Starting a business or expanding an existing one often requires significant financial investment. For most businesses, taking out a commercial loan is the most practical way to secure the necessary funds. With the help of Truerate Services, companies can get the financing they need to grow and thrive. In this article, we will explore the different types of commercial loans offered by Truerate Services and how they can help businesses achieve their goals.
About Truerate Services
Truerate Services is a top-rated commercial real estate advisory firm and anchored lender with a strong presence in the nation’s capital markets and investment sales brokerage. The company is committed to delivering top-quality commercial real estate services to businesses of all sizes. Their team of experienced professionals offers a wealth of knowledge and expertise in the commercial real estate market.
Truerate Services provides a comprehensive range of commercial loan services that cater to the diverse needs of their clients. These services include acquisition financing, refinancing loans, intermediate loans, bridge loans, Fannie Mae loans, Freddie Mac loans, FHA/HUD loans, and CMBS loans. The company has extensive experience working with a variety of property types, such as multi-family, industrial, hotel, and office properties.
How to Apply for Truerate Services Commercial Loan?
The process for applying for a commercial loan with Truerate Services typically involves the following steps:
- Contact Truerate Services: The first step is to contact Truerate Services to discuss your financing needs. You can do this by visiting their website, calling their office, or filling out an online form.
- Consultation and Prequalification: During the initial consultation, a Truerate Services representative will discuss your financing needs and help determine which loan programs may be best suited for your situation. They will also provide you with a prequalification letter, which outlines the loan amount and terms for which you may be eligible.
- Submit a Loan Application: Once you have determined the loan program that is right for you, you will need to submit a loan application. This typically involves providing documentation such as financial statements, tax returns, and property information.
- Underwriting and Approval: Truerate Services will review your application and supporting documentation to determine if you meet their underwriting criteria. If you do, they will issue a loan commitment letter, which outlines the terms of the loan.
- Closing: Once you accept the loan commitment letter, Truerate Services will work with you to finalize the loan documents and arrange for closing.
The process for applying for a commercial loan with Truerate Services is straightforward and typically takes several weeks to complete. It is important to work closely with their representatives throughout the process to ensure a smooth and successful outcome.
Types of Commercial Loans Offered by Truerate Services
Truerate Services offers a variety of commercial loans to meet the unique needs of different businesses. Below are some of the most common loan options available:
Acquisition financing is a type of commercial loan designed to help businesses purchase a new property or business. This type of loan can be used to cover the purchase price, closing costs, and other expenses related to the acquisition. For businesses that want to expand their operations by acquiring a new property or business, acquisition financing from Truerate Services can be a helpful resource.
A refinancing loan from Truerate Services allows businesses to refinance their existing commercial mortgage. This type of loan can help businesses save money by obtaining a lower interest rate or extending their payment period. Refinancing can be an effective way to improve a business’s cash flow and free up funds for other investments.
Mezzanine loans are used in conjunction with a first mortgage to provide additional financing for a property or business. This type of loan is usually guaranteed by a second lien on the property, and the borrower receives the funds as a lump sum. Mezzanine loans are often used by businesses that need to raise funds quickly or do not qualify for traditional financing options.
A bridge loan is a short-term commercial loan designed to provide financing for a property or business. The loan is typically paid off within a year and can be used to cover expenses such as renovation, construction, or rental costs. Bridge loans are often used by businesses that need immediate funding to bridge the gap between short-term and long-term financing.
Fannie Mae Loan
A Fannie Mae loan is a fixed-rate loan provided by the Federal National Mortgage Association. This type of loan is designed for financing multifamily properties with five or more units. Fannie Mae loans offer competitive interest rates and flexible terms, making them a popular financing option for many businesses.
Freddie Mac Loan
A Freddie Mac loan is a fixed-rate loan provided by the Federal Home Loan Mortgage Corporation. This type of loan is also designed for financing multifamily properties with five or more units. Freddie Mac loans offer similar benefits to Fannie Mae loans, including competitive interest rates and flexible terms.
FHA/HUD loans are insured by the Federal Housing Administration and are designed to provide financing for a wide range of commercial properties, including multifamily, medical, and senior care properties. These loans offer attractive terms and rates and are an excellent financing option for businesses that want to invest in commercial real estate.
SBA (Small Business Administration) loans are guaranteed by the SBA and are designed to provide financing for small businesses. These loans offer flexible terms and competitive interest rates, making them an attractive financing option for businesses that may not qualify for traditional bank loans. Truerate Services offers a variety of SBA loan programs, including 7(a) loans, CDC/504 loans, and microloans.
Truerate Services offers a wide range of commercial loan options to help businesses achieve their goals. Whether a business needs financing for a property acquisition, refinancing, or short-term funding, Truerate Services has a loan program that can meet its needs. With competitive rates, flexible terms, and personalized service, Truerate Services is committed to helping businesses succeed.
Commercial Loan Truerate Services FAQs
Truerate Services provides commercial loans to a wide range of businesses, including small businesses, mid-sized companies, and large corporations.
The eligibility requirements for a commercial loan from Truerate Services vary depending on the type of loan. Generally, businesses must have a good credit history, a strong business plan, and collateral to secure the loan.
The time it takes to get approved for a commercial loan from Truerate Services varies depending on the type of loan and the complexity of the application. Generally, businesses can expect to receive a decision within a few days to a few weeks.
The amount that businesses can borrow with a commercial loan from Truerate Services varies depending on the type of loan and the borrower’s financial situation. Truerate Services offers loan amounts ranging from $50,000 to $25 million.
The repayment terms for a commercial loan from Truerate Services vary depending on the type of loan. Generally, businesses can expect to repay the loan over a period of 5 to 25 years. Some short-term loans may have repayment terms of less than one year.
The use of funds for a commercial loan from Truerate Services depends on the type of loan. Some loans, such as acquisition financing, must be used for a specific purpose, while others, such as a refinancing loan, can be used for any business purpose.
Yes, Truerate Services offers personalized assistance throughout the loan application process. Their loan specialists can help businesses identify the right loan program, gather required documents, and navigate the application process.