It’s much easier to work with skilled commercial lenders when its time to obtain a loan. They can benefit you in many ways and assist with specific needs and questions you may have as you go through the process. However, it’s important that you are working with a lender that understands and specializes in your market or niche to make sure that they can best benefit your specific needs.
It’s also a good idea to flesh out your specific needs before meeting with commercial lenders so you can ensure you can properly express your needs. If you are looking to obtain funding via a local credit union or non-traditional lender versus a conventional lending institution like a bank, you’ll want to understand that the processes and requirements will be different. One of the benefits of a credit union is they are fairly stable through economic ups and downs, so they are more likely to lend a higher amount than a bank that has more rigid lending requirements. Credit unions are also more likely to take a chance on a first time borrower, new business or small business.
Another benefit of seeking a loan through credit union commercial lenders is that they typically have lower fees and rates that are more reasonable than conventional banks, hard money lenders or short-term loans. Because credit unions are in a different category than conventional lending institutions, and actually considered non-profit organizations, it is more like using a private lending to obtain funding. This is beneficial to you because they are able to offer better benefits.
These professionals are well versed in the application process and they know exactly what is required from the borrower (aka you) in order to ensure eligibility. So it’s very beneficial to utilize a lender in your specific niche to help you get the most “bang for your buck.” Working with a local credit union is also beneficial because these experts understand the market you are in and can help your business based on that knowledge.
Doing your research before you meet with lenders is a good idea. Be as prepared are you can prior to meeting with any type of lender by having your documentation in order, being prepared to showcase the collateral you have and prepare a solid business plan that details your intention for your business. Being prepared can be very beneficial in the loan approval process as well. Once you have all your ducks in a row, you may find eligibility to be a lot easier and smoother, especially with the help of the right type of lender for you and your business.
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.