Best Commercial Loan Providers, Part 2
Published February 18, 2012
Last week, in the first part of “Best Commercial Loan Providers,” we covered some reasons it is important to choose a good commercial loan provider to work with in acquiring apartment loans. We also gave an example of what can happen when you choose an incompetent loan provider. We gave an example of an investor losing the purchase contract on an apartment building due to the inexperience of the lender.
We also shared three qualities that are important in choosing a good if not excellent commercial loan provider: 1. The loan broker has quite a few years of experience. 2. Through doing your due diligence – Better Business Bureau, etc. — you find that the commercial loan provider has a good reputation. 3. When talking with the loan broker, make sure that the person seems to take a real interest in you and your needs.
In this blog, Best Commercial Loan Providers Part 2, we are going to focus on why a very good Better Business Bureau report is a good indicator of the quality of a commercial loan provider. As you can see in the following paragraph, the Better Business Bureau looks at some important factors in determining the credibility of a company.
The Better Business Bureau report looks at the number of customer complaints a company has. It also looks at the length of time the business has been operating, and it makes sure it has sufficient background information on the company. You would probably agree that these are important factors in your search for a good commercial loan provider.
If a company has an A+ rating with the Better Business Bureau, they have the highest rating and are likely to be a very good pick to work with as a commercial loan provider. An A+ rating means there are no customer complaints.
Our company has an A+ rating with the Better Business Bureau. We have no customer complaints since registering with the Better Business Bureau in 1994. We are very proud of this rating.
Many commercial loan providers do not have a Better Business Bureau logo on their web site. For some of them, it may be because they, for example, have a B- rating. They have some customer complaints, and they don’t want you to know about it. Be sure to do your due diligence on the commercial loan provider you select to work with. If they have a very strong rating with the Better Business Bureau, it is a good indicator in your due diligence search.
Be sure to check out our educational videos on apartment loans.
By Bruce Painter, Marketing Director