Write an article based on this "Check your credit report. Learn about commercial loans. Make the owner an offer. Have the building inspected. Collect required information for the loan application. Apply for your loan. Compare loans."

Article:
You are entitled to one free credit report each year. Your lender will look at your personal credit history, so you should pull it and check for errors.Dispute anything that is wrong.  For example, accounts might be listed that aren’t yours, or an account might be improperly listed as in default or collections. Also, the credit limit might be wrong.  Start early. The entire dispute process can take up to 60 days to complete, and you’ll want a clean credit report before you approach lenders. Loans for commercial real estate are not the same as loans you take out to buy your own home. Generally, loans can be for 30 years or as short as five or seven. Interests rates may also be variable or fixed.  If you can get a non-recourse loan, then the building will secure the loan as collateral. However, non-recourse loans are not available for all borrowers, and the building typically must be worth at least $2.5 million.  With a recourse loan, you remain personally liable for the loan. In the event of default, you can be sued, and you might lose personal assets. Recourse loans are riskier, but it might be the only type of loan you can get as a new landlord. Commercial loans also require a down payment around 30% of the purchase price.  If you're having trouble getting a commercial loan, consider getting a real estate contract instead. Real estate contracts require a large downpayment, but they're less difficult to get approved for. The downpayment may be less than what a bank would ask for, depending on how much the seller wants. Discuss what is a reasonable offer with your real estate agent, which will depend on the state of the local market. If the market is hot, you may need to pay the asking price—or even more.  No matter how hot the market, insist on a 90-day escrow period. You’ll want at least 60 days to get an inspection. That’ll leave you with 30 days to review documents before closing.  If you're using a lender, ask them how long they need to process your loan. Depending on your lender, you may need to ask the owner for more time to get everything together. Hire an inspector with experience in commercial properties as soon as possible in case there are any complications or delays later on. Find an inspector by getting a referral from a real estate agent or talking with another apartment complex owner.  Check ahead of time what will be inspected. Ask if you need to hire a specialty inspector to inspect a swimming pool or tennis court. If the inspector finds problems, ask the seller for a credit, which will reduce the amount you pay. Alternately, the seller might make the repairs before closing. You must give the lender information about the apartment complex when you apply, so collect the following before approaching a lender:  pictures of the apartment complex floor plans map of the surrounding area description of the property (e.g., number of units, year it was built, etc.) expected upgrades rent information purchase price names of real estate agents, attorneys, and title companies involved in the transaction Approach multiple lenders so that you can compare their offers. Ask for an application and submit it with your supporting documentation. If the loan officer needs more information, then supply it as soon as possible. After approving you, the lender will send you letter of intent or a term sheet. Analyze it carefully. It will specify the amount you can borrow and other terms. Choose the loan whose terms are best for you.  Sign the term sheet or letter of intent for the lender you choose. At this point, you may need to pay your deposit. The lender should follow up with a full (and final) loan commitment.