Getting a real estate loan is very different from applying for business credit cards or lines of credit. When you’re getting ready to apply, make sure that you build a relationship with the right type of banker, because not every banker can help you process a real estate loan! Though it is not exactly the same for all banks, listed below are the different types of bankers and their thresholds
1. Commercial Lender.
Typically, these lenders process loan requests over $1MM. In addition, they work with companies that generate over $5MM in revenue. These bankers have been trained to do credit analysis and will have a better understanding of bank policies in underwriting a commercial real estate loan.
2. Business Banker.
Typically, these lenders process loan requests under $1MM. In addition, they work with companies that generate less than $5MM in revenue.
3. Branch Manager/Personal Banker.
Typically, these bankers primarily work with consumer accounts and loans, and also help small business owners process loan requests under $50,000.
To learn more about the process of applying for a Real Estate loan,
join us for our next Real Estate Webinar on May 26th. Link to register on the Events page!
If you would like to see if your business is ready to apply for a business loan, take our 15 Question Banker Assessment now.