People always want everything to be faster. With access to information becoming easier for commercial mortgage lenders, it is taking less time for a decision to made on loan applications.
In the digital age, there is one thing that becomes clearer every day—information is power. Those that have it and control it are the ones who are truly in control and have power over the rest of us.
For example, when attempting to get a commercial mortgages approved, the loan officer takes all the information you provide and combined with what he or she knows of the marketplace makes a decision on your loan application.
Nowadays, thanks to many things being readily available online, they have access to more than enough information to make a just and proper decision in a timely manner.
In the past, if someone wanted data related to the potential approval of a comercial lending mortgage, they would have to conduct the necessary research themselves, take the raw data, analyze it, and then draw what conclusions they could from what they have. It was a timely process, but it was what you had to do to do your job right.
Nowadays, it is a lot easier. Rather than do all the work yourself, lenders can contact outside analytical companies that collect data, process it, and analyze it for you. For a few dollars, you can save yourself hours of time that would have been spent researching and make decisions faster than ever.
Borrowers appreciate the speed because it allows them to look elsewhere or get to work faster. Lenders like it because it allows them to move onto the next client sooner.
If you have ever worked in a sales type job, there is a good chance you have done some cold-calling. You have had to pick up the phone, dial a number with no real expectations, and hope that they may be willing to at least listen to your pitch.
More often than not, you get hung up on because people hate cold calls. But what if you could reasonably predict who might be open to doing business? What if you could ascertain ahead of time who is going to be in need of your product and more open to buying?
That is what increased accessibility to data can do for those in the commercial mortgages industry. With the data that is available online lenders, brokers, and sellers can discover much more than they ever could in years past. Information such as zoning restrictions, flood history, appraisals, property ownership records, and tax requirements can all be had online or through a local government agency.
To many, it will mean absolutely nothing. But in the hands of the right professional, it is a gold mine of data ready to be mined for potential business leads.
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.