Some lenders for commercial real estate loans specialize in funding specific types of commercial ventures, such as retail operations, warehouses, or apartment complexes, while others provide financing for a more general variety of commercial real estate ventures. However, despite the fact that there are many different types of financing and commercial real estate, most lenders are primarily concerned with the level of risk involved in giving out a loan. To assess this level of risk, they will want to see certain documentation from a business, so the best thing a business owner can do to start the loan acquisition process is to have the following paperwork in order:
- Income and expense statement for the property that demonstrates a solid stream of income
- Management team profiles
- Financial statements on all principles involved as holders of the property
- Property appraisal
- Financial statements on the borrowing party
- Plans for the use of the property
In addition, the borrower will also be asked to pay1-2% of the terms of the loan to show their commitment to the deal, which will be refunded once the loan is closed. Having your documentation ready and knowing what a lender is looking for in a potential loan candidate can help you secure your loan and put you one step closer to your ideal office space in Kansas!
Give Kathy Woodward at DDI Commercial a call today at 913-685-4100 to learn more about office rental in Kansas City through Southcreek Office Park!