11 Jul Alternate Financing Can Help You Save the Deal
Whether you’re a loan originator trying to get a deal done, or a Realtor trying to close a sale, there are times when the commercial investment property financing options just aren’t what you want or need them to be. That can be frustrating for you, and equally frustrating for your clients who want to make their property purchase and grow their portfolios.
Fortunately, you can get alternate financing options that can help save the deal and get it completed to everyone’s satisfaction, so you can keep clients happy and move on to the next deal. Here’s what you need to know about no income verification and simple doc financing for commercial property purchases.
Private Money Loans Can Close Deals
A private money loan is different from a loan through a traditional lender. But if you’re trying to close a deal and facing a bank turndown, seeking alternative financing can make a difference.
Some loans require documentation your clients might not have, or there may be reasons they don’t look like good financing candidates with traditional lenders. Choosing to consider a private money loan could mean closing a deal that would fall apart otherwise.
No Income Verification Means More Options
Income verification and tax returns are both important for commercial investment property financing through traditional lenders. But sometimes those documents don’t reflect the entire picture. With that in mind, there are alternative financing options that offer no income verification and no tax returns.
That allows Realtors to help their buyers close the sale, and loan originators to close deals that their shops might not be able to work with. Alternate financing often helps out foreign investors, the self-employed, and others who have unique or more complicated financial situations, but who still have the means to make commercial property purchases.
A No Doc or Simple Doc Loan is the Way to Go
No doc and simple doc loans may be perfect for a particular financing situation, especially if a bank turndown is threatening to undo a deal that’s almost to the closing table. A no doc loan is exactly what it sounds like, and avoids the documentation that a bank or traditional lender would request. With a simple doc loan, your clients will only need some of the typical documentation, making it much easier to qualify.
There are some financial and employment circumstances that make using these kinds of loans a much better option. Realtors and loan originators want to be sure they can close deals and help their clients with commercial property needs. Alternate financing is among the best way to do that.
Bank Turndown? Reach Out to CCIG Today
If you’re a Realtor or loan originator trying to complete a deal, and you need help with alternate commercial investment property financing after a bank turndown, reach out to CCIG today. We offer options with no income verification and no tax returns, so your clients can get private money, no doc, or simple doc loan, and make their purchase.