Q: Do I pre-qualify for a commercial loan?
Do you have a credit score of 680 or above and no bankruptcies, foreclosures or tax liens on your credit report?
Is your net worth equal to or greater than the size of the commercial loan you are applying for, and do you have 9 to 12 months of mortgage payments in post-closing liquidity?
If you are purchasing an apartment complex, do you have the down payment for the apartment complex that you are buying (usually 20% to 25% of the purchase price), plus closing costs?
Do you have the ability to bring in a strong financial partner?
If you answered “no” to any of the above questions, Apartment Loan Store may still be able to help. Give us a call today.
Q: How long does it take to get apartment loan financing?
Commercial loans can take anywhere from 30 days to several years, depending on the project. The most common apartment loan process takes 45 to 60 days.
Q: How do I know which commercial loan program is right for me?
In order to answer this question, you need to determine your priorities and goals. Many times a borrower can qualify for more than one program. Determining which commercial loan program is the best fit depends on your investment strategy. The best way to figure this out is to speak with a commercial loan officer who can help you choose the right apartment loan program. Call Apartment Loan Store today!
Q: How much does it cost to get pre-approved for a commercial loan?
Nothing! Getting pre-approved for your commercial loan is free. We’ll analyze your personal financial situation, as well as your investment project. After talking with an underwriter and credit manager, we’ll issue a letter stating our intent to lend.
Q: Do you collect up-front deposits?
No. We make certain we can fund your commercial project before we take any deposits for third-party verification. We only want to take on apartment loan deals we know we can close.