Cash Out Commercial Refinance No Advance Fees Nationwide

Commercial Loan Refinance Tips

Refinance loans are the most common commercial real estate loan. There are key detail items that lenders consider when reviewing this loan type.

First, what is the reason for the refinance and why are you not working with your current mortgage holder?

Questions your new lender will have are; did you violate a covenant in your current mortgage agreement? Did your property drop in value? Are there economic problems in the area your property is located? Do you have personal net worth or liquidity issues? Did you shop your loan request to death creating high risk profile with too many credit report inquiries in a short period of time? Just to name a few.

Be prepared to answer these questions.

Second, the commercial refinance loan criteria are very straight forward. Your maximum loan to value will be 60%. You will need to have a minimum personal FICO score of 680 with no bankruptcies in the previous 7 years. Your personal net worth will have to be equal or greater than the gross refinance amount and the occupancy rate will have to be 80% for a conforming loan.

Third, the supporting documentation will be the review of the last three years of your personal and business financials as well as rent rolls. If there are improvements to the subject property you will need to submit a detailed plan with the necessary permits.

The key to a smooth refinancing process is to be truthful on your loan application and to fully cooperate with the due diligence and underwriting specialists, this is how I do it approach does not work. If you don’t cooperate and misrepresent material facts, you will most likely not receive your commercial loan.

At Winston Rowe & Associates, their primary objective is to provide the most reliable and efficient means of sourcing both debt and equity for your commercial real estate loans.

Guide To Refinancing A Commercial Mortgage Winston Rowe & Associates

WINSTON ROWE & ASSOCIATES REFINANCING COMMERCIAL MORTGAGE

 

Winston Rowe & Associates, a no advance fee commercial real estate finance and due diligence firm. Savvy commercial real estate owners have been turning to them because of their service, integrity and competitive rate and terms.

You may have many reasons for refinancing a commercial mortgage, from avoiding an upcoming balloon payment to lowering your long-term interest rate. But troubles in the commercial real estate sector mean the landscape has changed for businesses that want to work with lenders.

1 What do you Need a New Loan:

Consider carefully why you want to refinance. If you need money in hand for repairs or improvements, you may be seeking a cash-out product. If your current loan product has an adjustable rate, which makes month-to-month cash flow projections much more difficult, you will probably want to investigate a fixed-rate loan. If you have a balloon payment coming due, you will want to refinance into a new loan to avoid that liability.

Knowing what your long-term business goal is will guide you as you choose a loan product and even decide whether refinancing is cost effective or possible.

2 Supporting Documentation:

Prepare all of the documents the lender will need to assess your business. These will include tax returns, balance sheets, profit and loss statements, and a projected cash flow for the project you want to refinance. Many mortgage lenders will require a well-thought-out business plan.

3 The Value of the Property:

Be aware of the current valuation of the property you want to refinance. Especially in the current climate, the property’s value may have changed significantly since the original mortgage funding. This will change your loan-to-value calculation, or LTV, and may even mean you have to come up with additional equity in order to qualify for a refinanced loan.

4 Can You Make The Monthly Mortgage Payments:

Use a debt service calculator tool to make realistic projections of whether your monthly income on the property will cover the mortgage payments for any particular loan product.

5 Personal Credit History:

Consider how your credit may affect the transaction and talk this over with your prospective lender. Bad credit will restrict your options, and can often mean a higher interest rate, but it is still possible to obtain refinancing with less-than-perfect credit. Another vehicle that lenders often use with clients with bad credit is a balloon payment mortgage.

These can prove worth considering, but you should exercise extreme caution, as you are probably committing yourself to another refinance in the near term, with all the associated costs.

6 Advance Fees for Due Diligence & Loan Processing:

Winston Rowe & Associates does things differently, they never charge upfront or advance fees, so find out all the upfront costs of any loan you are considering. They may include appraisal fees, title insurance, environmental reports and lender processing fees–often running into thousands of dollars.

Here is where is it worth considering whether to go with a deal from your current lender, which may lower some of the third-party fees, or whether a competing lender is willing to offer you a deal on its own fees in order to win your business.

You should learn how much of these costs you can roll into the loan amount, and how much you will have to pay out-of-pocket.

At Winston Rowe & Associates, their primary objective is to provide the most reliable and efficient means of sourcing both debt and equity for your commercial real estate loans.

Winston Rowe & Associates provides no upfront commercial real estate loans in the following states.

