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ID:33267
Title:Seven Steps to Successfully Refinancing Real Estate
URL:https://www.enrichedrealestate.com/blog/sevenstepsrefinancing/
Category:Business: Business Services
Description:Commercial real estate finance does not require an advanced degree from an Ivy League school, but it’s a very complex process. In any given situation, there are many opportunities and pitfalls. Owners choosing to structure a loan themselves or work with a professional involves considering trade offs of time, money and, especially, risk. To get the best result, specialized insight is ESSENTIAL. Here is a look at the seven key steps required to put together a deal. (we will go into more detail concerning each step in future blog posts) Assemble Complete Financial Data a. Organizing and preparing financial data is the first step in obtaining a commercial real estate (CRE) loan. This will require financial data both about the property (assuming it is an income property) and the sponsor. Sponsor is the term used by lenders to describe the person who is responsible for the property. Put Together a Pitch book a. A pitch book is the jargon used to describe the property package, which is needed to make the loan request. It includes the description of the property, property photographs, spread financials for the property, rent comps, and comparable sales and maps of the property. The pitch books function is to make the lender comfortable – this is loan they should pursue and attempt to win.
Meta Keywords:Property Tax Reduction Experts
Meta Description:Commercial real estate finance does not require an advanced degree from an Ivy League school, but it’s a very complex process. In any given situation, there are many opportunities and pitfalls. Owners choosing to structure a loan themselves
Link Owner:enriched