As a lender, you’re able to help businesses secure the funds they need to succeed in the business world. However, when these businesses take advantage of a contract, you may be out thousands of dollars. As such, it is imperative to work with Montgomery County commercial lending attorneys to help protect your company and the other businesses you have lent to. If someone is taking advantage of you,
What is commercial lending?
When businesses need assistance securing funds for properties, renovations, and purchasing equipment to succeed.
To get a commercial loan, businesses must qualify. This includes looking at personal and professional financial history, the purpose of the loan, and available credit lines. Once a business qualifies, it will submit a formal application, including the necessary financial and tax documents, which a loan officer will further inspect the application to determine whether or not it is a good idea to approve or decline the loan. If approved, the business will receive further information about the terms, payments, closing dates, and interest rates.
For example, if a popular pizzeria wants to open a second location, they may have enough funds to purchase and renovate the property but might need to apply for a commercial loan to secure additional funds for the necessary equipment and vehicles to help their business thrive. As such, they would go to a commercial lender and complete the application process.
How can an attorney help my business?
Unfortunately, there are many regulations Pennsylvania commercial lenders must adhere to, and as such, ensuring you retain the guidance of an experienced lawyer is essential. If your deals do not comply with legal restrictions, it can cause significant issues for your company. Similarly, one small error means a business can take advantage of you, which is not in your best interest. As such, an attorney can help ensure the documents you use are in line with the state’s legal compliance rules and written to protect your company.
This includes creating and reviewing loan agreements, drafting documents to help protect your company’s best interest, and negotiating the terms of your lending agreements.
Financial services can be a complex and tricky matter and an experienced attorney can help you navigate any issues that arise with those who have loaned from your business. Similarly, a dedicated lawyer will work tirelessly to ensure they understand your goals and vision to help you achieve success as a commercial lending company.
At Friedman Schuman, our legal team prides itself on our ability to help lending institutions when they need assistance with any facet of the loan process.