Boris Bast Closes a Commercial Loan for a Medical Building

MortgageDepot’s Mortgage Loan Officer Boris Bast recently assisted a client in securing the financing for a single story, medical office building. The building is a total of 17,750 square feet with 3,708 square feet devoted to medical office space for a medical clinic and a medspa on the premises.

Boris was able to secure a commercial loan of $700,000 with a 30 year fixed rate by re-using the previously completed appraisal, no income, and with leases only. This single-story building was formerly owner-occupied and currently houses only two tenants. More importantly, this commercial loan was secured on behalf of the client in under 30 days! Boris was able to ensure the best financing option that left the entity in excellent standing overall.

Even the most unique opportunities in real estate can have specific challenges when one is attempting to secure funding. The Mortgage Loan Officers here at MortgageDepot are dedicated to matching you with the very best financial options available to secure your new home or business.

REQUIREMENTS FOR A COMMERCIAL LOAN

• Property used as collateral
• Property Cashflow
• Rental Income counts as well
• Income and assets of the guarantor
• The credit of the borrower

CLOSING A COMMERCIAL LOAN IN 30 DAYS

• Make sure your two most previous years – both personal and business – tax returns are completed and filed
• Prepare year-to-date personal financial statements and business operating statements – no more than 60 days old
• Locate your THREE most recent months bank statements – all pages
• If you are refinancing a commercial mortgage loan: make sure you have your payoff statements, survey, title policy, and appraisal in hand.
• If you are purchasing: the sales contract must be valid. If the contract will expire before the closing of your commercial real estate loan, get an extension in advance.
• For investment properties, make sure all tenant leases are valid – ensure lease terms match the rent roll.
• Put your accountant and lawyer on notice upfront that you are applying for a commercial loan. Inform them you will need up-to-date business and financial documentation immediately upon request.