Page 13 - How To Refi Cashout Your Commercial Property Before The Bank Says....
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Chapter 4
The Truth About Banks
I mean what can I say bad about them they are great when they work for you and
can be very inefficient when they don’t work for you. All in all the banks play a
valuable role in our daily lives from facilitating monetary transactions, holding our
savings, and making loans.
However, they are very difficult to deal with when you want to refinance and cash
out your commercial property.
The reason for this is because the bank works for the regulators first, government
second, and the shareholders third.
By working with a bank your limited to the bank’s products and their traditional
lending criteria which on the surface is ideal if your approved but if your not
approved it can be challenging to identify another source that will.
It’s not like the bank is in the business of referring you to their competitors.
Do You Fit The Traditional Lender’s Box
When considering a loan for your commercial property you will either fall in a
bankable or non-bankable category.
The bankable category consist of being able to provide tax documents that shows
your net income from your personal and business statements.
Other Characteristics of A Bankable Borrower:
● Business P&L statements
● No Tax Issues
● No judgements or Liens
