118052 Resource 78777 78860 78860 1141833673204 1142028614373 Controlled Commercial Real Estate Loans and Credit Scores More and More Commercial Lenders are Basing Commercial Real Estate Loans Primarily on a Borrower's Credit Score <p>If you want&nbsp;a commercial real estate loan with the very best commercial mortgage rates, banks and other commercial real estate lenders with &quot;A&quot; quality rates will still look at your tax returns,&nbsp;your P&amp;L statement, and your balance sheet.</p><p>For &quot;B&quot; quality commercial real estate loans, however, more and more commercial real estate lenders are making commercial real estate loans based mainly on the <strong><em>credit score</em></strong> of the borrower.&nbsp; A credit score is a computer-based calculation of a borrower's creditworthiness and the likelihood he will&nbsp;repay his current and future&nbsp;debt.&nbsp; A credit score is also known as a <span style="FONT-WEIGHT: bold; FONT-STYLE: italic">FICO score</span>.&nbsp; The scores are ranked from a minimum of 350 to a maximum possible credit score or FICO score of 850.&nbsp; The national average FICO score is 678.&nbsp; Here is a rough guide to credit scores:</p><p>Excellent credit:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 - 850</p><p>Good credit:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 - 749</p><p>Fair credit:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 - 659</p><p>Poor credit:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 - 619</p><p>There are three major CRA's - Trans Union, Experian Information Solutions, and Equifax Information Services - who provide credit&nbsp;reports and credit scores to&nbsp;commercial real estate lenders.&nbsp; Each of the CRA's gets their information from a slightly different mix of sources.&nbsp; Each CRA has it's own proprietary formula for computing credit scores.&nbsp; As a result, each CRA will produce a slightly different credit score on a potential commercial mortgage borrower.</p><p>It is customary for commercial real estate lenders to obtain a <strong><em>tri-merge credit report</em></strong> on a potential commercial mortgage&nbsp;borrower.&nbsp; A tri-merge credit report combines the results of all three of the major credit reporting agencies.&nbsp; </p><p>When arriving at a single score that fairly represents the results of all three credit scores, it is customary for commercial real estate lenders to use the <strong><em>middle credit score</em></strong> of the potential commercial mortgage borrower.&nbsp; If a commercial real estate loan borrower had a score of 710 from Trans Union, a score of 699 from Experian, and a score of 692 from Equifax, it is customary for stated income commercial real estate lenders to use the middle score of 699.</p><p>You can apply for a commercial real estate loan from&nbsp;scores of stated income and stated asset commercial real estate lenders in just four minutes using <a href="http://www.c-loans.com/onlineapp">C-Loans.com</a>.</p> 9 application/xml false commercial real estate loan credit score stated asset commercial lender stated asset commercial loan stated asset commercial mortgage stated income commercial lender stated income commercial loan stated income commercial mortgage C-Loans Commercial Mortgage Lender Databank Apply to Scores of Stated Income Commercial Real Estate Lenders in Just Four Minutes http://www.c-loans.com/onlineapp Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; .NET CLR 1.1.4322) 71.50.245.172 71.50.245.172 GBlackburne false true false false true 198508 false false true false false false true 78777 blog blogsite/CLoans/web