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4 Smart Commercial Lending Tips

Business owners need commercial loans for a wide range of projects, such as purchasing new equipment, expanding your building, and more. If your company is in need of financing from a commercial lender, keep these tips in mind as you prepare, and contact Simplified Commercial Lending for commercial lending in Texas.

Have A Clear Plan

You’ve most likely done some research on the types of commercial loan programs available and have an understanding of how much money you need and the best method by which to secure it. Now comes the planning stage. Work with your team (if applicable) and write up how your business will implement this capital into its growth plan, what it will do to ensure timely repayment, and what milestones you expect to achieve as a result of having this extra funding. This document becomes your application’s blueprint — lenders want to see that you have a well-thought-out plan, and can back it up with research and data.

Be Prepared For Questions

Once you’ve prepared a detailed business plan, it’s time to put together the other elements you’ll need to be able to answer the lender’s question and secure the capital you need. In addition to knowing your company’s financial status — compiling previous three years’ income statements and balance sheets — it’s a good idea to know how much money you currently owe on equipment or other existing debt. Lenders may also ask for tax returns, profit & loss statements, and W-2s.

Demonstrate A History of Success

Lenders want to see a company that is trending upwards, not just one that has managed to stay afloat. In addition to having a well-developed business plan, it’s important to have a track record of success in your industry. If you can demonstrate stability and growth, it will give the lender confidence that you’re a low-risk investment.

The Simplified Commercial Lending Team has the experience to find the best rates and terms for your commercial mortgage or business financing needs. We specialize in apartment loans, office, hotel, industrial, or retail property loans. Ready to get started? Contact us today in Texas.