A solid history of tax returns is only the first step of the process. Today an unproven or even slightly risky business venture is unlikely to get approval from commercial mortgage officers. You will be asked to explain and back up every piece of your action plan. If you are skilled in communicating your aspirations, and convincing in your likelihood of achieving them, you stand a good chance of persuading the mortgage officer to view your venture in a positive light. In these difficult days, you want to develop a solid relationship with your loan officer. If you can obtain the services of an accomplished financial advisor with an exceptional degree of interpersonal skills, the sky is definitely the limit.
Beware that some lenders will want to put an additional lien on your private home above and beyond that placed on your commercial loan. This is a very delicate situation indeed. It’s understandable that the one loaning you money will want to secure it in any way feasible. At the same time if you allow a lien to be placed on your private property for furthering your business, you are risking not only your life but also that of your family. You want to look cautiously at this course of action and only follow it with great care.
If you want to find commercial mortgage lenders willing to give your business a chance, you should shop around. A commercial mortgage broker, who be necessity maintains relationships with multiple lenders, might be able to help you. He would be able to give you information about the variables and limits used by different lenders. Sure, commercial lending institutions are facing troubles of their own these days, but you must remember that they only make money if your loan application goes through, so you should assume that they’ll be on your side as much as possible.