| Make sure the condition of the property you | | | | property. A loan officer will put together a loan |
| want to buy will survive market conditions before | | | | package before giving you a letter of interest. |
| seeking a commercial real estate mortgage. When | | | | Then, the lender will review the file and create a |
| you go to purchase a new residence, a good | | | | loan document.Gathering documents for |
| lender does a thorough financial background check | | | | mortgageYou can begin getting together the |
| on the individual seeking to borrow money. On the | | | | documents you need in order to move along the |
| other hand, when you go to apply for a | | | | commercial mortgage process. Put together your |
| commercial real estate mortgage, the lender's | | | | employment history for the past two years as |
| greatest concern is the property. Some of the | | | | well as with salary, employment dates, pay stubs |
| most important issues include your credit score. | | | | and the contact information of your employers. |
| But that's not enough. The lender wants to make | | | | You should also figure out your net worth and list |
| sure the property is in pristine condition and will | | | | all other assets. |
| survive tumultuous market conditions.Research | | | | Make sure you have all of your tax records |
| the commercial marketBefore deciding to seek a | | | | organized. Bring along your social security card, |
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| or town and get a sense of the market | | | | checking accounts, stocks and certificate of |
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| signs for multi-family units such as offices or | | | | or IRA plans, the title of your automobiles or loan |
| apartments? Is the commercial property in a part | | | | information. Finally, write down the names, |
| of town that receives enough traffic flow or is it | | | | addresses and account numbers for all credit |
| difficult to locate? Talk to professionals in the area | | | | cards, loans and mortgages so those facts and |
| to find out where you can find the best deals | | | | figures will be handy for your loan officer.Joseph is |
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| want between 15 and 20 percent down. Next, | | | | offer. |
| you are ready to see if you can pre-qualify for a | | | | |