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91006 Resource 78777 78860 78860 1115071233464 1136751391895 Controlled Commercial Financing and Interviewing the Developer

The Wise Mortgage Banker Asks the Right Questions Before Investing Too Much Time

Suppose a developer begins his search for a commercial construction loan.  His construction lender or commercial mortgage banker will have some important early questions.  The wise developer will be prepared for them.  Applicant-Developer Initial Questionnaire <ol><li><div class="MsoNormal" style="MARGIN: 0in 0in 0pt">What is the reason, if any, that local bank financing could not be obtained?</div></li><li>Who else are you working with and why can’t they get your project funded?</li><li>Do you have a previous background in developing this size and type of project before? </li><li>Do you have an independent, third party feasibility study that says that this development is a good idea? </li><li>Do you have control of the land, by what means, and for how long?</li><li>What are the total hard and soft costs for all phases (in USD)?</li><li>How much of your own money have you put in or are going to put into this project? </li><li>What is the combined net worth of all Principals who own at least 10% of the project? How much is liquid?</li><li>Will all Principals provide current Personal Financial Statements?  Will they guarantee the loan?</li><li>Do you have all government approvals?  What approvals remain?</li><li> Do you have preliminary architectural drawings?</li><li>What is the name of the project?  What is the location?</li></ol>You can apply to hundreds of commercial construction lenders in just four minutes using C-Loans.com. 9 application/xml false commercial construction lender commercial construction loan commercial financing commercial loan commercial mortgage commercial real estate loan mezzanine lender mezzanine loan preferred equity C-Loans Commercial Mortgage Lender Databank Apply to Hundreds of Commercial Construction Lenders With One Short App http://www.c-loans.com/onlineapp Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; .NET CLR 1.1.4322) 71.50.240.39 71.50.240.39 GBlackburne false true false false true 198508 false false true false false false true 78777 blog blogsite/CLoans/web