Since many people are getting into the commercial real estate market in Cleveland, questions about financing are never far behind. Cleveland investment properties come in all shapes and sizes, from single family rentals on up to large office buildings and manufacturing facilities. Similarly, no two lenders are alike, so finding the right match for your requirements may take some research. We have put together a few of the things commercial real estate investors should look for when shopping around for lenders.
Your Lender Should Understand Local Property Markets
Not many traditional lenders understand local property markets. Even in the Cleveland area, local banks may not follow trends in local investment properties, the needs of buyers and renters, or even how something like a fix and flip project works. That is not the fault of the banks. Banks understand banking and bottom lines, they shouldn’t have to monitor Cleveland investment properties. However, there are some lenders who have experience with the various Ohio property markets, and provide financing tailored to the size and scope of specific property types.
The Steps To Receive Funding Should Be Minimal
Traditional lending institutions have an internal chain of command, as well as federal regulations. Both can result in a lot of red tape between the initial application for financing, the approval process, and the disbursal of funds. Cleveland investment properties offer time-sensitive windows of opportunity. The longer a local investor is waiting on a loan, the greater the chances of missing those opportunities or having projects put on hold, which reduces the profit margin. The right lender will be able to sidestep the bureaucracy and arrange financing quickly and efficiently to keep transactions and projects on track.
Find A Preferred SBA Lender
SBA loans follow the same guidelines wherever you go, but not all lenders handle SBA loans requests the same way. Some are designated as preferred lenders. Preferred lenders can expedite SBA loan requests for Cleveland investment properties and negotiate the most favorable terms and interest rates. Traditional lenders still have to use the interdepartmental chain of command to process basic loan requests.
Financing Options For Cleveland Investment Properties
A-Key Funding Solutions provides a wide range of financing options for Cleveland investment properties. Whether you are just getting into the field, or if you are a seasoned professional, our team has the years of experience to provide solutions tailored to your needs. Contact our offices today to get started.