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Because of the recession, many loan companies are not advertising and will only lend money in particular situations if the borrower meets strict conditions. During troubling economic times such as the one we are experiencing, it is not at all rare to see this defensive strategy at work. In an already challenging business environment, the prospect of getting a new commercial mortgage can at times seem dim. Those who don’t have enough money will have a hard time fulfilling their dreams of starting their own business, even if they have a great business plan already drawn up. Fortunately, lenders have not disappeared from the scene entirely. They demand and want to see foolproof evidence of future profits. Even in this troubled economy, you can still overcome a lot of hurdles to get a decent commercial mortgage.

Commercial lenders will insist on a business plan that is convincing. They will research your credit history, including past business ventures and may even look at your personal tax returns. It’s been a commonplace business practice for some decades. Historically, these documents were not likely closely examined, but merely checked to ensure their completeness. It is good to know that your application forms and your document attachments will be subjected to intense scrutiny and examined closely for the slightest discrepancies. You will want to provide proof of previous earnings through copies of your past tax returns.

Being able to show that you’ve filed and paid your taxes is just the start of the process you’re facing. Commercial mortgage officers today are very unlikely to look favorably on business ideas that are new or could be considered even moderately risky. You will be asked to explain and back up every piece of your action plan. If you are good at talking about your goals and can make other people believe that you can meet them, you might have a good chance of having a mortgage officer look at your business idea positively. In these difficult days, you want to develop a solid relationship with your loan officer. The services of a qualified financial advisor with exceptional interpersonal skills can work miracles for you.

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