How to Find a Commercial Mortgage Loan Online

A commercial mortgage loan online gives businesspeople the financial resources to acquire new business property, refinance an existing mortgage, provide a short-term bridge loan, and much more. Though some online lenders have poor reputations, with a little research, you can find a reputable commercial brokerage firm online that will help you solidify a low interest rate and even reduce closing costs.


What You’ll Need to get a Commercial Mortgage Loan Online

Similar to your local bank or other lending institution, applicants for a commercial mortgage loan online must present a variety of documents to qualify. The amount of required documentation varies from lender to lender, however.

  • Financial Documents – To prove to the lender that you are a good risk for them, you may need to submit various financial documents to the lender, including balance sheets, sales records, and tax documents.
  • Property Projections – You may also need to document the cost (and income, if applicable) that your new property will generate. Be sure to include insurance costs.
  • A Contingency Plan – Finally, you may need to submit a contingency plan, in case you fall short of your goals and must move forward in a different direction.

Once you create or collect the required documents, you are only a few steps from getting a commercial mortgage loan online.


Step 1 – Find a Reputable Online Lender

If you need a commercial loan, you know exactly what you want, and you want to get it as quickly and easily as possible, go online. There are hundreds of online commercial lenders available to help you, and since it’s online, information and assistance is offered 24 hours a day!


Before signing with the lender, however, be sure to research their customer reviews, company history, and current financial status. Simply go to the Better Business Bureau website to find out all of the information you need. You’ll quickly be able to differentiate reputable from fraudulent lenders.


Step 2 – Get the Rate and Term You Want

Once you find the lender with which you want to receive your commercial mortgage loan online, negotiate the best interest rate and terms you can. Remember that these lenders are extremely competitive, and therefore, you can compare companies to find the best rate and term to fit your needs and budget.


Step 3 – Fill Out the Online Application

Once you’ve selected your online lender, it’s time to fill out the online application. This can all be completed from the comfort of your own home. Be sure that all of the information on your application is correct and up-to-date.


Step 4 – Play The Waiting Game

Once you’ve submitted your application for the commercial mortgage loan online, you’ll have to wait while the lender processes and assesses your application. In rare cases, they may request additional financial information and/or documentation. You should know whether or not your application was approved within 30 days.