October 14, 2014
In looking at the qualities of a superior apartment loan broker, the following three come to mind:
1. When they give you a letter of interest and you pay your deposit, you have a good degree of comfort that they will be able to complete your loan. No apartment loan broker can guarantee that the loan will close, but a very good multifamily loan broker will have a very high closing percentage of loans.
This quality is number one. Why? Because an inexperienced multifamily loan broker or one that is not so caring about the customer, may end up not being able to come through on the loan. For example, you could find out just before closing that their inexperience caused them to make a big mistake in their estimates on cash flow. Therefore, your loan doesn’t go through.
A very good ethical and experienced apartment loan broker will carefully pre-qualify you, carefully analyze the documents submitted, and choose a good lender. Your chances of the loan going through are very high.
2. A superior apartment loan broker has excellent customer service. This includes that they return your calls quickly, and take the time to answer your questions. They are courteous, patient, and very interested in meeting your needs. They also work to get things done in a timely manner. And if they are especially good, they will be able to be reached some of the time on evenings and weekends.
3. They will educate and explain things to you. A very good lender includes education as part of their service. A poor lender will get impatient if you ask questions to learn about things related to the loan process He is more interested in getting paid then in being of great service to you. Good lenders put themselves in the role of being consultants to help you achieve your goals to maximize your results.
Bruce Painter, Director of Marketing, Business Loan Store