Church Loans and church financing with no guarantees
27th October 2006, 07:23
Church Loans and church financing with no guarantees. If you are looking for a loan your bank is unwilling to offer (such as a 90% mortgage with a 30 year fixed rate) you may want to look outside the bank. Traditional bankers have a working knowledge of the products that their bank may offer, but a mortgage consultant specializing in automotive properties will be aware of any niche products for your industry and can sometimes offer terms much more favorable than your local bank.
There are steps you can take to minimize your interest rate risk. You could first deal with a lender that specializes in automotive properties. There are many lenders that do not require the full “relationship” that the bank requires. In bankers speak, relationship = your deposits. As long as you are aware of the time to complete the necessary due diligence and the loan to value guidelines associated with automotive properties, financing them can be almost as simple as other commercial property types. You may also want to try to find a loan that is fixed for the life of the loan. If this is a product that you want, or if you want to put down less than what is typically required, it would make sense to contact a lender or mortgage consultant that specializes in automotive properties.
In an effort to identify any possible property contamination, most lenders will engage the use of an environmental company which will conduct either a Phase I or a Phase II environmental report. A Phase I environmental is essentially an inspection ordered by the lender. The average cost for this report typically ranges in the $1,000 to $2,000 range. This service is provided by environmental firms and the scope of the report typically covers three areas:
1) A review of government records and communication with the appropriate officials regarding the subject and adjacent properties
2) A site inspection of the property and improvements made to the property
3) An evaluation of the findings and presentation of said findings and recommendations in a written report.
Contact Us
info@churchloans.info or call (800) 710-6762 to speak with a representative.)
For more details Log on to www.churchloans.info
Address:
1135 Heatherstone Dr, Suite 102
Fredericksburg, VA
22407
(800) 710-6762 ext 1
Church Loans | Mortgage Calculator | Church Financing | Church Loan Broker | Church Loans VA | Church Constructions
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Church Loans and church financing with no guarantees
27th October 2006, 07:22
Church Loans and church financing with no guarantees. If you are looking for a loan your bank is unwilling to offer (such as a 90% mortgage with a 30 year fixed rate) you may want to look outside the bank. Traditional bankers have a working knowledge of the products that their bank may offer, but a mortgage consultant specializing in automotive properties will be aware of any niche products for your industry and can sometimes offer terms much more favorable than your local bank.
There are steps you can take to minimize your interest rate risk. You could first deal with a lender that specializes in automotive properties. There are many lenders that do not require the full “relationship” that the bank requires. In bankers speak, relationship = your deposits. As long as you are aware of the time to complete the necessary due diligence and the loan to value guidelines associated with automotive properties, financing them can be almost as simple as other commercial property types. You may also want to try to find a loan that is fixed for the life of the loan. If this is a product that you want, or if you want to put down less than what is typically required, it would make sense to contact a lender or mortgage consultant that specializes in automotive properties.
In an effort to identify any possible property contamination, most lenders will engage the use of an environmental company which will conduct either a Phase I or a Phase II environmental report. A Phase I environmental is essentially an inspection ordered by the lender. The average cost for this report typically ranges in the $1,000 to $2,000 range. This service is provided by environmental firms and the scope of the report typically covers three areas:
1) A review of government records and communication with the appropriate officials regarding the subject and adjacent properties
2) A site inspection of the property and improvements made to the property
3) An evaluation of the findings and presentation of said findings and recommendations in a written report.
Contact Us
info@churchloans.info or call (800) 710-6762 to speak with a representative.)
For more details Log on to www.churchloans.info
Address:
1135 Heatherstone Dr, Suite 102
Fredericksburg, VA
22407
(800) 710-6762 ext 1
Church Loans | Mortgage Calculator | Church Financing | Church Loan Broker | Church Loans VA | Church Constructions
Permalink | 0 comments | 0 trackbacks | Post Comment
