The present condition of markets does not allow anyone to purchase a home of their by outright paying the amount for the real estate. Majority of the people purchase their homes by availing real estate loans. It is not because they cannot afford it, but because it makes the management of funds easier for any person, who has to manage his personal life as well as own a home.
Despite the constant ups and downs in the market trends, there is hardly any person who has stepped back from either purchasing or at least dreaming about purchasing a house of their own. After all, it is one of the things that brings the greatest joys to a person. But sadly though, there are a few problems that are attached to availing any sort of real estate loan.
The very common difficulty face with regard to procuring a commercial real estate loan is the tax returns. Any borrower in order to be qualified requires to show their tax returns to the lender company and in the bid fails to get the loan because of the fact, that in most cases there are greater expenditures and low incomes in the business. A way out of this is to use the stated income in which there is no hassle of the tax returns and the loan can be easily procured.
Steve Liefschultz, the chairman and CEO of the Equity Bank is a person who could help you out a great deal, in understanding how to ensure the capital you need for investment in your business. He is a banker and an expert in the world of real estate loans because of which he has acquired his fame.
Finding a loan for special purpose property is really a tough job. Special property would refer to all those properties that do not fall within the residential one, say for instance, the property required for building automobile companies or restaurants.
The requirement to sign a IRS form while taking a commercial real estate loan is yet another problem associated with it. Along with this often it is experienced that a commercial loan lender demands for business plans, but all those who intend to avail these loans should not entertain this pre-requisite of the lender. It is better to look for a loan else where rather than disclose your business plans to anyone.
Also the issue of sourcing ans seasoning of asset as well ownership is an obstacle that is a part of this type of loan taking, most banks have this as a compulsory need for the qualification of any borrower. The borrower is also not allowed to use his own assets as a collateral for commercial real estate loan. And finally the lengthy format of acquiring a commercial real estate loan is rather cumbersome for any commercial borrower. In most cases it takes about three to nine months to close a commercial mortgage.
However, the need for commercial real estate loan is growing by the day and only professionals like Steve Liefschultz of Equity Bank, a privately owned company dealing in real estate loans, based in Minnesota can help you in the best possible way.