The Beginner’s Guide to Lenders

How to Use Technology and Speed-Up Commercial Loans Application Approval

It does not matter whether you are a broker or a borrower, but timing is one of the most crucial things for quicker commercial loans approval. This helps you and the lender to close a deal within the shortest time possible, without unnecessary delays that may interfere with the business. So, if you want to get commercial real estate financing at the right moment, timing should be the ruling factor.

But, what is the homework for a borrower if he or she cannot trace the documents needed by the lender. Many businesses will just give it time and wait as they find the documents and send to the lender. Of course, you will wait if you don’t have an easier way to get the documents delivered to the lender as soon as possible. Definitely, a business owner must be very proactive to find and deliver the documents to prevent the business from collapsing.

Today, information is with us as long as you can access the internet. The utilization of the technology is an ideal method to save your business from downturn and unnecessary closing due to financial problem. Unluckily, sometimes a number of people may not be aware of using the technology to speed up the loan approval. However, in this article we shall how you can get the required information without relying entirely on paper documents.

A business person looking for a commercial loan should present pictures of collateral or property to the lender. The lender may receive the pictures from the borrower after being taken using a camera right from the property’s site. However, why waste hours or days taking the pictures and then hassle more while delivering them to the lender? The property pictures can be obtained from the internet using the Google Earth. This tool is quite useful because you can get real-time pictures of a physical situation at any geographical location. But, it is recommended to ensure you check the date so that you don’t send out-of-date pictures. However, you can assure the lender the real-time pictures will be sent during the loan approval process.

The lender also requires knowing the property details such as property size and any other valuable thing within the premise. You should not waste so much time trying to dig up the details because the lender may also find it hard to trace information about the property. The ideal way to get the information is by use of an online tool known as LoopNet because it gives history of properties and other details. It is a free tool which can let a lender know if the property is legally owned by the borrower. It is advisable to send the property details to the lender within the shortest time possible after submitting a loan request. Saving time is very important because the loan will be utilized at the appropriate time. The good thing with the whole process from loan application to approval is done online.
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