Three Options for Financing Your Property
So how do you go about getting the best possible loan for your property? Whether or not you ever do business with us, you should know the answer to this question.
Getting the best possible loan for your property is kind of like completing a challenging crossword puzzle. The words going across the page and the words going down the page have to mesh perfectly together in order to complete the puzzle.
The same is true for getting the best loan your property. All the financing steps in the process need to come together perfectly in order to insure an optimal outcome. Getting good rates and terms truly isn’t rocket science. It’s mostly common sense but surprisingly few people understand how to go about it.
In this e-book I’m going to share the secrets I’ve learned over the 25 years I’ve been in the commercial mortgage business. Also sprinkled throughout this e-book will be other interesting tidbits that you need to know in order to get the best possible loan for your property without getting ripped off by some unprincipled or incompetent amateur in the commercial mortgage business.
So let’s get started by stating the obvious: When shopping for a commercial mortgage loan you have three basic options to choose from. Which option you choose depends on the advantages and disadvantages important to you. You can choose to:
- Finance your property with a lender you have already done business with (assuming you’ve done this before), or you can,
- Shop the mortgage market on your own, or you can,
- Employ the services of a commercial mortgage broker to shop the market for you.
For most property owners the option that significantly improves their chances of getting the best possible loan for their property is using the services of a mortgage broker. I’ll explain why that is true later but if you decide to find financing on your own I’ll tell you how to improve your chances of getting a better loan than what you would have gotten on your own by applying several common sense principles that I’ve learned the hard way over the years. I’ve learned the hard way but there is no reason you have to. So if you want to learn the secrets of the commercial mortgage business, then read my ebook. I will tell you as plainly as possible how you go about it.
But using a commercial mortgage broker in most instances will improve your chances even further. I invite you to draw your own conclusions as I outline the “do’s and don’ts” of each of the three options.
The next chapter will explain why it may be a good idea to finance your property with a lender you’ve already done business with.