Page 8 - refi book proof 2
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The truth about the 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.
How You Fit:
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 Items Needed To Be Considered Bankable:
Business P&L statements
