what are the requirements for a commercial real estate loan?
319439
['Have a deposit of 20% - 30%', 'Be a homeowner.', 'Have owned a couple of buy to let properties for a minimum of 24 months.', 'Have cash in the bank in the form of savings.', "Provide evidence of your income, whether it's from a salary, self-employment or rent."]
702218
['Age: must be at least 18 years old.', 'Education: must have successfully completed 60 classroom hours of real estate principles/fundamentals; in addition the 30-hour Course for New Affiliates must be completed.', 'Exam: must pass the affiliate broker licensing exam.']
976381
['Commercial Banking.', 'Real Estate.', 'Insurance.', 'Government Contracting.']
463389
Every state requires a license to sell commercial real estate. It is obtained by passing a written test that is administered after relevant coursework is completed. Most states make prospective agents complete 30 hours to 90 hours of courses, though a Bachelor's degree in real estate may bypass this requirement.
1347627
A degree from an accredited college or university is not necessary to become a commercial real estate Agent, but most states do require that you have earned a high school diploma or equivalent. Most states also require that you be at least 18 years of age and pass a background check.
83913
['Social security number for all borrowers who are listed on the mortgage loan. ... ', 'Proof of employment. ... ', 'Proof of income. ... ', 'Tax documents. ... ', 'Place of Residence. ... ', 'Bank account information. ... ', 'Credit information. ... ', 'Purchase agreement.']
482597
['General business license. ... ', '"Doing business as" license or permit. ... ', 'Federal and state tax identification number. ... ', 'Sales tax permit. ... ', 'Zoning permit. ... ', 'Home occupation permit. ... ', 'Professional/occupational licenses. ... ', 'Health permits.']
905367
You'll need to provide prospective lenders with proof of income and employment, a list of assets, credit reports, and details concerning the property you want to buy, along with personal identification and information. The actual loan approval process can typically take anywhere between seven and sixty days.
157845
['Loan Application Form. ... ', 'Resumes. ... ', 'Business Plan. ... ', 'Business Credit Report. ... ', 'Income Tax Returns. ... ', 'Financial Statements. ... ', 'Accounts Receivable and Accounts Payable. ... ', 'Collateral.']
1223062
These loans must be repaid in 10-20 years, depending on the loan offered, making them a suitable option for long-term financing. SBA lenders generally want to see a 10% down payment on the loan from the borrower. One final requirement for the loan is that any real estate purchased must be 51% owner-occupied.
559956
['At a glance: Generally speaking, borrowers need a good credit score of 600 or higher, a debt-to-income ratio no higher than 50%, steady income, and enough funds to cover their down payment and closing costs. ... ', 'Down Payment Requirements in 2019. ... ', 'Credit Score Requirements in 2019. ... ', 'Debt-to-Income Ratios in 2019.']
794894
Meet demographic requirements: Most lenders require you to be a U.S. citizen or legal resident with a Social Security number, be at least 18 years old, and hold a high school diploma or equivalent. Use the loan for education purposes: Lenders won't watch where you spend every dollar.
206854
['A zoning certificate.', 'A construction certificate.', 'A fire safety certificate.', 'A compliance certificate.', 'An occupation certificate.']
194101
['Minimum Credit Score: 660 (at least one of the three major bureaus)', 'Minimum Loan Amount: $400,000.00.', 'Minimum acreage (unless permanent planting operation): 40 acres.', 'Location: Property must be located within the lower 48 United States.', 'Income: Must have sufficient income to service all debts (personal and business)']
691626
Capital requirement: Unlike some other forms of real estate investment, you will need a significant amount of money to buy an investment property. In most cases, you'll need a minimum of 20% down, closing costs, and several months' worth of reserves in the bank.
1092939
['Identify your motivations for investing.', 'Evaluate different commercial property types.', 'Lock down your financing.', 'Build the right team for the job.', 'Identify a potential property in your market.', 'Run the numbers on the property.', 'Make an offer and close the deal.']
717633
Although loan officers need at least a high school diploma, advanced positions such as commercial loan officers will require a bachelor's degree in business, economics, finance, or other related fields.