Step-By-Step Guide to Applying for a Commercial Loan
Many business owners turn to commercial loans for financing. A commercial loan can help your business grow, finance new research and development, boost sales and marketing efforts, and allow you to hire new employees. Applying for a commercial loan and approval of it is timeconsuming. However, doing everything right will help you get a commercial loan as soon as possible. Following are the Steps to improve your chances of qualifying for a commercial loan:-
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1. Ask Yourself These Questions â—? Do you want to expand your business? Do you need additional cash flow? Do you want to pay off debts? Are you prepared to take on a commercial mortgage loan?
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2. Business and Personal Information � Ensure your business plan explains how you’ll utilize a loan. Be prepared to provide important information. You may be required to submit documents. Gather all the documents that prove your ownership.
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3. Financial Documents � If you’re applying for a commercial mortgage, most lenders require financial documents. Your personal credit score should be good enough to qualify for a commercial loan. Your debts can affect your loan term. Maintain a document that outlines all outstanding credit amounts, debts, and monthly payment.
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4. Application Process â—? Be honest when writing any information on the application about debts, past businesses, or any other information. Avoid making mistakes while filling out the application. Ask for help from your colleagues or business partners when completing the application to ensure all the necessary information is included in the application.
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5. Wait for Loan Approval â—? Traditional lenders take two to six weeks to analyze your application and go through the underwriting process. Some lenders can inform you about your qualifying status within 24 hours. The waiting period depends on the commercial lending institution. Application strength also plays a big role in a quick loan approval process.
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If you’re looking for a commercial loan in MA, Drew Mortgage Associates can help which is a Boston mortgage lender that provides commercial loans at a lowinterest rate. Our home loan officers are highly trained professionals that can help you identify the best mortgage program that’s right for you and will guide you throughout your mortgage loan process. If you need guidance for how to apply Commercial Loan, read morehttps://www.drewmortgage.com/commercial-loan-application-guide/
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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Contact us: 1-877-949-3739
Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 www.drewmortgage.com