Commercial Real Estate Loans – Seven Things to Worry About

Commercial Real Estate Loans – Seven Things to Worry About

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    You need to be sure that you have come up with a plan to get through your commercial real estate loan transaction as quickly as possible. 

    You should remember that most people who are going to get commercial real estate loans could run into problems.

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There are many things that you need to look past, and you have to worry about all the things that you know could go wrong.  Go through the list to make sure you know what you should do.

  • 1. Get a Pre-Approval Letter

    Clopton Capital and other companies offer a pre-approval letter that you can use to show that you can afford the loan that you need. 

    You have to be sure that you have found a company that will give you a letter that will lay out how easily you can get the loan that you need.  The seller needs to know that so that they can get going with the process.

  • 2. No Price Surprises

    The price surprises that you have when you are shopping for commercial real estate are going to cause you a lot of problems.  You have to be sure that you have solidified a contract that has the right price on it.

  • 3. The Date

    You need to have a date for the closing because that is going to make it easy for you to set up the closing and be ready to go.  You should remember that the date is important because everyone has to be expected to be there.

  • 4. The Transfer

    You need to have a time to set up the exchange of keys or removal of anything that you might have in the space.  You might need to work out something with the people you are buying from because they need to get their own things out.  Do not go through with the sale until you have all this figured out.

  • 5. The Tour

    You have to have a whole tour of the space so that you know what you are buying before the sale goes through.  There are a lot of people who will find that the tour does not show them everything.  It actually makes much more sense for you to work out what you can do with the space. 

  • 6. The Plotting

    You need to have a way to see the plotting of the space, and you might even need to have the diagrams of the lot so that you know what you are buying.  Someone who has questions about the plotting or the land as part of the sale should work this out beforehand.

  • 7. The Taxes

    Make sure you know what the property taxes are before you buy the space.  You do not want to buy something that is too expensive.  It is a waste of your time if you cannot afford the taxes for that year.

You should be sure that you have found out all the things you need to know about the space so that you do not have any trouble at all closing the sale.

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