Not just in the world of commercial real estate, but in any case, experience makes a world of difference. Yes, there is something to be said for a new and fresh perspective. However, when it comes to commercial lending, having experience is super important… especially when it comes to something as important as getting a loan. When you are looking to start a business or grow your existing company, experience is key for commercial lenders.
When you decide to get a loan, you need to do all your research to make sure you find the right lender with not just experience – but experience in the field that you are in. Find out if the lender has dealt with loans for the same type of nice or specialty as you need. This is crucial in ensuring they have the specific experience you desire. This will make the process much easier and smoother if they have gone down this path before — and know how to pave it for you, so to speak.
While it may seem like a good idea to just go with the lender that offers the best rates, this can be a mistake. While good rates are of course very desirable, especially when it comes to paying back your loan, you also want to make sure your lender is steering you down the right path. The old saying, “You get what you pay for,” does have merit, especially in this case. So be wary of a deal that appears “too good to be true.” Experienced lenders have negotiating skills and will do what it takes to get the job done right.
While there are many online marketplace lenders and large national chains that may be able to offer a large loan, there is something to be said for the personal experience offered by a smaller, local company. A lender that is local has the experience on the local market, and also has more invested in your loan — much like it is your dream to own your own company, small commercial lenders are living their dreams by owning companies to help people like you get the loans they need. With a large national chain, you also risk working with a “newbie” that does not have a lot of experience yet.
Experience is a huge factor — but it’s not the only one. You should get a good feel for the lender you are ultimately going to be working with and dealing with for years to come by way of your loan. It’s important to trust them and have a good working relationship with them. It’s also a good idea to check references, pay attention to things like customer service with other people on the team and other factors that will ultimately make your experience better… or worse.
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.