Starting your search for the right commercial lender can be daunting—if not overwhelming. If this sentiment sounds familiar then you have come to the right place to help you narrow your search and ultimately pick the best commercial lender for your business venture.
Currently find best commercial lender can seem worrisome since traditional lending institutions are not necessarily approving commercial loans at a high rate. Unfortunately, the reality is that the economic climate will always factor into the buying and selling of property. But, the good news is that you do not have to put your commercial dreams on hold. Instead, all you have to do is find a lender that understands your vision and is willing to work with to make your dreams a reality.
Of course, this is a tall order, but savvy business people do it every day. So, let us get right into a few tips and strategies for finding that ideal lender. The first very tip for finding your guru lender is to start looking right where you already bank. Yes, it goes without saying that banks are a little wary about commercial loans, as previously suggested. Nevertheless, your own bank may be willing to work with you and what is more, they more than likely will offer a pretty fair deal. Therefore, it never hurts to start where you are first.
If, however, your borrower bank is not interested in your commercial venture, there is no need to lose hope. All this means is that it is time to cast your net a little wide( by the end of this process you will more than likely have submitted your loan package to upwards of 50 or more lenders.). In other words, your next stop should be another local bank or credit union (you should also look at lending institutions that can match your loan i.e. if you need a large loan you should not go to a small bank.) Here, the point is to keep it local if at all possible because you would be hard-pressed to find a better lending scenario out of town. The reason this is true is because local lending institutions know who you are and you know they are i.e. there is an apparent transparency to this potential relationship even before it begins. Moreover, most lending institutions prefer to work with local borrowers.
So, now that you know your best chance at finding that dream lender is to start locally, it is important to know what to do when you settled on that special local lender. Unsurprisingly, once you choose a lender, it is time to gather all your document, get organized, and present a detail business plan. In doing so, you will be able to assemble your loan package in record time.
Ultimately, your lender match for commercial financing is just around the corner, if you know where to look. So, do not be afraid to ask your business associates for references if your own bank has turned you down.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.