Commercial Loans is very different from Residential and Business Loans. Commercial loans are generally based on pro forma. Special exceptions may apply based on type of business, territory, experience and proven past history. New construction or development Commercial loans typically have additional requirements. Different loan products are often needed from start to finish.
Not having the necessary financial documents and reports are the common causes of prolonged Commercial Loan approval and funding status. As long as the interest is not locked in, projects often is unable to obtain accurate figures. Commercial loan process and requirements are often difficult for new clients entering into Commercial loan sector while seasoned commercial clients often have all financial documents and reports prepared in advance to ensure approval and funding takes place on anticipated schedules.
Market changes constantly. Funding availability also has its limits and preferences. As a result, even seasoned borrowers often need assistance.
If you are seeking Commercial loan products as a new client or seasoned client, contact Cornerstone Group team to help you with the process.