Are you a real estate investor who has found a light industrial commercial property that you want to purchase, but you're having trouble finding a bank or credit union to fund the purchase? In this blog post, we'll discuss how you can find the right lender for your property and how a commercial mortgage advisor can help you get the best terms for your loan.
Finding the Right Lender for Your Light Industrial Property
As mentioned in the video, if your property's purchase price is less than $2 million, you will likely need to find a community bank or a Federal Credit Union that specializes in lending for light industrial properties. These types of lenders are more likely to be interested in funding your property and may offer better terms than larger banks that deal with larger commercial loans.
However, finding the right lender can be challenging, especially if you're not familiar with the local market. This is where a commercial mortgage advisor comes in. A commercial mortgage advisor can help you find the right lender for your property by inputting all the necessary data, including rent rolls and other information, into their system. They can then get your loan application in front of a handful of their credit union and bank partners, which can expedite the process and help you find the best terms for your loan.
The Importance of Working with a Credit Union
When it comes to finding the right lender for your light industrial property, working with a credit union can offer several advantages. Most credit unions, especially Federal Credit Unions, do not have a prepayment penalty, which can save you money if you decide to pay off your loan early. Additionally, credit unions may offer better terms than other types of lenders, such as larger banks, which can help you save money over the life of your loan.
Book a Call with a Commercial Mortgage Advisor
If you're having trouble finding the right lender for your light industrial property, we recommend booking a call with a commercial mortgage advisor. They can help you navigate the lending process and find the best terms for your loan quickly, which is crucial when you have a deal under contract. A commercial mortgage advisor can also provide you with term sheets and quotes from various lenders, allowing you to compare the terms and choose the right lender for your property.
Conclusion
Finding the right lender for your light industrial commercial property can be challenging, especially if you're not familiar with the local market. However, working with a commercial mortgage advisor can help you expedite the process and find the best terms for your loan. Additionally, working with a credit union can offer several advantages, such as better terms and no prepayment penalty. If you're a real estate investor looking to purchase a light industrial commercial property, we recommend booking a call with a commercial mortgage advisor to help you find the right lender for your property.