Only 30 percent of commercial real estate purchases around the country are made in cash according to the 2017 Commercial Real Estate Lending Trends Survey. As a general rule, it is important that buyers have financing in place before making an offer on a Missouri property. This is because a seller will feel more confident about completing a deal with someone who is more likely to follow through with the purchase.
Getting preapproved for a loan generally means going through a thorough vetting process. Those who are going to own or manage at least 20 percent of the property will have to divulge information such as their net worth and income. A lender will also look at a buyer or manager's ownership history and personal credit score. If a group is buying a property, each person in that group will need to pass muster. In some cases, a person may need to be removed from a group to help it obtain financing.