The Biz Money Lending Loan Process…Simplified
Step 1 – Evaluate the project
Once you submit the completed your information, one of Biz Money Lending's expert Commercial Loan Specialists (CLS) will contact you to perform a detailed Loan Needs Analysis to ascertain the best available options for your particular situation, property characteristics, financial goals and loan needs.
There are 3 basic ways to get started.
• Quick Quote (No Pressure, No Obligation, No SS# Required)
• Download the Biz Loan Planning Package to be faxed back to us
• Complete the Secure Online Full Application
Step 2 – Gather data, information, and documentation
Clearly documenting the underlying logic and value of a project – be it real estate acquisition, business expansion, or simple refinancing – is at the very heart of selecting the correct data and information to be presented to underwriting for funding consideration.
Every commercial transaction is unique, and Biz Money Lending provides you with a specific and detailed list of the documentation required to underwrite your particular funding situation. Our Smart-Rate TM program requires the largest amount of documentation from the borrower but as the name implies, offers the best available rate and terms. With our Easy-DocTM program, the document requirements are greatly reduced and allow for closings in as little as 14 business days when combined with our Speed-CloseTM option .
Your Biz Money Lending CLS can even provide you with many of the standard forms frequently used in commercial lending to summarize rent rolls, financial condition, and other data necessary for a professional presentation or they can be found by clicking Forms.
Ready to start the process?
• Quick Quote (No Pressure, No Obligation, No SS# Required)
• Download the Biz Loan Planning Package to be faxed back to us
• Complete the Secure Online Full Application
Step 3 – Assemble a commercial loan package
Biz Money Lending focuses on three main elements when approving commercial loans:
• the property being used to collateralize the loan
• the properties cash flow that will be used repay the loan
• the people involved in owning and operating the venture
At this time the borrower will submit a check payable to Biz Money Lending for the appraisal as well as any required environmental reports which will be ordered by the CLS . Consult with your CLS to determine what these costs will be as they vary widely depending upon the transaction. All borrowers will be provided with copies of appraisals at closing. If this is your first commercial transaction, please be aware that commercial appraisals are MUCH more extensive than residential appraisals therefore the cost is much higher as a result. Many first timers are surprised by this disparity so consult your CLS for details.
Our CLS's are both knowledgeable and experienced at selecting suitable and compelling documentation so that underwriting will view your project in its most favorable light. Remember, they are on your side so put your trust in them to get the best results!
Since every commercial transaction is unique, Your CLS will craft a loan package that meets the specific needs of each borrower as well as important concerns of Biz Money Lending . The quantity, quality, and order of presentation in the Biz Loan Planning Package are designed to assure everyone involved is fully informed and confident about the project from the start.
Ready to start the process?
• Quick Quote (No Pressure, No Obligation, No SS# Required)
• Download the Biz Loan Planning Package to be faxed back to us
• Complete the Secure Online Full Application
Step 4 – Present and negotiate loan package for lender consideration
Along with your submitted Biz Loan Planning Package and appraisal check, the CLS personally presents the completed loan package to underwriting.
Unlike the more automated residential mortgage process, commercial loan approvals depends heavily on establishing personal understanding, confidence, and trust in both the project and the borrower.
Your CLS presents transactions to underwriting and negotiates these transactions with a “win-win” philosophy that promotes the best possible rates and terms available under the circumstances at hand.
Ready to start the process?
• Quick Quote (No Pressure, No Obligation, No SS# Required)
• Download the Biz Loan Planning Package to be faxed back to us
• Complete the Secure Online Full Application
Step 5 – Review and evaluate commitment letters, counter-offers, and calls for further documentation
The result of the above Biz Money Lending process should produce a commitment letter from your CLS . An expert explanation and evaluation of that letter is important to understanding its implications for your project so make sure you understand everything before moving forward from this point.
The Biz Money Lending team will review special terminology or covenants, and it will provide you with a good faith estimate of the actual numbers associated with accepting a commitment letter or counter-offer.
Occasionally Biz Money Lending will request further documentation or clarification of certain points relevant to the transaction. Your CLS can help you acquire, present, and explain any further data or information that may be required to complete a deal.
Ready to start the process?
• Quick Quote (No Pressure, No Obligation, No SS# Required)
• Download the Biz Loan Planning Package to be faxed back to us
• Complete the Secure Online Full Application
Step 6 – Close the loan
Finally, your Biz Money Lending CLS will schedule closings that work with your schedule and timelines. Our CLS's are always available during your closing time for a smooth and worry-free result.
Let us show you the Biz Money Advantage and how Fast & Easy the commercial Loan Process can be! |