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What To Expect When Applying For A Commercial Mortgage

A commercial mortgage loan is one that is secured by commercial property. The lender will have to verify that the entity seeking the loan is qualified and therefore certain documents will have to be submitted as a part of the application. Those documents include:

• Proof of business earnings for the last three years (at least)
• Current leases
• Statements indicating the value of all property owned by the business
• Formation documents
• Previous tax returnsOnce everything has been submitted, the application will be reviewed by an underwriter to determine whether the applicant will get the loan. Among the things considered will be the debts carried by the business entity. The underwriter will have to make sure that the business can afford to make repayments. They will make this decision using a ratio of monthly income to debt payments. The business will have to earn a certain amount of money for every dollar in debt payments.

Loan Obligations
If the lender decides to provide the loan, the borrower should know that they may have to abide by certain covenants and restrictions. They may have to provide the lender with financial statements so that the lender can see that they will be able to continue making repayments. A business owner seeking a commercial mortgage loan should be aware that these loans are considerably different from residential mortgage loans. Here are some of the factors that the borrower should consider:

Repayment
Banks often require a balloon repayment, which means that the borrower will eventually be expected to make repay the whole balance on their loan after a set term. If they are unable to do this, they must re-qualify for the loan or refinance it.

The Amount to Borrow
The borrower should carefully calculate the amount they need as a) a second mortgage may be prohibited, and b) with some types of loans they will be required to come up with a certain percentage as a down payment.

The Time it Takes to Get the Loan
This depends on the lender. It may take weeks for a bank to commit to a loan, and even after it does its credit committee may still veto the loan. Borrowers should note that if they do not have a good credit score, it is probably best to skip applying for bank loans and seek the money from a commercial lender instead. Commercial lenders typically have less stringent requirements and fewer loan covenants.

The lack of sufficient capital is one of the leading reasons that small businesses fail. A commercial mortgage loan can provide a business with enough capital to meet its needs; however, it is important that borrowers educate themselves on what to expect from the application process.

The Santa Train Arrives In Grand Rapids On November 30th!

What better way to start out the holiday season than a ride on the Santa Train! This is one of those events that you and your family will not want to miss. Fully embodying the awe and wonder that is Christmastime and Santa Clause, the Santa Train offers children and adults alike an unparalleled holiday experience. With only a limited number of seats available, you’ll want to book your ticket early.

The Event

The Santa Train features an authentic train ride with the “Fun Guy” himself. A perfect vehicle to showcase the love that children have for Santa and the love that he has for them, the Santa Train delivers a true Santa-filled experience. While riding in a vintage passenger car, riders are accompanied by Santa himself. In addition, the children aboard are escorted to sit directly with Santa, and each child receives a present. Not only that, but the story-telling Princess reads from the popular book “The Polar Express”, which was written by a Grand Rapids local, Chris Van Allsburg. Offering passengers the highest level of experience and enjoyment, all passenger cars are heated and have a restroom available.

The Details

Location:

Coopersville & Marne Railway
311 Danforth
Coopersville, MI 49404

To offer the most opportunities possible, the train schedule includes Saturdays and Sundays beginning November 30. The specific dates and times are as follows:

• Saturday, November 30—11:00AM & 2:00PM
• Saturday, December 7, 14, & 21—11:00AM, 1:00PM & 3:00PM
• Sunday, December 1, 8, 15, & 22—1:00PM & 3:00PM

Children and adults of all ages are welcome aboard the Santa Train. Ticket pricing options include:

• Adults—$14.50
• Seniors—$13.50
• Children (ages 2-12)—$12.50
• Children under 2—Free

Advanced purchase tickets can be purchased via telephone or mail-in form. Additional information as well as the purchasing form and numbers can be found via the official Coopersville & Marne Railway Company website.

If you want to offer your family a holiday season that they will cherish for years to come, particularly if you have young children or grandchildren, the Santa Train is the way to go. Support a local company and enjoy a festive holiday while doing so aboard the delightful Santa Train. With a visit from Santa himself as well as his visitors the elves and the storybook Princess, your family will be enchanted aboard this merry train. A Michigan Christmas isn’t complete without the Santa Train.

The Grand Rapids Amateur Astronomical Association Presents The James C. Veen Observatory

Michigan is known for its gorgeous waterfronts and woods that are beautiful in every season, but one treasure of this area doesn’t look to the woods and streams but to the universe for an amazing sight seeing of the stars. The James C. Veen Observatory, owned and operated by the Grand Rapids Amateur Astronomical Association (GRAAA), is an astronomical observatory located just south of Lowell, Michigan by the Grand River.

