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| Commercial Mortgage Loans > Closing Loan on Time |
COMMERCIAL MORTGAGE LOANS |
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7 tips for closing your commercial loan on timeAs you move through the loan process, keep the following tips in mind. These will help you better understand the process and help you in closing your loan. As a rule, remember to collect, prepare and submit required documents early in the loan process to help facilitate a faster closing.
2. Obtain a gift letter if you’re receiving a gift of equity for a new property purchase. Make sure this letter is written and executed by the individual providing the funds. 3. Be prepared with insurance quotes to avoid delays in funding. Your lender should provide you with specifications on insurance coverage requirements. 4. Prepare a Year-to-Date Financial Statement (Profit & Loss) to show your business income trends. This applies if you are a sole proprietor or have a new business with no tax history. Be prepared to provide a written explanation of any personal or business income decline or loss. 5. Set an appointment to inspect the subject property. The engaged appraiser will contact you or the seller. This can occur up to one week before the appraisal completion date. 6. Collect the most current tax bill from the tax collector or seller. This is required to escrow for taxes. 7. Provide documentation for Environmental Due Diligence. This applies if your property may have or has had environmental concerns. This includes underground tank removal letter, No Further Action Letter, Phase 1 or Phase 2 Report copies. Content provided by Commercial Direct®, a division of Bayview Financial Small Business Funding L.L.C.
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The information contained on this website is provided as a supplemental educational resource. Readers having legal or tax questions are urged to obtain
advice from their professional legal or tax advisors. While the aforementioned information has been collected from a variety of sources deemed reliable, it is not guaranteed and should be independently verified. Copyright ©1999-2009 ERATE ∑ All rights reserved ∑ California Dept of Real Estate · Real Estate Broker #01292265 ∑ DRE Phone 916-227-0931 ERATE · 2900 Gordon Ave · Santa Clara · CA · 95051 Get Today's Mortgage Rates Get Today's Mortgage Rates Get Today's Mortgage Rates  Get Today's Mortgage Rates |
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