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What to Look for in Multifamily Lenders

April 22, 2014

In last week’s post, “Customer Service for Apartment Loans,” we covered examples of poor customer service when it comes to multifamily financing, which also applies to any type of commercial loan. This week, we give you 10 examples of excellent customer service from multifamily lenders – the types of things you should look for in getting your multifamily loan.

10 Examples of Excellent Customer Service from Multifamily Lenders:

  1. Your multifamily lender returns calls promptly—within an hour to a few hours is very good. Weekends would be an exception. Most multifamily lenders do not work on weekends.
  2. Your multifamily lender has an attitude of helping you rather than merely making the sale.
  3. The lender will prequalify you quickly and accurately to give you an idea of whether or not you are a good candidate for the loan you want. And if you are not a good candidate for the loan, the lender will give you some coaching to help you know what you need in order to qualify. Of course the ability for accurate pre-qualifying is greatly dependent on the accuracy of the information you give the lender.
  4. The lender will offer testimonials or have them readily available for the asking. They will give you the contact information of people who have utilized the lender's services who you can talk to.
  5. The lender is very knowledgeable about multifamily financing. Of great importance is that they have quite a few years of lending experience.
  6. Your lender is very honest. This is super important. Any dishonesty could translate into you losing time and money. A very good example of honesty is that the lender is fair on the quote given to you. Some lenders will give you a quote that is too low in order to try to get your business.
  7. Your lender follows through promptly with all the people they interface with during the loan – not only you, but also others involved in the loan process, including the appraiser, title company, possible other loan company if your lender is a broker, etc.
  8. Your lender is not in a hurry to go on to the next call, but takes time to be thorough with you.
  9. Your lender takes the time to explain things to you. Educating you on things you need to know is an important part of the loan process.
  10. Your lender is friendly, caring and makes you feel good when you communicate with each other.

How can you know if a potential lender does these things? Ask. If they say they do these things, but then are not doing them in the loan process, you could always stress to them that you expect them to keep their word. You can also get customer testimonials before hiring the lender to find out if the lender does the things on this list.

When you work with us at Apartmnet Loan Store and Business Loan Store, we work hard to give you excellent customer service. With an A+ rating with the Better Business Bureau, you can expect good things from us.

Happy apartment selecting and financing,

Bruce Painter, Director of Marketing
Business Loan Store
214-695-7310, bruce@businessloanstore.com

To find out more about our loan products and rates, go to apartmentloanstore.com or businessloanstore.com