Built in the 1960s, it was opened in 1970 and continues to be maintained today. The observatory has two domes; the smaller dome on the east side is the primary research center of the facility which holds a Celestron C-14 which is run by computers in order to handle a variety of tasks such as CCD imagine, photometry and astrometry, to name a few. The larger dome on the west side is a general use area for observation and photography and houses a Meade 16-inch LX-200 that can be operated by either a hand controller or by current computer software. A 17″ Dobsonian is also mounted outside for general viewing of the stars.

The Observatory houses a large meeting room and an extensive library on its lower level. The Veen Observatory is an excellent local resource and offers evening group tours for only $50 that includes a guided tour of the facility, audio-visual presentations, and the opportunity to observe the surrounding skies through the observatory telescopes. The viewing season runs from mid-April to mid-October and groups are able to select a secondary “cloud” date in case the weather is not conducive to viewing. Located in a heavily wooded area kept dark for best observation of the night sky, it is recommended that groups bring flashlights, dress appropriate to the weather and bring bug repellent.

Group tours can be booked at the GRAAA website at www.graaa.org. Not only available for group tours, the Veen Observatory is open to the public on clear sky nights April through October on the second and last Saturdays of the month. You can call Starwatch at 897-7065 for updates on that night’s observation status. Admission is $3 for adults, $2 for those 17 years and younger, and free for children under 5 years old.

Experience Nature In The City At Provin Trails Park In Grand Rapids

Provin Trails Park in Grand Rapids is the perfect place to experience nature in the city. In addition to trails for hiking and walking, Provin Trails Park features two miles of forest trail for novice, intermediate and advanced cross country skiing. The terrain ranges from slightly hilly to very hilly and is sure to provide a great workout! Provin Trails Park is located at 2900 Four Mile Road in Grand Rapids Township, and restroom facilities and a parking lot are available at the entrance.

Provin Trails Park is operated jointly between Kent County and the City of Grand Rapids. All of the Kent County parks are open from May 1 through October 31, but Provin Trails Park is also open during the winter for the cross country skiers. The park opens at 7:00 AM and closes at sunset. Pets are allowed at the park as long as the owners leash and clean up after the pet.

Provin Trails Park is the ideal location to enjoy a brief nature walk. The distance of the trails is just the right length to get some quick exercise in the morning or unwind after work. The park is also connected to Robinette’s Apple Haus & Winery. This wonderful apple orchard features a lunch counter and bakery with a delightful selection of breads, donuts, pastries and pies. The apple room offers a tempting variety of different apples as well as seasonal delicacies such as sweet and tart cherries, peaches, apricots, apples, nectarines and pumpkins. Robinette’s Apple Haus & Winery also has a cider mill where guests can watch how cider is made and enjoy a fresh batch. Of course, the winery features a fine selection of Michigan wines and hard cider. The combination of Provin Trails Park and a stop at Robinette’s Apple Haus & Winery makes for a perfect day out in the city!

Due to Provins Trails Park’s excellent urban location, there are a number of other activities and restaurants to enjoy after a walk on the trail. Within just a few miles of the park, visitors can find Frederik Meijer Gardens and Sculpture Park, Thousand Oaks Golf Club and the Celebration! Cinema Grand Rapids North and IMAX. Local dining establishments include The Melting Pot, P.F. Chang’s China Bistro and Johnny Carino’s Italian Kitchen.

Broadway Grand Rapids Marks Its 26th Season In Grand Rapids, MI

It is no secret that I love Grand Rapids. The fact that it’s a big city cloaked in small town charm only adds to its appeal. I can always find something exciting to do without traveling more than a half hour from my home. If I feel like golfing, Grand Rapids has more golf courses than any other city in the U.S. If I want a day in the sun I head out to the sandy beaches of Lake Michigan. And if I want world class entertainment I can check out a Broadway show downtown at DeVos Performance Hall.

Established in 1987 Broadway Theatre Guild was reintroduced to the city as Broadway Grand Rapids in 2007 and shares DeVos Performance Hall with Grand Rapids Symphony, Opera Grand Rapids, and Grand Rapids Ballet, making it the only theater in Michigan that has four preforming arts tenants.

