Deciding it’s time to finally invest in commercial real estate is a big step, but it can also be a confusing one.
The truth is that commercial real estate loans aren’t very much like mortgage loans, even though they both secure real estate with a note that allows you to pay what’s due over time. Finding the information you need to answer all the questions you have today is a common stumbling block, but it doesn’t have to end your quest for buildings or land for sale.
Mortgage and Small Business Experts are the Answer
When you’re looking for information on commercial real estate loans, you can spend hours scouring the Internet and only find yourself a lot more confused. There are definitely some sites that are a great place for information, but other sites are much less trustworthy and often confuse the situation with outdated or just plain bad information.
Instead of rolling the dice, try consulting with these experts:
- Commercial Realtors. Believe it or not, your Realtor knows a fair amount about securing a commercial loan. They might not know it all, since they rarely have experience actually making the loans themselves, but they’ve closed enough commercial real estate notes to know the basics. If you’re just getting started and have lots of general questions, you can definitely ask your Realtor and get the answers you need to decide if buying makes sense for you.
- Commercial lenders. If you know that buying commercial real estate is the right move for your business, it’s important to consult with a commercial lender. These are the professionals that will actually qualify you for and help you choose the best loan product for your situation, or even help you make a plan for being able to qualify if you’re not quite there yet. When it comes to commercial lending, it’s always important to get more than one loan quote since commercial loan products can vary widely from bank to bank.
- The U.S. Small Business Administration. The S. Small Business Administration helps businesses like yours with questions about business loans big and small, every single day. In fact, they can even help you secure a loan if you’re struggling to get a standard commercial loan through a regular bank! The SBA does a lot for small businesses, including helping owners compile profit and loss statements that can later be helpful documents in their commercial real estate financing pursuit.
Finding commercial real estate loan information can be a lot easier than you might think! Bankers and Realtors aren’t just there to sell you packaged products, they’re also available to help answer your questions about the obligation your business is getting into.