Three most important tips before apply for commercial Property loan. This blog post will let you know the 3 useful pre-steps to be followed when applying for loan. These three steps include Credibility, Down-payment and PFS. A brief description of these factors has been provided below:
Credibility:
Credibility is very important before going to any Financial institution or doing any type of paper work. Your credit report should have a score, means you shouldn’t be under any Judgment, Bankruptcy, or any other criminal cause.
Down payment (15% to 20%):
You must have cash as down-payment. The cash must be at least between 15 to 20 percent of the total property wealth. You need to show some cash to Financial Institutions and that you are able to purchase commercial Real Estate.
Attractive PFS (Personal Financial Statement):
PFS is very important for financial institutions. It should be very attractive. Financial institutions give prior importance to PFS (Personal Financial Statement) for determining and committing the loan amount. Your PFS may include assets such as property, insurance claim, liquid assets, and more. These assets should be heavy in worth, but not in quantity.
