{"id":7791,"date":"2015-03-08T18:00:33","date_gmt":"2015-03-09T00:00:33","guid":{"rendered":"http:\/\/financenewmexico.org\/?p=7791"},"modified":"2015-03-02T10:40:45","modified_gmt":"2015-03-02T17:40:45","slug":"real-estate-loans-help-business-owner-promote-community-health","status":"publish","type":"post","link":"https:\/\/financenewmexico.org\/sandbox\/articles\/obtaining-a-loan\/real-estate-loans-help-business-owner-promote-community-health\/","title":{"rendered":"Real Estate Loans Help Business Owner Promote Community Health"},"content":{"rendered":"
\"By<\/a>

By Metta Smith, Director of Lending and Client Relations, Accion<\/p><\/div>\n

Health is a common denominator of Deanna Montoya\u2019s Belen businesses: the Extreme Fitness gym, which she started seven years ago, and the Enchanted Smiles dental practice, which opened in September 2013.<\/p>\n

The lifelong Belen resident operates both businesses, leading Zumba classes at the gym and working as a dental hygienist at Enchanted Smiles.<\/p>\n

Montoya\u2019s passion for fitness is obvious to locals \u2014 whether they\u2019re the other instructors she employs to lead spin, rip and circuit training classes at Extreme Fitness; the dentist, receptionist and part-time hygienist who work at the dental practice; or the people who\u2019ve benefited from community fundraisers Montoya has hosted to help pay her neighbors\u2019 medical bills or raise awareness about cancer.<\/p>\n

That enthusiasm was equally apparent to loan officers at Accion New Mexico, the nonprofit business lender that provided the commercial real estate loans that Montoya needed to open the gym and purchase the dental practice.<\/p>\n

\u201cIn addition to a deep commitment to running a business and knowing what she was looking for in a commercial property, Deanna\u2019s great character and passion for what she does was evident from the start,\u201d said Justin Hyde, New Mexico market manager for Accion.<\/p>\n

Commercial real estate loans are often more complicated than home mortgages, in part because the businesses that occupy the property typically need to generate sufficient revenue for the loan payments.\u00a0 As a result, the loans often require more paperwork and analysis, and Montoya had little time to spare for either as a working mother of four children. \u201cI approached Accion, and with both loans I was assured I would more than likely get the financing, and that the committee meets every (week) to review loans, and if any other paperwork was needed they would let me know. They are very easy to work with.\u201d<\/p>\n

Accion offers commercial real estate loans of up to $750,000, and will consider more in some cases. Certified as a Community Development Financial Institution (CDFI), Accion can oftentimes be more flexible than a traditional lender around considerations such as credit history and collateral values for commercial real estate loans.<\/p>\n

Montoya first spoke to Accion about the gym loan, and she had the money within a month.\u00a0 The longest part of the process was getting a commercial appraisal, which took two weeks, Hyde said. The loan for the dental office took longer, mostly because it involved a business acquisition rather than a simple real estate purchase.<\/p>\n

Deanna\u2019s history with Accion on the gym loan helped her prepare for the process on the second loan, Hyde said. \u201cThe underwriting process and the work on our side remain the same for returning clients. But Deanna was motivated, so she provided the necessary documents in a timely manner, allowing us to act quickly.\u201d<\/p>\n

Accion accepts down payments as low as 10 percent of the property value to purchase commercial real estate, whereas many traditional lenders require 25 to 30 percent down. The business property itself serves as collateral.\u00a0 Initial loan terms range from five to seven years with amortizations of 15 to 25 years.<\/p>\n

To apply for a loan at Accion, visit www.us.accion.org<\/a> or call 800-508-7624.<\/p>\n

Download 388_Real Estate Loans Help Business Owner Promote Community Health<\/a>\u00a0PDF<\/p>\n","protected":false},"excerpt":{"rendered":"

Health is a common denominator of Deanna Montoya\u2019s Belen businesses: the Extreme Fitness gym, which she started seven years ago, and the Enchanted Smiles dental practice, which opened in September 2013. The lifelong Belen resident operates both businesses, leading Zumba … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/7791"}],"collection":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/comments?post=7791"}],"version-history":[{"count":4,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/7791\/revisions"}],"predecessor-version":[{"id":7797,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/7791\/revisions\/7797"}],"wp:attachment":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/media?parent=7791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/categories?post=7791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/tags?post=7791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}