Commercial Loans Basics for Beginners

Are you planning to take a commercial loan for the first time? If yes, you should be very careful from beginning till the end. Before you contact a commercial loan service provider with your requirement, you should know the basics of commercial loans and their uses. 

Commercial loans in Bay Area are a form of loan provided to a business or a person by a financial institution and are available with fixed or changeable interest rates. They are structured to meet the needs of the borrower for their commercial projects and business. If you are a borrower, you can take these loans for buying an investment property, commercial real estate, existing or established business, new construction and development, buying equipment and inventory and operating expenses or working capital.

While applying for commercial loans in Bay Area, your loan provider will ask you to bring many financial documents. You need to provide business and personal tax returns for last three years, including all schedules. Your financial statements including your balance sheet and income statement with all relevant details should also be furnished to your commercial lender. If you are a new business, you should provide completed business plan with monthly projections for at least one year.

Before applying for a loan, you need to answer many important questions in order to determine which type of loan is right for you and which money lender is best for you. Even you can take help of one of the top real estate agents in Silicon Valley to help you determine the best deal in regards to commercial loans.

Here are a few questions you should answer before applying for commercial loans in Bay Area.

• ·         What is the amount of loan you need?
• ·         Why you need the loan?
• ·         How soon you will need the loan?
• ·         Who long will you take to pay it back?
• ·         How long have you been doing business?
• ·         What is current financial state of your business?
  

Answering the above questions will help you determine if you are eligible for getting commercial loans or not.  As already discussed, you can take help of a professional to make the entire process hassle-free. Take help of Cynthia Trinh if you are looking for excellent help. She is one of the top real estate agents in Silicon Valley who has been helping businesses and individuals in acquiring loans at a good interest rate. Her knowledge and experience are unmatched in the industry.