Broadway Grand Rapids has been instrumental in delivering the finest Broadway performances from New York to West Michigan for over 20 years. Thousands of performance ticket purchasers have supported the four Broadway productions each year. And over 4,000 season-ticket holders are a reminder of how much this city cares about its arts community.

Theater lovers from Grand Rapids and West Michigan eagerly welcome the 26th Broadway Grand Rapids season. The four-show series is guaranteed to be unforgettable. A new partnership formed between Broadway Grand Rapids and Michigan State University’s Wharton Center for Performing Arts has also helped attract bigger shows to the Grand Rapids area.

Last year Broadway Grand Rapids lit up the town with terrific shows like “Blue Man Group,” “Billy Elliot the Musical,” and “Flashdance.” This year BGR selected shows that will attract a varied audience. Tony Award-winning “Jersey Boys,” Oct. 1-6, offers contemporary adult entertainment, “West Side Story,” Nov. 12-17, is a 1950’s classic, “Sister Act,” Feb. 4-9, is a modern hit comedy, and Andrew Lloyd Webber’s “The Wizard of Oz,” April 22-27, is a favorite of all ages. They will also be offering a special Christmas event “Cirque Dreams Holidaze,” Dec. 26-30, and the popular sing-along “Mamma Mia!” March 18-20.

Tickets run from $113-$322 for the four-show subscription series and are on sale at the BGR office, 122 Lyon St. NW, or online at broadwaygrandrapids.com

What Grand Rapids Home Owners Should Know Before Refinancing Their Mortgage

Are you a home owner in Grand Rapids? If so, then you are already aware of the fact that Grand Rapids can be a wonderful place to live, work, and even raise a family. At the same time, you may find yourself understandably frustrated by your current mortgage. Perhaps you wish you had taken the time to shop around and better explore your mortgage options before you signed the paperwork on your current home loan. If this is the case, then you may very well be considering the option of applying for refinancing on your home mortgage. You are not alone; approximately 80% of paperwork submitted regarding home mortgages in the past three years was related to refinancing.

Before you decide to go through the often long and complicated process of applying for a refinance, there are some things that all Grand Rapids home owners ought to know.Refinancing is Not Free
Some home owners are under the mistaken assumption that refinancing a home mortgage is as simple as getting approved for a lower interest rate than the existing loan. However, it is actually a lot more complicated than this and also involves a lot of paperwork. Furthermore, there are fees associated with refinancing one’s home. These fees can end up costing anywhere between three and five percent of the total loan amount. Because of this, refinancing is not always worth the cost, so you will want to do your calculations carefully and weigh the costs versus the savings to ensure that it will be worth it for you.Times Have Changed
These days, banks and other lenders are more strict than ever when it comes to approving applicants for mortgages. Therefore, while it may have been possible for you to get approved for a decent interest rate on your mortgage when you originally bought your home ten years ago, that may not be the case today. The point of a refinance is to save you money by securing a new loan with a lower interest rate, but there is a chance that you the banks will not be as generous this time around. Most lenders look for a credit score of 720 or higher to be considered for the lowest rates, which means you may not even be able to get a lower interest rate than you have on your current loan unless you have excellent credit.While refinancing can be a great option for home buyers in certain situations, this is not always the case. For the reasons listed above, it is always best to do your research and calculations before making a decision.

The Grove Offers Artfully Crafted Cuisine In An Intimate Setting In Grand Rapids

The Grove restaurant is a true gem among dining establishments in Grand Rapids. They pride themselves on excellent service and locally produced ingredients. As much as possible, they use ingredients that are from local sustainable and family farms. This gives their food a rich, fresh taste that you simply can not find in a franchised chain restaurant.

With moderate pricing and generous portions, it is an equally ideal place for a family dinner or a business dinner. The popular “Taste of Grove” offers a three course meal, with your choice of two appetizers and a main course, for $33 per person. Whether you choose this option or a more unstructured dining experience, Grove offers taste treats to delight every palate.The menu is variable, changing daily to reflect what they have fresh from their affiliate farms. However, regardless of the day or season, there always seems to be many dishes to choose from. It ensures that not only will you be getting fruits and vegetables at the very peak of their flavor, you will also get variety that you can count of being able to find something new and exciting to try.

The décor is upscale and up to date, with lots of brown colors and soft lighting. The atmosphere would be particularly suited for a romantic evening with a special someone. The space is a bit close, but that has more to do with the amount of people dining. The restaurant always seems to be full, which says much about its food. Despite its continually busy state; the wait staff is friendly, helpful, and efficient.

