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loan-to-value ratio. This is expressed by the total loan balances (sum of all mortgages) divided by the market value. When you apply for a commercial loan, as you do for a residential loan, you must determine how much value of the property you are actually borrowing versus what will remain as equity. If you can acquire a loan-to-value ratio of 75%, then that is generally a good number. If you can get more than 75% of the value loaned to you, then consider that a bonus. Lender's rules and guidelines may differ greatly depending on how much they are willing to risk on the project.
The third ratio is the debt ratio. For smaller commercial projects commercial lenders may require that you submit personal information to back the loan. This includes your personal income and debt on a monthly basis. The debt ratio is expressed by dividing monthly housing expenses by gross monthly income.
The results show how much debt stands in relation to income. Many commercial lenders will not accept a debt ratio greater than 25%. However, some commercial lenders have been known to go up to 28% or even 36%. A debt ratio greater than 25% stands a good chance of having budget problems.
The lower debt ratio you have, the more likely you will be able to get funding for your smaller commercial project.
You can perform these ratios by simply projecting terms of a mortgage, assessing the current market value of the property, and comparing both current and future income and expense statements.
It is always a smart idea to get an idea of what a lender looks for so you can better match your project with a lender who will most likely fund your project. You can do this by calling different lenders and asking about loans that they are offering, such as any special rates or actual numbers of the ratios that they require in order to possibly approve a project. There are many options for lenders, so be sure to shop around and review each application carefully, as the information a lender can ask may differ from lender to lender.
And don't ever rule out the use of private lenders. They can lend you money even on the riskiest of deals, as the higher the risk, the bigger the return. No matter what commercial lender you approach, always be prepared with financial information and all supporting documentation.
Tony Seruga, Yolanda Seruga and Yolanda Bishop of www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.
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