potential loan source, I personally talked to 7 people providing testimonials. They were all very willing to talk with me and very enthusiastic about the loan source.

Give us a call at 866-811-9515 to get testimonials, get a rate quote, and answer your questions. And be sure to check out our educational videos on apartment loans by visiting www.apartmentloanstore.com
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

Do you know why it is important to get testimonials from lenders of apartment loans?

The answer is that it comes down to trust. To take a little bit of time to discover if your apartment loan provider is worth your trust, is an investment that can save you time, finances, and freedom from aggrivation.

Virtually all of us have experienced situations in which we did not do our due diligence to see if a person or organization is trustworthy. The negative consequences can be pretty large if we don’t exercize the ability for others to earn our trust.

Getting testimonials is a key way to see if you can trust lenders for your apartment loans. Here is an excerpt from a testimonial on our president Terry Painter, you can get from our website at www.apartmentloanstore.com

“I met Terry Painter six years ago and he has closed the loans on most of my deals. Terry is a critical member of my team. Terry has not only made me money but also saved me in doing bad deals, therefore, saving me money. Terry has helped me put deals together as well as being the glue to keep deals together.”
Rob Powell
Cedar Crest, New Mexico

We are proud of testimonials such as these and our A+ rating with the Better Business Bureau. We work to earn your trust at the onset. And importantly, we work to keep your trust from the start of the loan process to the point you have the keys in your hand as a proud owner of your new apartment building.

The next time you search for lenders of apartment loans, be sure to ask for testimonials aa part of your due diligence process.

Give us a call at 866-811-9515 to get testimonials, get a rate quote, and answer your questions. And be sure to check out our educational videos on apartment loans by visiting www.apartmentloanstore.com
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store

And we covered 3 qualities that are important in a good if not excellent commercial loan provider: Experience of the commercial loan provider, doing your due diligence on the commercial loan provider, and the commercial loan provider takes a real interest in you and your needs.

In part 2 we covered why a very good record with the Better Business Bureau is a strong indicator of the quality of the commercial loan provider. And that our company, Business Loan Store has an A+ Better Business Bureau rating.

In part 3, we are covering the fact that a commercial loan provider needs to have a very high percentage of loans going through to completion from both the time the loan is proposed, and you need to pay for your appraisal and other 3rd party reports – that the chances that loan is going through from that point to funding is extremely high.

An inexperience commercial loan provider may tell you with certainty that your loan is going to go through to funding, and you’ll pay for your appraisal and other 3rd party reports. However, you may very well end up getting a call, weeks into the loan process, being told that your loan isn’t going to be funded. The loan provider wasn’t thorough in evaluating your finances and the quality of the property, and the loan will not go through.

At Business Loan Store, we have pride that as commercial loan providers, once you receive a proposal, and you pay for the appraisal and other 3rd party reports, the chances of a loan going through is extremely high. For the past 30 months, every single permanent multifamily loan of ours has been funded from both the point of loan proposal, and paying for the appraisal and other 3rd party reports.

Be sure to check out our educational videos on apartment loans by visiting www.apartmentloanstore.com
By Bruce Painter, Marketing Director of ApartmentLoanStore.com and Business Loan Store