Thinking of taking out a loan on a commercial property? Here are 5 things Community Bank will take into consideration before potentially issuing a loan.
- Documentation – If your commercial property is owner-occupied, Community Bank looks at your business’s financial statements. If you’re an investor, the property’s operating statements are reviewed. Your personal financial statement is also an important piece of information that is used to screen a loan submission.
- Track Record – Community Bank considers the track record of all applicants. “If it’s an owner-occupied property, we’ll look at the client’s history with the property and how their business is performing. If it’s an investment property, we’re looking at the owner’s commercial real estate experience, in addition to the property’s performance and position within the market,” says Brian Staley, First Vice President, Deputy Real Estate Group Manager.
- Appraisal – An independent third party appraisal is ordered by Community Bank as part of the due diligence process to verify the property’s value.
- Character – As a relationship lender, Community Bank reviews and takes into consideration the character profile of the client.
- Due Diligence – “Our due diligence covers a full underwriting of both the property and the client. This includes a “Know Your Customer” background check that complies with federal lending regulations,” says Brian.
To learn more about our Commercial Loans, email us at email@example.com or call 1.800.788.9999.