April 17, 2014
How important is customer service for apartment loans? Customer service is the heart of everything to do with multifamily financing, as well as any other type of commercial loan.
In selecting a loan company, you need to make sure that the multifamily lender is exemplary in customer service. Why? Because, for example, if a multifamily lender delays returning your calls for many days, you could lose the opportunity to purchase the property. Or what if a loan source delays loan processing for weeks, and interest rates rise substantially? This could make a difference in many thousands of dollars over a course of years.
Another example of poor customer service in commercial loan financing is when a loan source doesn’t do proper due diligence in qualifying the client. The representative tells you right off that you will qualify, yet two months into the loan process, they finally discover that you do not qualify. You are tied up for two months thinking you will get a loan, yet you don't qualify for it because you fell short of the liquidity requirement. You could have qualified for a property for a couple of hundred thousand dollars less; but because of the lack of customer service – they didn’t take the time to carefully prequalify you – you lost two months of precious time.
You need to ask questions of the multifamily loan source to make sure they have very good customer service. Ask for personal testimonials and for several customers you can talk to.
At Apartment Loan Store and Business Loan Store, we work hard to give you the customer service you deserve. We are very protective of our A+ rating with the Better Business Bureau. This means we go the extra mile to take care of you.
Happy apartment selecting and financing,
Bruce Painter, Director of Marketing
Business Loan Store