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The weather turned frightful for large loans that missed the extended window of 3 - 4.6%. Although it’s always best to see the lowest possible interest when borrowing, sometimes time is the boss. It isn’t always prudent to refinance early - especially if you’re holding a loan with a prepay penalty. Making the best of a rate challenge involves looking at the long-range forecast and planning the types of deductions that create the most growth over the course of the length of your loan. Whether you’re getting a new loan or you're refinancing an existing loan, avoiding a prepay penalty may be your best move.

If you’re looking for your first commercial financing, learn from the ground up: Borrowing 101: Who Needs a Broker?

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Borrowing 101:  Who Needs a Broker? Starting a business is exciting. The creative aspects of your product or service are tailored to your vision, and your best business model is critical to success... https://garychromiak.co/blog/borrowing-101-who-needs-a-broker… #GaryChromiak #corporate

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Business 102: Clarifying Goals and Succession Planning. Congratulations; you’ve launched your company and after nurturing your vision, setting your goals, and marketing your product, your business is in the black... https://garychromiak.co/blog/business-102-clarifying-goals-and-succession-planning…

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Visit our new website at Gary Chromiak and G-Ray Commercial for information and resources regarding commercial loans.

[chromiakgary]

Bank-Speak 103: Defining Terms & Decoding Acronyms

Nothing has the power to say, “I’m your mark,” as does sitting dumbfounded in a conversation you don’t understand. Language is a powerful tool and one that can be employed as a formidable weapon... https://www.garychromiak.co/.../bank-speak-103-defining...

#GaryChromiak#GRayCommercial#commercialloans#loans#businessloans#businessloanbroker

[chromiakgary]

So, you’ve got your ducks lined up in a row… good business plan, great product, capable representation, and yet - no loan!

If this has happened to you, the issue may be presentation. A commercial loan is an entirely different ballgame than the loan you took to buy your car. You not only need to be financially viable as an industry, but you also need to look good on paper. Assuming your numbers support the size of loan you need, a lender needs to see you qualify according to the bank’s parameters. An appraisal is required. In order to qualify for the needed appraisal, you’ll need to provide the commercial property’s income as well as expenses. Among many other items, have your personal financial statement ready to go. If you have a mixed-use property, expect to provide a rent roll along with essentials like utility costs, tax history, and maintenance expenses.

You may very well have all these items and more available in a file. It’s also possible that they’d need to be gathered, organized, and systematically presented to be conspicuously supportive of the amount you’re hoping to borrow. Your best prospect for a successful closing is an impressively succinct application. That’s where your relationship with your broker starts. Loan Process with Gary Chromiak at G-Ray Commercial >

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This season G-Ray Commercial has celebrated an inspired resurgence of successful loan closings. As you’re probably aware, the pandemic’s lull evolved into an extended spell of low rates and competitive terms. Most recently, the market’s shift effected banking with daily changes to those numbers. Recent weeks sent customers into a flurry of financing activity. As the climate shifted from the high 3’s to over 6%, business owners strove to acquire their best possible loans. Stay tuned for updates. By the way, if you’re new to the lending process, learn the basics with Borrowing 101: Who Needs a Broker?

[chromiakgary]

Borrowing 201: The Good, The Bad, and The SBA

Once you’ve established the nature and needs of your business, you’ll buy before you sell. The loan you’re seeking is a commodity, and it’s important to understand exactly how much it will cost.

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