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Commercial Financing for Residential Building
I will be acquiring a property (5+) units) in the near future that will require a commercial loan. What are good questions to ask the lender when applying for a commercial loan. I have a lot of experience in 4 units or less but not 5+ unit financing. Any help would be appreciated.
Thanks!
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9 Questions to Ask Your Commercial Lender
- Are you an expert in my market? ...
- How long does it typically take to close? ...
- What other loan options are available? ...
- What are the application fees — and how do they break down? ...
- Can I have a copy of my appraisal, credit report and engineer report? ...
- What is the good faith deposit? ...
- How long can you lock in my rate?