Expanding to a new location or just renovating your current space is an exciting big step for a small business owner, for any business owner, so knowing the process before you get in too far. Learning to navigate and qualify for a commercial real estate loan in Denver is the best step to take being equipped for growing your business and saving capital.  

 

So what is a commercial real estate loan? 

 

Commercial real estate is the space you use primarily for your business. If you operate your business through an office space or retail space. If you are planning to purchase a new or existing property, you can take out a commercial real estate loan to help you finance the purchase and any construction or development moving forward. 

 

Applying and getting qualified for a commercial real estate loan? 

 

If you are gearing up to apply for a commercial real estate loan you will need to get your financial ducks in a row first. Commercial mortgages tend to have a more demanding underwriting process than a residential loan. With commercial real estate loans in Denver, having a clear and detailed business plan is crucial. Lenders will scrutinize your business, but they will also carefully consider the property you intend to buy and your plans with it. Make sure it’s all spelled out in your business plan so you can qualify for the loan amount you need. 

 

Depending on the size of your loan, you will also need to prove your business’s financial strength. Be prepared to provide 3 to 5 years’ worth of financial documents, such as assessment statements, tax returns, corporate accounting reports and any other relevant information to your business as well as personal financial information and credit history. 

 

Where to apply for your commercial real estate loan? 

 

Knowing the basics of commercial real estate loans, now it’s time to determine where you can find one. Commercial banks, credit unions, life insurers, CMBS and funding groups all give commercial real estate loans, so you have some options. 

 

Working with a funding group or hard money lender maybe your best option for getting approved for your loan in a quick manner. They focus on the current and projected value of your property. Note that commercial loan rates tend to be higher compared to banks, however, if you need a loan fast this could be your best option. 

 

If you are seeking a commercial real estate loan in Denver to put your business ahead, turn to Bold Funding Group to start the process. Fill out your application and get your business on the path of growth today – (303) 376-6232.