GoKapital Commercial Mortgage
Most businesses are started and run by loans. This means that if you want to start a business, the first option you take is to look for a loan. So where can these loans be found? Many would think of banks since they are the ones offering most commercial loans. The banks may however not be the best options when other considerations come in. This is why you need to think about private lending companies like Gokapital in Miami, Florida.
Will I qualify for a commercial mortgage?
Commercial mortgages are offered by different business entities. You may want to know whether you can qualify for one. First, ask yourself what commercial mortgage is. Commercial real estate is the loan you take from a financial institution to help you run businesses only. Therefore, if you are planning to start a small business or even a commercial enterprise, a commercial loan is the ultimate solution.
Banks are strict in the issuance of loans.
This is because of the great recession that has been experienced in the past. If you were to take a commercial loan from a bank, they would require you to have an almost perfect credit score! Having a credit score of at least 680 is a reserve for a few. Even those with credit scores of 680 are not safe. You need to have scores of up to 700 to have the best service in the commercial mortgage business with banks. It is therefore imperative that many will be locked out by the banks in terms of loans. A better solution needs to be sought.
At GoKapital, things are different. We are offering a commercial mortgage at the best rates. Better still, you can now access the loans even with poor credit! We offer commercial mortgage solutions that fit the common citizen. Funds offered as commercial loans at GoKapital are for different uses. Be it commercial office buildings, warehouses, hospitality sections, retails and multi-family apartments.
Our loans are offered at affordable rates. The terms are up to 30 years for properties built with loans from our company. You will also get financing of the commercial loans ranging from $50,000 to $50,000,000. This means you have a wide scope to choose from. Transactions within the commercial mortgage sector at our company are streamlined to work with ease. There are programs for the self-employed citizens as well as the salaried employees. Once you get funding for a property, for instance, an office or multi-family apartment, you can use the proceeds to refinance your loan.
If you got your loan from a bank, there would be stringent requirements on where the money will be pumped into. Commercial mortgage from banks is limited to limited liability companies or corporations. This makes it difficult for you to get a loan as an individual. At GoKapital, individuals can take loans to suit their needs, whether they are part of a company or not. It is, therefore, easier to obtain commercial loans from a private lender like GoKapital than a commercial bank.
On the other hand, commercial lenders are now keen to ask for collateral to give out a commercial mortgage. This means that it will be difficult for the average citizen to provide a car, land or title deed to that effect. The collateral required ranges between 75 percent to 80 percent of the loan to value worth. This means that collateral required needs to be kept high. It is, however, lower at this point due to the great recession. Lenders will now ask for collateral that is between 58 percent and 65 percent of the loan value. At GoKapital, assurance for the loan or collateral is not fixed at high rates. The business entity being set up is expected to refinance the mortgage. As such, you will have an easy time taking the loan and working towards repaying it within the required period.
To qualify for a loan from Gokapital, you will be required to meet the requirements of a general loan program with the company. The general requirements are profitability and avoidance of bankruptcy. For commercial mortgage, the following are most critical for qualification:
• Credit worthiness of at least 550
• A duly signed GoKapital loan application form
• Monthly revenue sufficient to cover loan repayments from the business
• A down payment of between 30 to 40 percent of the product purchase price
• 4 month of business operation
• Less than 7 days of negative balances indicated on the bank statements
The above requirements are fixed for a commercial mortgage. You may as well have a look at the interest rates and contrast with other commercial lenders. Commercial real estate loans tend to have a higher interest rate as compared to a residential mortgage. If you happen to be starting your business for the first time, there is a higher probability that your interest rates will be higher. Banks and credit unions have fixed their rates at 3 to 6 percent. This rate is lower with life insurers. At GoKapital, you will get better interest rates regardless of whether your business is a start-up or has been in the market for quite some time.
How to apply for a Commercial mortgage in Real Estate
The procedure for application is easy. The first requirement is to meet the criteria for the mortgage. You need to be legible for application as described above. Funding your business with GoKapital is simple and easy. There are just a few steps to follow and the process is deemed complete.
For online application, you need to follow the following procedure:
- Log on to the GoKapital website and choose online application form
- Fill in the form and submit it. This should take a few seconds
- Your eligibility is tested by the professionals based on all the general loan programs.
- A deeper analysis is then given to the commercial mortgage application
- You select your appropriate business loan. It should be commensurate with your business financial needs
- The loan is processed and approved. You can receive your money within two working days.
The loan application process is free of charge. You will not be required to pay anything to be issued with the form as it is done in other commercial lending businesses. There are a few questions you are asked. The responses you give are then used to evaluate the appropriate lending program.
The loan approval rate at GoKapital is up to 95 percent. This means that our client’s needs are well evaluated and given top priority. You can get your approval by either availing yourself physically or even opting to do an online application. You can also raise concern if not approved. The consideration can be given for an approval on a later date. At Gokapital, we give the customer top priority in all our business dealings.
Procedures for Multi-family and commercial institution loans
At GoKapital, commercial mortgage solution is offered for different entities. Be it single family residential, Multi-family residential, institutional or income generating business, the company gives commercial loans to fund their operations. Family units, however, will only be funded if they are not family owned. Real estate acquisition, offices, industrial properties and bridge financing are also offered by the company mortgage services. The loan for the above entities can be processed for a maximum of five working days. This means that once you apply for the loan, you can have your business up and running within one week of financing.
To qualify for real estate loans, it will take a few requirements. They include:
- The physical address and description of the property
- Bank statements dating for two months before submission of application
- A signed agreement on the sales and purchases
In Florida, we offer commercial real estate loans to the unemployed borrowers. The amount to be borrowed does not have to be fixed on any collateral. As such, you will have the opportunity to invest in flipping and fixing up homes. The funds can be availed within one to three weeks within the state of Florida. The requirement that ties the borrower is a 20 to 40 percent deposit and proof of a $5000 monthly revenue. Just contact our offices in Miami today and your needs shall be addressed appropriately.
If you need equipment financing, we can enable you to boost your services by giving you the required capital for purchasing work equipment. The programs at GoKapital have an aim of streamlining and expanding the client’s business. The advantage to the client is an increased cash flow through the reduction of monthly repayments.
Documentation required at GoKapital is simple and straightforward. The documents are obtained from the business and the entrepreneur himself. The trained professionals at GoKapital will approve the documents and process your loan within the shortest time possible. The closing date is set only once your application is successful. Through the commercial mortgage broker, all details are made in a manner to honor the interests of the client.
Applying for a commercial mortgage at GoKapital is easy. Unlike the commercial banks that have complicated procedures, GoKapital as a private lender gives the client top quality services. The procedures are easy and the client is accorded services within the shortest time possible. The rates are very competitive and there is n excellent customer service to all clients. Contact us today at 1-866-257-2973 to receive our exceptional services.