If you need a loan, going it alone is not the best option. Especially when it’s professional commercial lenders job to help their clients get the best loan for their business ventures. As you are starting out with your lender search, there are some things you should know about what you can expect from your lender and what you will be expected to do during the loan application process to create a win-win solution.
Experience is one of the first and most important things you should look for when shopping for a lender. Experience is knowledge, and knowledge is power. When you are looking for the right lender, experience goes a long way so make sure the person you chose to work for knows his stuff forwards and backwards.
You can certainly expect your lender to have experience – not only in his or her industry, but yours. What we mean by that is that the lender should have experience in loans with similar projects and ventures as your own. Each industry and business venture has its own unique elements and sometimes that means it requires specialty circumstances. If the lender you are looking to work with has a portfolio of similar projects, this is a good sign. You can also expect that your lender be appropriately licensed.
Commercial lenders that have been through this scenario a hundred times know what is going to work and won’t work – and they can either help you get to the place you need to be or won’t waste your time taking you down a road he know isn’t the right path. They also have the partnerships and connections that can further help you in your business venture. These experienced lenders also go the extra mile to close the deal so you know you can trust them.
Be prepared with a business plan, know your up to date credit score and bring any documentation that would prove helpful toward the success of your loan approval. Be sure to ask questions about what your lender is going to need. You should also be prepared to put down some collateral. While there is a lot you should expect from your lender, your lender will expect these things so he can help you improve your chances of getting the best loan negotiated for you. If you’re not sure what your lender will expect from you upon your first meeting, don’t be afraid to ask what is expected of you so you and your lender can start your business relationship off on the right foot!
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.