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i have commercial property I need to get a loan using it as colateral how is this done and what companys can I contact about it?

  1. Reply
    July 18, 2012 at 8:48 am

    yes. contact any mortgage company. Contact a few to get the best deal.

  2. Reply
    July 18, 2012 at 9:12 am

    try Countrywide! I did and got my loan in 45days

  3. Reply
    July 18, 2012 at 9:31 am

    Yes you can use it as collateral. If there is no mortgage on it, there is no lien on it. That means that you can use the equity in the property for loans, etc. In your case, the entire value of the property is the amount of a loan you can get. In some cases, you can get a loan for more than the value. Some companies will loan you money based on how much the property will be worth in the future. Contact a bank or mortgage company. Contact several, compare points, interest rates, early payoff penalties, etc. Make the best choice for your situation.

  4. Reply
    July 18, 2012 at 9:44 am

    Contact the bank with whom you/your company does business. It will usually give you a better deal because you are a longtime customer and it knows more about how you pay your bills, etc. because of experience wtih your account. Then compare what they offer with what you can find elsewhere. It may be that your bank will even give you the loan you want on your signature alone and not require the property for collateral.

  5. Reply
    Douglas P
    July 18, 2012 at 9:51 am

    If you need cash right away I can help you with a partial loan, now keep in mind this is not a conventional loan. Go to my web-site put in your information contact you within 24hrs to let you know what other information I may need.
    Sincerely: Douglas Paddock

  6. Reply
    July 18, 2012 at 10:06 am

    You have a free and clear commercial building that you want to use as collateral for a commercial loan.

    First of all what you need to do is contact a commercial lending broker/banker. Look in your local telephone book for a commercial lender.

    They commercial broker will want to know if you use the building for your own personal use in a business or do you rent the building out to someone else.

    They will want you to complete a commercial loan application, run a credit report on you. To complete your commercial loan application you will need several items that will be told to you by your broker.

    After you have given them the information and items they request, then you will be told of the commercial programs you are qualified to get as well as interest rates and how long you can borrower the money.

    #1 If you rent the building out to others you will need a rental contract stating the montly rent and how long the present tenants have left on the rental contract.

    #2 You will need to prove that the building is free and clear, a title report should prove this.

    #3 You will have to prove that you are capable of paying the projected commercial loan.

    #4 What do you use the building for

    Listen very careful because commercial loans are not the same as a residential mortgage. Things cost a little more to include an appraisal to prove the value of the property. Get as much information about what you are qualified for as possible so you may make an intelligent decision.

    The interest rate will be a little higher and the loan will probably have to be paid off in a shorter period of time.

    Please don’t contact Countrywide mortgage they are in the residential mortgage business. Contact a commercial lender or broker. Beware of those residential brokers that say they do commercial loans.

    You want one that their primary business is commercial loans.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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