Commercial Mortgage Refresher Course

Many people who take out a mortgage on a commercial property fail to make the payments and find themselves in financial trouble. This can be due to a number of factors, but it’s often simply because they don’t understand the different types of mortgages available, or have no idea how to refer back to their documentation. This is where a commercial mortgage refresher course could help.

This course will include an overview of common mistakes made by both new borrowers and those with previous experience, along with information on what you need when applying for a commercial loan. You will also learn about things such as downpayments, credit scores, and gaining eligibility for FHA loans if you are not already eligible.

At the end of the course, you will have all of your questions answered, and all of the information you need to stay current with your loan paperwork.

Topics Covered in this Course Include:

- The different types of commercial mortgages available to you.

- How commercial property loans are different from regular mortgages. Do you know how much you can borrow? How much can you be sued for? What are your rights if you’re a seller or investor? What happens if there is a casualty insurance claim on a building that’s part of your portfolio? These are SOME of the common misconceptions people have about their rights as mortgage owners and investors.

- Who can apply for a commercial mortgage? Who can serve as loan officers, and what qualifications do you need to be successful at this job?

- What happens when you’re not able to make all of your payments on time? What are the consequences of late or missed payments, and what steps do lenders take when they have concerns about your ability to pay off the loan?

- How does FHA financing work if you don’t have enough money for downpayments? How does it benefit commercial property investors who lease their properties to various tenants and need low monthly payments?

- Are there any specific things a commercial property investor must know about FHA coverage or property insurance in order to qualify for.

- What kinds of things will you need to know and do in order to qualify for a commercial loan that uses the preferred lender, or other type of preferred lender, program?

- How should you perform due diligence on your prospective property, tenant, and other business partners?

- What steps can you take before making an offer on a commercial property that will help ensure your offer is successful (and not rejected by the seller)?

- What are several scenarios for dealing with uninsured losses? As an investor or owner of a media company, how would such coverage affect your bottom line if you were hit by an uninsured disaster that destroyed your office building or facility?

  Updates & Corrections:  You may want to run. If your credit card account was hacked and someone used the information to open a new line of credit under your name, that is fraud.

If you've been in business for awhile, you've probably been asked "How long will it take before people start buying your products?" This is a common question asked by new businesses explaining why they haven't sold as much as they'd like to. The response to this question can be made in several different ways:  You could answer with some form of "I don't know" or "It depends how well I run my business.  I may have to continually increase production as I learn more about my customers' demands."  You could also say "Today's business climate is very competitive, and it will take some time for people to discover your services and it's value.  You can expect a slow start at first, but eventually your product will be in high demand. ""

This is probably the best answer if you're just starting out, but if you've been in business a while, this would be the worst possible answer you could give. Why?   Because if you've been in business for awhile, chances are there are products or services that could help your business grow quicker than you can produce them.  A common example of this is your own personal website or blog.  Most businesses want to get their name out into the world as quickly as possible, and doing so through a personal website is a great way to build your name quickly.  The problem here is that unless you already have the specific skills you need to write the type of information you want your customers to find (and are willing to pay for), it can be hard work and time consuming just finding the right topic or products that will make your website popular.  

Why would I tell you this?   Because I want people to know there are businesses out there who want their services as well, not just consumers.  I want to give you the information you need to succeed in business, not just tell you how.  I want you to succeed because that means there is more money for everyone.  I want you to succeed because there's so much more we could all be doing at any given time if it wasn't for the thousands of things distracting us from our work.  

There are services I'd like to get involved in such as website hosting, article writing and other small tasks that I don't have time for anymore, but I'm busy enough with my own commitments that I haven't made time for them.  If I can help you succeed in your business, then I would be able to spend more time on my own.  I think everyone should be doing what they feel is the most effective use of their time, and when that involves helping others, let me know.  I'll help you succeed in any way I can as long as it doesn't involve working for free or paying me unless we agreed upon a price.  I don't want your money unless we agreed upon it to begin with.  I don't want you to be forced into spending your money, I want you to be able to spend your money on the things that matter most to you.  

One thing that has been very important in helping me understand how businesses grow is software development.  I've worked for quite some time in the software industry as a Software Engineer, and I've seen what it takes for businesses to grow from one employee (myself) to hundreds of employees in a short period of time.  

Setting aside my bias towards software development, there are other fields that could use this understanding as well.

Conclusion

Even though I'm biased towards software development, I think small business owners would benefit greatly from understanding how small companies are able to grow so fast. It involves large amounts of planning, not just in the short term but long term as well.  It involves massive amounts of patience, knowing that the time you put into something now may not yield results for a long time.  It also requires being able to adapt quickly when a better plan comes along, or when your current plan isn't doing well and you need to change it to fit current needs.  

Does this mean every great company started with some master plan that took years to execute?   No, of course not.