Securing a US Commercial MortgageWritten by Commercial Lifeline
What’s most efficient way to secure a US Commercial Mortgage? Work with a mortgage broker who specializes in this area. If you’ve ever applied for a loan, you’re familiar with mountain of paperwork you are required to complete during process. The lender takes applicant’s information, runs it thought their guidelines and formulas and after waiting many weeks, a decision is made to either approve or deny loan. If approved, transaction can proceed. If denied, applicant has to begin process all over again.US commercial mortgage lenders use guidelines similar to those used when applying for a residential loan. The applicant must provide a good reason for needing loan. The property must have an acceptable appraised value. The location of property is also considered. The credit history of applicant, including financial condition of business is thoroughly investigated. In addition, commercial mortgages require significant collateral to secure loan. This can be in form of business equipment or inventory, personal or other properties, heavy machinery, or any asset with a significant value. But even most carefully prepared and well-documented commercial mortgage applications can be declined. When this happens, applicant has no other choice than to start tedious commercial mortgage loan approval process over again. Weeks go by, opportunities are lost, and still outcome remains unknown. How many times do you want to go through this process? Most applicants agree correct answer is only once. The way to achieve this goal is to work with an experienced and reputable US commercial mortgage broker. A broker takes your one completed commercial mortgage application and submits it to many different commercial lenders, all at same time, which greatly increases your chances of approval and saves you a considerable amount of time.
| | Top Ten Reasons People File for BankruptcyWritten by Bankruptcy Home
1. Eliminate legal obligation to pay many of your debts.. This process of wiping slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared. 2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage. If your home is in foreclosure, Chapter 13 Bankruptcy will stop foreclosure any time prior to sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind). <stop foreclosure> 3. Prevent your car or other property from being repossessed. Even if creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal property (if bankruptcy is filed quickly enough). The past payments you have missed will be consolidated into your Chapter 13 Bankruptcy plan. After this you will no longer pay finance company, rather you will make monthly payments to trustee of your Chapter 13 Bankruptcy who will then pay finance company. 4. Reduce or even eliminate high medical bills. Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce amount of medical bills. 5. Recent loss of employment. Studies show that loss of work is one of most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without help of bankruptcy.
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