The Grove is located at 919 Cherry St. S.E., Grand Rapids, MI, 49506. Hours of operation are from 5 pm to 9 pm on Sundays, from 5 pm to 10 pm on Tuesdays thru Thursdays, and from 5 pm to 11 pm on Fridays. Call (616) 454-1000 to make your reservation. Parking is available on Lake Drive, Cherry Street, behind The Green Well, and behind the ICCF building. Accessible parking and ramp access is available behind the restaurant for guest with physical limitations. From Lake Drive, enter between 912 Lake Drive and the iron fence surrounding the Brewery Vivant parking lot.

Take A Journey Back In time With The Heritage Hill Historic Home Tour In Grand Rapids, MI

Heritage Hill is Grand Rapids’ oldest historic district. Recognized by the National Register of Historic Places, most of the neighborhood’s homes were built between 1840 and 1920.

Early residents included lumber barons, teachers, judges and legislators. The neighborhood reflects this diverse population with homes built in a variety of architectural styles, including Greek Revival, Italianate, Colonial Revival, and Shingle. The Meyer May House at 450 Madison Avenue, fashioned from brick in the Prairie style, was Frank Lloyd Wright’s first commission in the state of Michigan. Now the most completely restored of Wright’s homes, it is open for tours several days a week.

Located on a rise overlooking downtown Grand Rapids, Heritage Hill extends from Michigan Street in the north to Pleasant SE in the south. Union Avenue forms the eastern border, Lafayette the western. Occupying the same ground where the city’s first settlers once built trading posts and missions, today Heritage Hill is home to a mixed population of professionals, artisans, and students.

And yet, in the late sixties and early seventies Heritage Hill narrowly avoided demolition. An urban renewal project would have leveled 75% of the neighborhood if local residents hadn’t intervened. They formed the Heritage Hill Association and, in cooperation with national groups, secured protection for the district under the National Historic Preservation Act.

Today, the Heritage Hill Association responds to the needs of residents through education, crime prevention, planning and other activities. It is a model for many other neighborhood associations. The Heritage Hill Foundation continues to preserve and rehabilitate historic homes, as well as organize walking tours of the district–including a yearly Home Tour, held in May, when private homes and historic buildings are opened to visitors.

A tour of the neighborhood shouldn’t miss the Voigt House, a three-story brick mansion built in 1895 and located at 115 College SE, or the Amberg House, at 505 College SE, commissioned from Frank Lloyd Wright in 1909 but designed and constructed by an architect in his firm, Marion Mahoney. For overnight visitors, the Brayton House, at 516 College SE, is an 1889 Georgian Revival home that’s been converted into a B&B.

Mark Your Calendars For The 2013 Fall Parade Of Homes In Grand Rapids

Grand Rapids, Michigan is a beautiful city east of Lake Michigan. This second largest city in the state is full of commerce and local events. Besides being the hometown of President Gerald Ford, it is also known for its manufacture of furniture, aviation and other consumer goods. All of these great career opportunities make this city a great place to live. Grand Rapids is also home of the 2013 Fall Parade of Homes.
This real estate event is organized by the Home Builders Association of Greater Grand Rapids and will surely be a great time for all who visit. Not only is it a great opportunity to see designs by local builders, it is also a perfect way to enjoy a fall afternoon with the family in this lovely Michigan town that many of us are very glad to call home. The Parade of Homes gives residents, as well as potential new residents, a look at custom features, special custom builds and even some great ideas for constructing the house of their dreams.

The 2013 Fall Parade of Homes will kick off on October 4th and will continue until October 19th on Wednesdays, Fridays and Saturdays. These are the dates when new homes can be toured. On October 10th and 17th, people can also tour VIP homes, which will be the most elite in elegance and luxury. The showing times of houses vary and can be found by visiting the official website of the fall parade of Homes at http://www.mygrhome.com/2013-fall-parade-of-homes/.
This website also offers lots of information for local builders who want to take part in this prestigious event. They can find entry packets on registration as well as information on deadlines and other participants in the event. Builders need to act fast due to deadline restraints if they want to take part in the Fall Parade of Homes.
Grand Rapids is a great place to live. The 2013 Fall Parade of Homes gives potential home owners a peek at what life could be like in a new custom home. There are homes to view all around the city and even lakefront homes will be featured. Everyone should come out and support this special event in Grand Rapids.