Thinking about applying for commercial loans Vancouver? Even if you’ve obtained a home mortgage before, you may not be prepared for the challenges of the commercial real estate process. From the fees you’ll have to cover to the potential pitfalls, this advice will help you to get ready for the lending process.
Focus On Local Lenders
If you want to get a better deal on your loan, you’ll want to work with lenders that are in the Vancouver area. Local lenders will have a stronger understanding of the Vancouver market, and because of this, they’re likely to offer you a loan with better terms. Staying local also means you can meet with lenders in person to negotiate terms.
Talk to More Than One Lender
Meeting with multiple lenders will allow you to compare rates, and it can also be a way to safeguard against some of the more common issues that people encounter when applying for commercial loans. Loans can fall through, and not every lender in the area will be willing to work with you. Look into a range of options so that you have a higher chance of success. Speaking to different lenders can also give you a chance to compare fees.
Be Prepared to Wait
If you’re hoping to secure the funds you need quickly, you may be in store for a disappointment. It’s not unusual for commercial loans Vancouver to have a very long processing time. In fact, it’s extremely common for the loan processing time to exceed the estimate from the lender. That’s why you should give yourself as much lead time as possible. Ideally, you should apply for your loan at least three months before you need your funds. A wait may be unavoidable, but you can keep delays from creating a hassle for you.
Alexa Capital Corp.
1687 W Broadway #50, Vancouver, BC V6J 1X2, Canada