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 commercial mortgage company and talk to a few of their clients in conducting your due diligence.
- The commercial loan broker refuses to give you references of customers of theirs you can talk to, and refuses to give you written testimonials. This could very well mean that they have some things to hide.
- Your broker won’t take the time to answer important questions. A good loan broker should take the time to answer your questions unless they are trivial questions.
- The commercial loan broker is new, with little experience. Of course you could make the exception for the new broker who works closely with a commercial loan broker with lots of experience. An inexperienced loan broker could make lots of errors which could be costly for you.
- You talk with a broker who is rude, inconsiderate, and unfriendly. This is a bad sign. You (a potential customer) are a large reason why the commercial loan broker is in business. He should be appreciative and respectful towards you.
We have an A+ rating with the Better Business Bureau here at ApartmentLoanStore.com and BusinessLoanStore.com. This is because we quote fairly, are experienced, and have other good habits of business practice.
Contact us to see if you qualify for our best multifamily, commercial, or bridge loan rates and terms. Keep in mind that one of our specialties is commercial bridge lending. Also, contact us if you would like to discuss your particular commercial lending needs, or if you have questions. Call 214-695-7310 or send an email to email@example.com
Bruce Painter, Director of Marketing, Business Loan Store