Do You Need More Commercial Lenders To Look At Your C-Loans Commercial Loan Application?
Let's face it. It's harder to get a commercial real estate loan today than at any time in the past 30 years. In 2006 and early 2007 there were more than 4,000 banks in the market actively making commercial mortgage loans. Today there are probably fewer than 400 banks in the whole country actively making commercial loans.
If you have a balloon payment coming due on your commercial property, and your current bank won't extend it, God help you.
A few commercial mortgage loans are still closing. If you keep a pile of cash in your local bank, you can probably twist your banker's arm to make you a commercial mortgage loan. Whatever rate he offers you will probably be better than you can get elsewhere. I have often said, "There are two lenders who can seldom be beat - your own mother and your own bank."
But let's suppose that you have already applied to your local bank, and they passed on the deal. Is it still possible to get a commercial loan today?
The answer is yes, but you may have to submit your deal to 50 to 100 commercial lenders before finally finding a home for your deal. Fifty to one-hundred lenders?! Yup. That's the new reality. I even blogged on the subject recently.
"But George, the Suggested Lender List for my deal had only 15 lenders, and none of them were interested in my deal. I'm out of lenders."
Okay, here's the deal. For just $39.95, you can buy a list of 1,200 commercial lenders actively making commercial real estate loans. These lenders are different from the 750 commercial lenders who participate on C-Loans.
Just go to CommercialLenders.com, a website operated by C-Loans, Inc., to buy a list of commercial lenders for your state.
"Are these new commercial lenders any good? Do they really want to make commercial loans today?"
C-Loans, Inc. guarantees its lists of lenders. Our guarantee: If you close your commercial real estate loan with any commercial lender not on this list, we will gladly refund your money. So what do you have to lose?
"Where do I go again to get this list?"
Just go to CommercialLenders.com.
One final thought. Even though you are on the web tonight looking for a commercial loan, you still have money virtually rotting in the bank, in your IRA, and in your pension plan earning a very paltry rate. Is the bond portion of your investment portfolio earning 7% to 12% interest or is it losing money every month as interest rates march upwards? You should seriously consider trust deed investing.