Commercial Loan Process

Getting a commercial loan is almost as bad as going to the dentist. Lenders seem to ask for every obscure document available. Typically as the loan amount increases, so does the due diligence. No detail goes unnoticed and no rock unturned. This is probably the most painstaking part of trying to obtain traditional financing for your business. This process can be frustrating and strenuous.

At the Hoffman Consulting Group we empathize with you. We know this process is difficult and drawn out. We strive to set proper expectations through the process and help you understand the purpose behind the details and documents requested. This enables us to prepare an accurate picture of your business to the lender.

As you may have experienced, or suspected, commercial loans are not like personal loans. They take more time and due diligence. Give yourself lead time of about 45 to 60 days to prepare for financing. You will not get next day funding from traditional lenders. This time will be crucial for you and the lender to work through the necessary details of your loan request. This lead time will save you and the lender some anxiety in the process.

If you are declined for a commercial loan do not settle for a decline letter alone. Ask questions and get them answered. Make sure you understand what they are looking for and why. This will help you prepare for future financing needs. You have more control if you understand the rules of financing. This control will not allow you to manipulate lenders, but it will prepare your business to be a credit worthy.

If you would like an expert to help you through the process please contact the Hoffman Consulting Group.

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