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Commercial Loan Blog
In the previous blog, we covered some key characteristics of a commercial loan broker who does inferior work. This can include a direct lender too. In the blog were several negative characteristics to stay away from including: A commercial broker asking for upfront fees unless it was a project of great complexity – like a New York skyscraper, the lender refusing to give you some of his customers to talk to as references, and getting an inexperienced lender.
This week we include 4 more key characteristics of a poor commercial loan broker, or direct lender.
June 17, 2015
In your quest for a commercial loan it is so important to know some key qualities of a Commercial Loan Broker to avoid:
- The commercial loan broker asks for an upfront fee and your loan is not complex. If your loan is simple and you are being charged an upfront fee, it is quite likely that the commercial mortgage broker is not being honest. Yet, also keep in mind that if you have a commercial project such as a 100 story skyscraper in a major city, charging for an upfront fee may be OK. But, even then it’s essential that you conduct a background check on the... more
June 10, 2015
Going for the lowest rate could be a good practice generally. But, as we covered in the previous blog, there are quite a few lenders who quote a rate too low to hook you into working with them. Later on when you are well into the loan process, they give you a higher rate than originally quoted. They may tell you that rates have gone up, but the problem is they changed the rate artificially to try to get your business.
This most recent past article also covered what you can do to help prevent this from happening.
This week we are going to continue looking... more
Why? Even though there are arguments lenders could give you that you should go with them because they are quoting you a low rate at the inception of the loan process – the low rate quite possibly is deceptive.
A lender can quote you anything they want to quote you at the beginning of the loan process. Because you are not trained in commercial loans, whatever they quote you, you very well could believe.
Let’s say for example that they quote you 4.25% for a 10 year fixed rate, 30 year amortized apartment loan purchase, but the problem is, at that rate they wouldn’t... more
May 29, 2015
This is an important question to the writer of this blog because the motives having to do with why a commercial lender is in the commercial loan business is connected to the effectiveness of that lender.
I believe this would be a good question to ask a commercial lender you are interviewing to see if you want that lender to represent you. It is an unusual question to ask, but it could give insight into the quality of the commercial loan person as well as the commercial loan company.
I believe this is the kind of question that may be able to help bring out... more