Find Commercial Mortgage Lenders That Don’t Have Requirements After Closing
Some commercial mortgage lenders will require that if they finance your commercial loan, you must have a certain amount of deposits in their bank.
Likely, they will require a certain amount to be transferred before the closing, and a certain balance to be maintained after the closing (post close).
Also, some commercial mortgage lenders will require that you continue to report the financial well being of your company to them quarterly after the closing. So, here’s…
Your Questions
I thought I was done at closing. What’s all this about requirements after the closing?
How can I maintain a good relationship with my lender for years to come?
Real Answers
I thought I was done at closing. What’s all this about requirements after the closing?
We’ll explain...
Banking Requirements
Let’s imagine that you banked at ABC Bank for 5 years. But when you applied for a commercial loan, they turned you down. Disappointed, you went a couple blocks down to XYZ Bank. They said yes!
You get all the way to closing and find out that XYZ Bank requires that you transfer your deposits over to them and maintain a certain balance with them for the length of the loan.
Sounds reasonable, but most business owners still find it a hassle to change all of their banking information and transactions to another bank after spending years elsewhere.
What’s the best way to deal with this?
If you’ve already reached this point, try to maintain a relationship with both banks. Don’t completely close out your previous accounts.
On the other hand, if you are at the application stage of the process…
Pick up the phone and call us at Guide-to-Business-Loans.com at (800) 778-5361 anytime day or night.
We know the commercial lenders who do NOT require balance transfers at all! So be certain to leave a message to begin with our Pre-Application Consultation Program.
Also, this BONUS message will introduce you to…
Reporting Requirements
Certain commercial mortgage lenders require that in order to maintain their loan, your business must be producing a certain amount of income. If they find that your business isn’t producing this amount, they get afraid that you may default on the loan.
To keep themselves aware of your business’ financial state, they will require quarterly updates of your business financial statements.
Here’s the kicker. If they decide you are too risky, even years after the closing, they can call your loan and make it due and payable in full!
What a drag.
Many commercial mortgage lenders don’t have a post close reporting requirement at all. Be certain find out if your lender does from the very beginning.
If you have difficulty finding a lender that doesn’t require post close reporting, feel free to check with us at Guide-to-Business-Loans.com at (800) 778-5361.
So, you’ve come a long way with us. From application to closing and even post closing. You know if you’ll qualify, what to expect, and how to respond.
But where is the best place to go for your commercial loan? For a seamless transition from application to closing, you will find that the loan offices at Guide-to-Business-Loans.com are among the very best!
How can I maintain a good relationship with my lender for years to come?
If no one else in on your side, you can rest assured that the lender has vested interest in your remaining profitable as a business.
Even still, some commercial mortgage lenders stand above the crowd when it comes to treating you less like a transaction number and more like a human being.
At Guide-to-Business-Loans.com we work with lenders who are willing to communicate rates, terms, and conditions upfront. They are willing to share and discuss their analysis of your financial picture and educate you along the way.
What will they want from you in return?
- A realistic mutual understanding of the terms.
- Honesty. No false documentation please!
- Good, regular, and open communication, even if you’re running tight one month and won’t be able to make the payment. An upfront borrower is better than a silent borrower.
So just like any other relationship, mutual respect, honesty, and open communication from
- You
- Your broker and
- Your lender
Will result in your securing financing now and well into the future.
To start developing and maintaining long term relationships with lenders…
Just call us at (800) 778-5361
Request your free Pre-Application Consultation Program and begin building relationships with high quality lenders for a lifetime!
Return from Commercial Mortgage Lenders Post Closing Requirements to Business Loans
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