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,  Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia,   Washington, Washington DC, West Virginia, Wisconsin, Wyoming

Commercial Loan Refinance Tips Winston Rowe & Associates

 

Commercial Loan Refinance

Winston Rowe & Associates a no upfront fee commercial real estate advisory and due diligence firm specializes in the financing of commercial real estate transactions in the United States and Internationally.

They have prepared this article to provide advice for refinancing commercial real estate.

For more information about Winston Rowe & Associates and their commercial loan programs, they can be contacted at 248-246-2243 or visit them on line at http://www.winstonrowe.com

Refinance loans are the most common commercial real estate loan.

There are key detail items that lenders consider when reviewing this loan type.

First, what is the reason for the refinance and why are you not working with your current mortgage holder? Questions your new lender will have are; did you violate a covenant in your current mortgage agreement? Did your property drop in value? Are there economic problems in the area your property is located? Do you have personal net worth or liquidity issues? Did you shop your loan request to death creating high risk profile with too many credit report inquiries in a short period of time? Just to name a few.

Be prepared to answer these questions.

Second, the commercial refinance loan criteria are very straight forward. Your maximum loan to value will be 60%. You will need to have a minimum personal FICO score of 680 with no bankruptcies in the previous 7 years. Your personal net worth will have to be equal or greater than the gross refinance amount and the occupancy rate will have to be 80% for a conforming loan.

Third, the supporting documentation will be the review of the last three years of your personal and business financials as well as rent rolls. If there are improvements to the subject property you will need to submit a detailed plan with the necessary permits.

The key to a smooth refinancing process is to be truthful on your loan application and to fully cooperate with the due diligence and underwriting specialists, this is how I do it approach does not work. If you don’t cooperate and misrepresent material facts, you will most likely not receive your commercial loan.

At Winston Rowe & Associates, their primary objective is to provide the most reliable and efficient means of sourcing both debt and equity for your commercial real estate loans.

Winston Rowe & Associates provides no upfront fee commercial loans in the ensuing states.

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, Wyoming

Things To Consider When Refinancing A Commercial Loan By Winston Rowe & Associates

Things To Consider When Refinancing A Commercial Loan By Winston Rowe & Associates

Are you looking into a refinance of your current commercial loan agreement? Or has your bank offered to discount your current mortgage? When thinking of your modification, it’s the benefits that you should consider carefully.  This is why savvy commercial real estate investors have been turning to Winston Rowe & Associates a no upfront fee company with a reputation for quality underwriting, fast turnaround, and excellent service,

Why Consider A Commercial Loan Refinance?

Interest Rate Changes

You may have heard other lenders and there offering of low interest rates, or your loan could be tied up with a high interest rate. In such cases it might be possible to refinance loan agreements with another lender or even renegotiate your loan terms with your existing lender.

Extend The Loan Term

Increasing the amortization period from 20 to 25 years, can have a significant impact on the repayment amount. Your overall interest payments would be higher, buy your cash flow would be made healthier by reducing your regular payments. In most cases, business that are having problems making payments can be helped by improving capital in this way.

Cash Out

If you’re lucky and have equity within the business pulling out some cash could free up some spending capital. This can offer at least two major benefits, namely enabling you to invest the capital at a good rate of interest or provide you with a cash sum to enable expansion.

Consolidate Multiple Loans On The Property

You may have a few loans that can be combined into better terms. Many business owners that refinance commercial loans through combing loans in this way can save a great deal in their monthly repayments, particularly useful in a business that relies in a strong cash flow situation.

In your reasoning for refinancing or modification of the loan, there needs to be benefits to you. Otherwise there is no logic in doing so.

This benefit can be related to improved cash flow, tax benefits or expansion through the acquisition of capital assets such as equipment, increased office space or improved manufacturing facilities.

Now let’s consider ‘How’ you are going to refinance your loan

You can either refinance your loan with your existing lender or with an alternative, like Winston Rowe & Associates. If you cannot refinance your loan you might do a commercial loan modification.

Many business owners tend to change their lenders for a better deal: a lower interest rate, longer period, reduced debt amount, or eliminate late payments. A clean loan modification, can and will generate positive results for you as well.

Through Winston Rowe & Associates efficient, end-to-end commercial real estate financing solutions they provide commercial mortgage capital to owners of all commercial property types. With flexibility and speed of execution, they are able to offer a broad range of financing capabilities.