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Our
commercial loan programs can be tailored to your specific needs an we
will help you obtain the property you need to get your business
started. The information below will help you get started on your
commercial loan.To get started immediately click here for our on-line application.
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Commercial
financing is underwritten on an individual basis. Because every loan
application is different it is assessed on its own merits but all
borrowers seeking a commercial loan will face an evaluation of the DCR,
credit worthiness, and property condition. First a financial analysis
should be completed. This analysis includes an evaluation of the debt
coverage ratio. The DCR is your monthly debt compared to your monthly
income. Following the DCR analysis, your credit worthiness will be
evaluated. This portion of the analysis will look at past financial
records for the business and may include personal financial history in
certain cases. Finally the condition of the property is examined. All
of the above factors will influence your ability to secure a commercial
loan.
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There
are many types of commercial financing options available to borrowers
and they include adjustable rate commercial loans, wrap around
mortgages, credit lines, and balloon loans. Adjustable rate commercial
loans have an interest rate that varies through out the life of the
loan. A wrap around mortgage is a new mortgage which literally wraps
around the old mortgage. By using a wrap-around mortgage, the buyer
makes payments on the new mortgage directly to the seller, and the
seller continues to make payments on the old mortgage. Credit lines
provide a business with resources to fill temporary cash shortages that
are the result of the difference between the period of cash outlays and
collections. Credit lines are usually used to finance project or
contract related work, receivables, and inventories. Commercial
borrowers are also able to obtain a balloon loan. Balloon loans feature
fixed interest rates for a specified period of time. When the loan
reaches maturity the outstanding balance must be paid in full by the
borrower. There are many financing options available to commercial
borrowers and your investment plan should be evaluated prior to
deciding on a specific type of commercial loan.
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Commercial
lenders evaluate many different types of financial information to
determine if your business is worthy of a commercial loan. Lenders
often require three years of income tax and financial statements,
profit and loss statements and balance sheets. In many cases personal
financial statements are also required. Projected cash flow statements
and pro formas for the next 12 months are commonly requested as well as
a complete business plan. When all financial data is presented it will
then be evaluated and a decision regarding your loan will be made.
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Securing a KANSAS CITY commercial loan is easy at 360 Mortgage Inc..
KANSAS CITY commercial loans are designed to help KANSAS CITY residents
start a business or continue an existing KANSAS CITY business. To learn
more about KANSAS CITY commercial loans contact your KANSAS CITY
commercial loan experts at 360 Mortgage Inc..
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