New Britain, PA – As the country’s economy experiences a slow comeback, commercial banks are still using strict guidelines for commercial property loans. Often these guidelines reduce the loan approval process to matching prospective borrowers against numerical criteria. The result is that conventional loans are only available to borrowers with high credit, high income, standard property types, low debt, strong personal financial statements and mature, growing businesses. While this method of underwriting reduces loan default risk, it also precludes many, if not most small business owners from qualifying for small commercial mortgages.
Small business owners and commercial property investors are not well served by traditional banks and this lack of access to fast, dependable financing is restricting economic growth and entrepreneurial success. Many small business owners have less than perfect credit, do not document high income and have unique property types such as small warehouses, mixed use properties, funeral homes and the like. These issues lead to bank turndowns of loan requests and without financing the businesses can not acquire commercial property. Worse still, some commercial properties are being foreclosed on because balloon payments come due and banks are not renewing the loans.
This gap in the market is where K2 Commercial Finance specializes. The company offers low documentation commercial mortgage programs that help borrowers acquire or refinance properties even after they have been turned down by banks. "We take a more personal approach to underwriting that does not depend on income documentation or high credit. We want smart borrowers with solid plans on how our loan will be repaid," said Ken Kaplan, the company's President. "Our programs are easy to qualify for and can fund in as little as three weeks."
The company is a direct lender on loans of up to $500,000, works with many non-conforming property types and can close loans in 42 states. As long as the property has a minimum value of $75,000, both owner and non-owner occupied properties are eligible for financing. Some of these properties include: apartment buildings; mobile home parks; mixed-use; medical and healthcare; retail; self-storage and warehouses; daycare centers; offices; hotel and motels; and funeral homes.
K2 Commercial Finance is based on the concept of people helping people. The company's streamlined application process is designed to be both borrower friendly and efficient, with loan decisions being typically made within days of receiving initial applications. The company never charges any up-front good faith fees or other charges and receives zero compensation unless and until each loan closes.
About K2 Commercial Finance
K2 Commercial Finance offers commercial property loans designed to meet the needs of small business owners and commercial property investors. Our common sense approval process does not rule out loans based on our client's documented income. We find many business owners with strong cash flow don't always show high incomes. We are able to look beyond credit scores, income and other number driven criteria so we better understand our borrower and the project and how our loan will be repaid. This lets us successfully fund loans that have already been turned down by banks. The company never charges any fees or other charges and receives zero compensation unless and until each loan closes.
Visit K2 Commercial Finance's website at http://www.FastCommercialMortgages.com
Contact: Ken Kaplan, President
215-230-1885 or [email protected]
13 Goldeneye Court
New Britain, PA 18901
SOURCE: Press Advantage [Link]
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