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Due Diligence

Key Qualities of an Inferior Commercial Loan Broker, Part 2

June 21, 2015

In the previous blog, we covered some key characteristics of a commercial loan broker who does inferior work. This can include a direct lender too. In the blog were several negative characteristics to stay away from including: A commercial broker asking for upfront fees unless it was a project of great complexity – like a New York skyscraper, the lender refusing to give you some of his customers to talk to as references, and getting an inexperienced lender.

This week we include 4 more key characteristics of a poor commercial loan broker, or direct lender.

Low Rates: Always the Most Important Feature? Part 2

June 10, 2015

Going for the lowest rate could be a good practice generally.  But, as we covered in the previous blog, there are quite a few lenders who quote a rate too low to hook you into working with them. Later on when you are well into the loan process, they give you a higher rate than originally quoted. They may tell you that rates have gone up, but the problem is they changed the rate artificially to try to get your business.

This most recent past article also covered what you can do to help prevent this from happening.

Low Rates: Always the Most Important Feature?

No.

Why? Even though there are arguments lenders could give you that you should go with them because they are quoting you a low rate at the inception of the loan process – the low rate quite possibly is deceptive.

A lender can quote you anything they want to quote you at the beginning of the loan process. Because you are not trained in commercial loans, whatever they quote you, you very well could believe.

What Are Good Motives to Want to Become a Commercial Lender?

May 29, 2015

This is an important question to the writer of this blog because the motives having to do with why a commercial lender is in the commercial loan business is connected to the effectiveness of that lender.

I believe this would be a good question to ask a commercial lender you are interviewing to see if you want that lender to represent you. It is an unusual question to ask, but it could give insight into the quality of the commercial loan person as well as the commercial loan company.

Choosing a Lender for a Commercial Loan

May 11, 2015

When you are in the market for a commercial loan, you have the choice of:

  1. Choosing to work with a direct lender who represents their one loan program.
  2. Choosing to work with a lender who represents a good number of different loan programs.

There are a number of advantages in working with a commercial lender who represents a good number of different loan programs.

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