Reply To: Commercial Real Estate

Avatar of Richard FerradinoRichard Ferradino

In my experience I tell my lender what type of commercial property I’m looking to purchase and ask for a relationship letter if he’s not able to give me a pre-qual letter. Sometimes the bank board will have to approve the property or the buyer before they give a pre-qual letter, but a bank relationship letter is good to use until then. If you don’t have one you should have your personal financial statement ready to give to the bank, and you can work on getting all the bank requirements while doing your due diligence on the property. Typically on deals I’ve done I see 30 days financing contingency after the due diligence period is over with the option to extend for an additional timeframe, and that’s when you get your appraisal and bank stuff done.

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