You’re searching for commercial real estate financing – what’s the best approach to take in contacting lenders?

Commercial lending is far less standardized than getting home financing and has a whole language of its own. You and the commercial loan officer will generally discuss the tenancy and income or the property if it is rented, and the property type, before getting into the borrower’s qualifications. The loan amount and terms you’ll obtain will vary greatly, depending on different property characteristics.

When you contact the commercial lender, try to have as much of the following information as possible available:

1)  The sales price or estimated value of the property

2)  The loan amount desired

3)  The property type, including approximate age of the improvements, square footage, lot size, and in the case of apartment buildings, the number, size, and types of apartments, who pays utilities, and what the parking arrangements are. …