How to Apply for Commercial Loans

The application process of getting a commercial loan can be quite daunting, especially if you aren’t sure what you’re getting yourself into. People always assume that it’s the same as the process you go through to get personal loans. But it is quite a different process all together. 

Waiting can be frustrating, there is lots of paperwork coming and going and it’s a long time before you can get your loan approved. 

One common way to do it is to use a broker. So read this:- 

When you submit your loan application, the reviewer, who is usually called a loan officer, will check all the paperwork you have submitted. He will check your credit history, income statement and collateral. If you need to submit additional paperwork the loan officer will let you know, you will then have to resubmit the application. 

Usually loan applicants have to provide extra information when it comes to certain types of loans such as, a loan for purchasing commercial real-estate. For this you will need to submit things like area environmental reports, area maps and appraisals. 

When all the necessary paperwork is gathered together in a loan packet, it is sent to a number of leading institutions, who will check the documents and decide if they should be approved. 

This process can be made easier if you use a broker. A broker may be able to make things proceed more speedily for you. You application will then be checked by loan committees or underwriters. They will provide you (the applicant) with a letter. 

This is called the ‘letter of intent’ it is just a preliminary-document which helps you (the applicant) and the potential money lender to decide what exactly is desired by both parties. This is an underwriting process. Extra paperwork might be needed, but it depends on the situation. It usually takes about a week for the decision to be made. 

The underwriter is always the best person to contact when you need to negotiate important offers and terms. Things like, interest rates and the repayment period. 

After the money lenders make their offer, you will need to go through the offers and choose the one which is the most attractive in regards to your business. Once you have chosen an offer that you like, you will need to sign your name to the ‘letter-of-intent’ from the bank you have decided on. Extra fees and deposits may also be necessary to finish the process of your loan application. 

If your loan has been approved a closing agent takes over and guides you through the many necessary formalities in order to close the deal. Once all the paperwork is finished, you’ll get your loan money as a check or it will be made over by direct debit, depending on what you have agreed on. 

Are Dreams, Wishes and Goals the Same?

This is a question that you may have asked many times, but have not yet received a satisfying answer. Well, wishes, dreams and goals are not at all the same. They may have near meanings, but there is a difference between the three of them. 

Often you have heard someone wishing something. Wishes are those often asked by a person. There can be thousands wishes of a person. It is something that one desires to have, but does not have it yet. There can be an endless list of wishes in a person’s life. It can be from buying a designer dress to almost anything. 

On the other hand, dream is something that a person visualizes someday. It is more like a goal that you visualize. Dreams give a person the motivation to stand up and move forward in life. Without dreams, a person’s life would have found no meaning or taste. 

A goal is a target that a person sets in life. In other words, you can also call it an achievement. However, all these three closely relates to each other. They are convertible. Only if a person wishes something, then he dreams of that thing; and only if he dreams of that thing, he gets the motivation to set it as a goal. Thus, you see that there is no existence of one without the other. All three complement each other. 

Wish makes a life colorful. Dream makes a life motivated. Goal makes a life purposeful. This is why these three things – wish, dream and goal are very important part of life. They help a human being to live happily. These three things helps a man to be optimistic and learn about the daily hectic of life. 

For instance, many people wish that they had a car, but unfortunately, they do not have the capacity to buy a lavish car. The next step for them is to dream and visualize that they have a car. This will help them to get the motivation to buy a car. Then, they will take the necessary steps to buy the car. Although it may not be possible at once, but they have to set, some other goals that will help them make money and finally achieve their goal of buying a car. Thus, everything relates to one another. 

In order to achieve the goal, you have to set our eyes on it just as an animal before catching its prey fixes their eyes on the prey. However, keep in mind that you must not forget the principles of your life while you set to achieve the goals. Most people often forget their principles of life and resort to dubious means in order to achieve the target. Keep away from them. If you feel that, the goals is not achievable for you, then leave it for the moment and make some other goal in your life that you find achievable for the moment. 

Thus, wishes, dreams and goals are needed to live a colorful life.