Can Buyer Pre-Approval Sell Your Building?

Can Buyer Pre-Approval Sell Your Building?

Can Buyer Pre-Approval Sell Your Building?

Because mortgage loans for commercial real estate are quite different than for homes, you may be wondering if buyer pre-approval could help you sell your building. Although a high consumer credit score (over 660) is a good indicator of credit worthiness, it is only part of the equation.

In a nutshell, commercial mortgage loans are not as easy for mortgage lenders to sell to larger holding companies. This means the bank or mortgage loan company must hold the loan in its own portfolio, taking up a big chunk of its working capital for making other loans.

Loans to purchase commercial property generally have higher down payment requirements, since mortgage insurance is not available for apartments, office buildings, retail stores, or warehouses. And, income requirements and interest rates are higher than residential real estate loans, too.

Although commercial mortgage loans may be amortized up to 25 years, they very often require a balloon payment within the first five or ten years, meaning the buyer must arrange for refinancing.

We Pay Fast Pays Cash For Commercial Property

You can avoid all the hassles of commercial mortgage financing when you sell your building to We Pay Fast. The professional property buyers at We Pay Fast are looking to purchase commercial properties now. They pay cash and close fast, after receiving and reviewing the seller’s records.

By calling 1-800-WePayFast (1-800-937-2932) or emailing info@wepayfast.com you will receive a phone call back within 24 hours. Then your conversation about selling your property for cash can begin. You’ll have no need to worry about buyer pre-approval to sell your building when you work with the professional commercial property buyers at We Pay Fast.