Have You Been Turned Down for a Commercial Loan?
Have you been turned down for a commercial loan? If you have, you probably feel discouraged and lost. There’s no need to feel this way though. At Shop Commercial Mortgage, we know exactly how to help those who have been turned down for commercial loans. To learn more about the steps you can take, just continue reading.
The first step to take when you’ve been turned down by a commercial loan is to find out why you were turned down. Commercial lenders don’t always tell their potential borrowers why they’ve been rejected, which may make this step a little more difficult. Before submitting an application to a commercial lender, consider asking them if they will provide a reason for their denial if they happen to turn down your application. If they say no, make sure to review your paperwork and make personal copies before submitting it. This way, you can review everything to determine the reasoning for yourself. If you feel you were wrongly denied, you usually will have 60 days to request an appeal.
The next step to take when you’ve been denied a commercial loan is checking your credit rating. If you’ve applied for a personal loan in the past, you may have received a notice from the credit bureau informing you that a lender checked your credit score. This doesn’t always happen with commercial lending though. When submitting an application, check your score to see if you have a favorable rating. This may provide some clues as to why you faced rejection.
You may feel troubled when being turned down for a commercial loan, but a plan b awaits! Contact Shop Commercial Mortgage to receive options that aren’t based on your credit score. At Shop Commercial Mortgage, our terms are flexible, we can close quickly, and we can get you the money you need. Reach out to us at 813-516-5210 today!