Commercial Loans and Fun Blog

You Can Use Google to Give Your Lender an Aerial View of Your Commercial Loan

A mortgage broker submitted a hard money commercial loan to Blackburne & Sons today by email. It was a land loan request, and normally we would not even look at a land loan request; but the mortgage broker did a very clever thing. He included a Google map of the property.

Better yet, the map was a satellite view of the land. By moving the roller on my mouse, I was able to look closer and closer at the land. What I found was interesting. The land was right on a major thoroughfare.  Sewer, water, and power was already available to the site. Most of the surrounding land was already improved. All of the surrounding buildings were modern and attractive, and the area looked reasonably affluent. Now I don't know if we are going to make a land loan during the Great Recession, but its fair to say that because the broker provided a link to a satellite view of the property, this land loan might actually have a chance.

So how do you attach a zoom-able satellite map to your commercial loan packages?

1. Go to Google.com
2. At the top left of the page, click on "Maps"
3. Type in the property address
4. In the upper right-hand corner of the map, click on the square labeled, "Satellite"
5. Using the roller on your mouse, zoom in to the right height
6. In the upper-right-hand corner of the map, find a box labeled, "Map". Right above it you'll see the "Link" button. Click on it.
7. Cut and paste the link right into your email to your lender.
8. Voila!

Every commercial loan you now submit should include a link to a satellite view of the property.

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Borrowers and Mortgage Brokers Can Now Deliver Commercial Loan Packages For Free Using Box.net

Do you need a commercial mortgage loan right now? Using C-Loans.com, you can submit your commercial loan application to 750 different commercial lenders in just four minutes, and C-Loans.com is free!

Years ago, if a commercial mortgage borrower or a commercial loan broker wanted to deliver a commercial loan package to a commercial lender, he would have to ship by snail mail a package of financial documents nearly one foot thick. After all, commercial lenders insist on collecting a financial statement and two years' tax returns on each borrower, a financial statement and two years' tax returns on each business owned by each borrower, a financial statement and two years' tax returns on the LLC or partnership that actually owns the property, and a copy of every single lease. That's a whole lot of documents!

With the rise of email, these loan documents are now usually delivered by email in the form of 10 to 15 different PDF's. However, most bankers have a limit on the size of any email attachment of 10MB. This means that in order for a commercial mortgage borrower or a commercial loan broker to deliver a complete loan package, they have to break the package up into six or seven smaller, separate emails. This is quite a messy inconvenience.

Now there is a far more efficient way to deliver commercial loan packages. Box.net is a free data storage software program available online where you safely store the financial information of the borrower. Simply scan each document - think of a tax return - and save it as a separate PDF. Then you upload the 10 to 15 PDF's, each containing a financial document like a lease - to a folder on Box.net. Finally, you simply send the lender a link to the folder on Box.net where he can find and view/download each of the PDF's.

It is much safer to password protect the link to this folder on Box.net, and using Box.net, this is easy to do.  You can then simply call the lender and give him the password over the phone.

It takes just five minutes to create your own free account on Box.net. They give you a certain amount of storage for free in hopes that you will so love the system that you will buy additional space from them.

Do you need a commercial mortgage loan right now? Using C-Loans.com, you can submit your commercial loan application to 750 different commercial lenders in just four minutes, and C-Loans.com is free!