Best Commercial Loan Providers, Part 3
Published February 25, 2012
In the first part of “Best Commercial Loan Providers,” we covered that it is important to do well at choosing 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 because of the inexperience of the lender.
And we covered three qualities that are important in a good if not excellent commercial loan provider: Experience level of the commercial loan provider, doing your due diligence on the commercial loan provider, and the commercial loan provider taking a real interest in you and your needs.
In part two we covered why a very good record with the Better Business Bureau is a strong indicator of the quality of the commercial loan provider. And that our company, Business Loan Store has an A+ Better Business Bureau rating.
In part three, we are covering the fact that a commercial loan provider needs to have a very high percentage of loans going through to completion from the time the loan is proposed and you need to pay for your appraisal and other third-party reports. The chances the loan is going through from that point to funding is extremely high.
An inexperienced commercial loan provider may tell you with certainty that your loan is going to go through to funding, and you’ll pay for your appraisal and other third-party reports. However, you may very well end up getting a call weeks into the loan process saying that your loan isn’t going to be funded. The loan provider wasn’t thorough in evaluating your finances and the quality of the property, and the loan will not go through.
At Business Loan Store, we take pride that as commercial loan providers, once you receive a proposal, and you pay for the appraisal and other third-party reports, the chance of a loan going through is extremely high. For the past 30 months, every single permanent, multifamily loan of ours has been funded from the point of loan proposal and paying for the appraisal and other third-party reports.
Be sure to check out our educational videos on apartment loans.
By Bruce Painter, Marketing Director