Hard money commercial mortgages are also available through private lenders who have more flexible lending criteria. Also called hard money lenders, private commercial mortgage companies focus much more the current value (today's selling price) of commercial property than on your personal financial package.
When applying for a commercial mortgage, be ready to supply your commercial mortgage company, be it a bank or a hard money private commercial mortgage lender, with the following:
- 2-3 years' taxes for you and/or your company
- 2-3 years' financial statements
- A completed regular commercial mortgage loan application, which consists of an individual and business balance sheet
- A description of the use of proceeds of the commercial mortgage you are seeking
- A details of the property
- The existing selling price of the property or home
- The expense of improvements you will make to the property
- An estimate of the property's value when with improvements
- A pay back plan for the commercial mortgage - how you'll pay this commercial back
- For a hard money bridge loan, provide an exit plan for the commercial mortgage - do you want to refinance this commercial mortgage with a traditional bank after making improvements or alterations to the current property or some other scenario?
If you're working with a private commercial mortgage company (hard money lender) be ready to show a proof of funds with your primary application. Providing reasonable proof that you are prepared to cover the closing costs and fund the difference between the commercial mortgage and the complete cost of the property can make your commercial mortgage loan application move through the actions to financing a lot faster.
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