The documentation needs to include all of the important information needed and needs to be balanced to make bother the borrower and lender happy during the commercial lending process. Customer service is always crucial, especially when it comes to loans. Detailed documentation will make the whole process much easier and ensure that everyone involved in satisfied.
But when it comes to making sure that you are getting detailed documentation, doesn’t mean you can lack in the customer service department. There are things that you should consider when it comes to your loan documentation. It is important to have a building relationship between the lender and customer. Dealing with financials can be tough and personal, so there needs to be enough respect between the two to be able to deal with the crucial financial questions and information that goes along with getting a proper credit analysis.
The entire application can be stressful, so make sure that the whole commercial lending process is clarified and everything is explained. Establishing a list that includes everything that you will need for proper documentation is a good start. To avoid slowing down the process, make sure you have all of the information you need for a complete and thorough application. Checklists can really come in handy so everyone is aware of the status on everything during the documentation process. This is an efficient and consistent way to double check that all of the information in the documents is detailed and complete. This might be one of the most important parts of the loan process because without the proper documentation, your application could come with some issues and even be denied.
Technology keeps improving and that means it can play a large role in preparing your documentation. Software can be a helpful tool when it comes to keep all of your information organized and easily accessible at your fingertips. There are a lot of options to choose from so that you do not have to rely on using spreadsheets and calculations to try and crunch all of the numbers by yourself. The commercial lending software offered can do the work for you by entering in the numbers needed and using an automation function to automatically come up with the right numbers. It is still important to understand the data, but when you aren’t an expert, this software can help.
You will be surprised how thorough and complete documentation will help your chances at getting approved for a loan. Not only does it give the information needed to lenders, but it also proves that you can be organized, which is a good trait to show to your lender.
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.