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Put money down for commercial mortgage
When you go to purchase a home, the lender essentially does a financial background check on you, the person seeking to borrow money. In contrast, when you go to apply for a Minnesota commercial mortgage, the lender's focus will be on property. Your credit score will also be important, but having perfect credit and a high income will not make up for a commercial property deemed risky by a lender. The lender wants to make sure the property will survive market conditions and is in top condition.
Just as you would put money down on the purchase of a home, you will need to put money down for a commercial mortgage in Minnesota. Most lenders want between 10 and 15 percent down. If you have the cash needed to put down to obtain a commercial mortgage, you are ready to see if you can pre-qualify for a property. Next your loan officer will want to assemble a loan package before issuing what is called a letter of interest. Finally, the lender will review the file and create a loan document.
Gather documents for a commercial mortgage
You can begin gathering the documents you need in order to expedite the commercial mortgage process.
Get together your employment history for the past two years along with employment dates, salary, pay stubs and the contact information of your employers.
You will also need your social security card, tax records, the last three statements from savings and checking accounts, certificate of deposits, stocks. You should make a copy of your 401K or IRA plans, the title of your automobiles or loan information. Write down the names, addresses and account numbers for all credit cards, loans and mortgages. You should also figure out your net worth and list all other assets.
Research the Minnesota commercial market
Finally, before deciding to seek a commercial mortgage in Minnesota, scout the area and get a feel for the market conditions. Do you see a lot of "for rent" or "for sale" signs for multi-family units such as apartments or businesses? Is the commercial property located in an area that receives adequate traffic flow or is it hard to find? Talk to business owners in the area to find out where you can find the best values before signing on the dotted line for a commercial mortgage in Minnesota.
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Minnesota Real Estate News
Investors Real Estate Trust Declares Regular Quarterly Common Share Distribution, and Declares Series A Preferred ...
Fri, 03 Sep 2010 13:30:00 -0700
MINOT, N.D. -- Investors Real Estate Trust announced today that its Board of Trustees has declared a regular quarterly distribution of 17.15 cents per share/unit payable on October 1, 2010 to common shareholders and unitholders of record at the close of business on September 15, 2010. Inland Real Estate Corporation Announces Joint Venture Acquisitions of Farnam Tech Center and Copps Food Center
Thu, 02 Sep 2010 05:30:00 -0700
OAK BROOK, Ill.----Inland Real Estate Corporation today announced the acquisitions through its joint venture with Inland Real Estate Exchange Corporation of the Farnam Tech Center in Omaha, Nebraska and a free-standing Copps Food Center store in Sun Prairie, Wisconsin. Wolf killings set to expand
Sun, 05 Sep 2010 18:15:34 -0700
Wolf killings set to expand By MATTHEW BROWN The Associated Press Updated Sep 6, 2010 03:36PM MDT Billings, Mont. • Government agencies are seeking broad new authority to ramp up killings and removals of gray wolves in the Northern Rockies and Great Lakes, despite two recent court actions that restored the animal’s endangered status in every state except Alaska and Minnesota. Various proposals ... Weekly Planner business calendar
Sat, 04 Sep 2010 22:10:29 -0700
University of Minnesota New Alumni Association. Football Returns to Campus: How TCF Bank Stadium is Engaging Our Community. 11:30 a.m., McNamara Alumni Center, 200 Oak St. S.W., Minneapolis. $35-$28. carlsonschoool.umn.educ/firsttuesday YOUR PLACE TO CALL HOME: Who does your Realtor work for?
Mon, 06 Sep 2010 01:03:38 -0700
You walk into an open house on Sunday afternoon and talk to the Realtor there about the home you are viewing. When you start to share information about your housing needs, the Realtor stops you and says, "We need to talk about agency."
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