Commercial Mortgages Lender | Tips for Selecting the Right Commercial Mortgages Lender
As a borrower, the lender you choose is going to be very important to your satisfaction with the loan. It’s not simply the interest rate and terms that play a role – the lender you choose is going to be your partner for the next 5 to 30 years as you start to pay down that loan, and so choosing one that works for your needs is crucial.
Everyone’s commercial mortgages lender needs are going to be different and in some cases you may find a great lender that isn’t necessarily the choice that others recommend, but generally you can decide on which commercial lender is best for you using the following criteria:
- Fees – Before anything else, thoroughly analyze fees. Every fee should be accounted for and compared across lenders, because lenders often designate their own fees and any optional fee that ends up costing you thousands of dollars is best avoided.
- Size – Private commercial mortgages lenders are often working within a more limited budget. So the size of the company and the amount they finance plays a role. In general, you want a company with significant capital that funds large numbers of commercial loans, because those companies are more likely to close on your loan and offer better rates.
- Lender Type – You have the option of going to direct lenders or choosing a company that simply fronts for direct lenders and sells them your loan. Ideally, if you’re not using a mortgage broker, you want to choose a direct lender because the other lenders (known as quasi-lenders) may have additional fees.
- Creativity – Experienced commercial mortgages lenders know that there isn’t really a one size fits all approach to commercial lending. A company that’s willing to work with you on flexible financial terms is, often, a company that is better suited for your lending needs.
- Transparency – Everything the lender does should be transparent and they should be proud to answer any questions that you have. Successful private lenders do not need to swindle to make money. They know that they’ll have a steady stream of loyal borrowers and they’ll make their money off of the interest and standardized fees.
The right commercial mortgages lender can make an incredible difference into your loan satisfaction. At CRE Lender, we know that it’s not just about the investment – it’s not even necessarily about the money. It’s about being 100% satisfied with your lending transaction so that your investment pays off both financially and personally.
If you’re interested in connecting with lenders that are ready to give you both a great rate and great service, sign up with CRE Lender today. We’re proud to provide our clients with connections to some of the best lenders available. Sign up now.
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