June 21, 2015
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.
1. The sales approach of the loan broker is pushy – when he talks with you, you feel like you are being sold or pushed. This is an unprofessional approach to doing business.
2. What if you have an intuitive – gut feeling that you should not get a loan from a particular commercial loan broker? It’s good to listen to your intuition. It’s not fool proof, but it should be taken into consideration.
3. A certain commercial loan broker takes too much time to respond to your phone calls. Or in the initial stages of working on your loan, he’s slow to process your loan. It may be a good idea to back out of the loan. Be sure to choose someone who returns calls promptly, and works at a good pace throughout any stage of the loan process.
4. You get clear signals that the broker is more interested in serving his own interests than in being there for you – such as being pushy, not taking time to answer questions, etc.
We have an A+ Better Business Bureau Rating at ApartmentLoanStore.com and Business Loan Store. 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 firstname.lastname@example.org
Bruce Painter, Director of Marketing, Business Loan Store