August 5, 2014
The answer is no. Why?
- Dishonest loan source representatives will give you a lower rate to hook you in to work with them. If they cannot honor that rate, they will say, “Well, rates went up.” They will think you don’t know the difference and bank on their dishonesty at your expense.
Also, when you find one dishonesty in a loan source representative, other dishonesties tend to be connected like strong magnets clung together. Thus, the dishonest loan source representative in the above example may also not deliver on the promise to get the loan done in time, charge too much profit, or exaggerate the qualities of the property (causing the loan to be rejected, and costing you the loan deposit money, your valued time, and possibly the opportunity to purchase the property you want).
- Inexperienced loan source representatives at times give too low of a rate. Not only could you easily end up paying a higher rate, but you could suffer a severe consequence of using an inexperienced loan source representative.
Let’s say he notifies you late in the loan process that he cannot do your multifamily loan. The lender he chose rejected the loan and he may not even tell you the reason. For example, he failed to carefully check out the condition as well as the cash flow of the property. As a result, you lose the opportunity to purchase the property you highly desire because you have to find another loan source. To your dismay, the time required to start and complete another loan greatly exceeds the one week left to acquire the property.
Choose the very experienced and honest loan source representative who has a very high closing rate. He will carefully prepare an accurate file of your finances and the property. He will do a great job in working with the underwriter so the loan has a very high chance of closing.
At ApartmentLoanStore.com, we have a 97% closing rate upon application acceptance for the last 3 years. If you pay a slightly higher rate, for honesty, trust, and delivery on the promise, you could end up paying a lot less, saving a lot of time, and getting the property you want.
Call or email me if you have questions concerning this article, apartment loans or other types of commercial loans. You can reach me at 214-695-7310 and firstname.lastname@example.org
Bruce Painter, Director of Marketing, Business Loan Store