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 the truth about the quality of the lender and the quality of the company that you might not normally get.
If you ask, “I’m curious – what is your motive for being a commercial real-estate lender?” And the lender says, “I love the company I work with. We are a great team. We work well together, I love the business. I like helping people get their dream properties. I’ve been here 15 years. I enjoy that every year I learn more and more about the commercial loan industry.” This would be a good hint that you’ve got a good lender to work with. He quite possibly has strong commitment and conviction. Also, that he says he’s learning more and more about the commercial loan industry means that he could possibly be very knowledgeable about his work.
On the other hand if you ask the question, “I’m curious – what is your motive for being a commercial real-estate lender?” And the lender says, “It’s an income. I’m doing OK in the company. My boss is a good person.” This would be an indication that the lender is not very excited about his job. And he may not be very committed and convicted.
One mentor of mine said, “Communication is the universal solvent.”
Questions are a key part of communication. Asking key questions can be helpful in getting the information and knowledge you need.
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Bruce Painter, Director of Marketing, Business Loan Store