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The Importance of References in Getting a Multi-Family Housing Loan

May 21, 2014

Doing due diligence on multifamily lenders for multifamily loans has been a topic of this blog a number of times. Today, we are going to look at a very good way to help you do due diligence in your quest for apartment lenders.

Why? Like anything else in business, you want a company you can trust to do the job you are paying for. And as in anything else, service runs the gamut between superior multifamily lenders and bad multifamily lenders.

Choosing a superior multifamily lender to do your apartment loan can result in a wonderful, profitable experience. Choosing a bad multifamily lender can be very upsetting from loss of time and money.

Below is a real-world experience I had checking out a commercial loan company. Our apartment loan company was considering this company to co-broker our loans.

To make a point of how important due diligence is, please know there was an extensive amount of it done in the example below. I'm like a mother bear protecting her cub – making sure we select very good companies to work with, so that you have a great experience doing your multifamily loan with us.

I was able to get a large list of references from the commercial loan company to call. Seven of these references were actually spoken to. The references raved about the lender, and it was amazing that two of the references were people our company knew already (a big plus).

Why were so many references called? Because you want to do substantial due diligence in your selection of a multifamily lender.

Our companies, Apartment Loan Store and Business Loan Store, maintain a list of about 20 references you can speak to about our apartment loan company. It is important for you to talk with at least three or four of them.

Also, it's a very big advantage that you can see our A+ rating with the Better Business Bureau on our web site. A top endorsement from the Better Business Bureau has been very helpful in getting clients. We are very protective of this rating, demonstrating it through the high quality of our customer service.

Call me at my direct number, 214-695-7310, or email me at bruce@businessloanstore.com with your questions and your multifamily loan needs.

Bruce Painter, Director of Marketing
Business Loan Store and Apartment Loan Store