What Should I Expect During the Commerical Mortgage Application Process?

You can apply for a commercial mortgage online or at a bank or other lending institution. You’ll need to present the following documents to the lender, so that they can determine your eligibility.

• Financial Records - Lenders generally approve borrowers who appear to be a good risk, meaning that the business owner(s) has a good credit score and tax records, and that their business has profitable sales records and positive cash flow.
• Commercial Property Projection - You will likely be asked to document the cost of your new property, as well as any income it will generate. Don’t forget to include insurance costs.
• A Business Plan & Backup Plan - Most lenders will also ask you to submit not only a business plan for your new commercial property, but also a backup plan incase you do not reach your goals and need to take a different course of action.

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