If you're in the market for a commercial real estate lender, you have almost too many options. There are companies all over town and all over the internet. It might be tempting to just head for your local bank-the one who provided the mortgage on your house. But that temptation might lead you to accept the least successful option. After all, a bank makes all kinds of loans to all kinds of people and businesses. They are generalists when it comes to lending. That's not to say that they don't require some level of expertise at what they do. But you want someone who understands your specific needs.
A commercial real estate lender should be a specialist, not someone who makes any and all kinds of corporate credit loans. He should understand not only the lending business but the real estate market, with a focus on commercial properties and the regulations that govern their sales and financing. You don't want a jack of all trades to supervise the details of your loan. You want an expert.
Banks typically have several layers of management, each one involved somehow in the approval process for your loan. Too many fingers on the loan documents or computer files will only slow down the process. Too many fingers also usually add up to more money being charged for the lending service. On the other hand, a commercial real estate lender is usually a streamlined organization without all the bureaucracy that banks require. In fact, such a specialist might even be a small business owner like you. That's an immediate link that can work to your mutual benefit.
This type of lender understands the needs of a small business owner and is often more willing to work with a potential borrower than a bank might be. A smaller lender offers flexibility that a bank can't afford. It can also offer a more pleasant borrowing experience to the borrower. These types of lenders can take the time to develop a personal relationship with their clients that big banks don't usually offer. These types of lenders often know what's going on in the area surrounding your potential real estate spot because they've handled loans for neighboring spots. They can give you information to which the downtown banker doesn't have access, and they are willing to share that information.
That said, it is important to find a commercial real estate lender that is right for you and your situation. The one who offers the lowest interest rate isn't necessarily going to be the best partner in your transaction. Look for someone who suits your personality. If you have a laid-back style, you won't be comfortable with an aggressive lender who wants to hustle you through the loan process. On the other hand, if you are the sort of person who doesn't like to drag their heels when it comes to business, you want a lender who is up to the challenge of working with you. What sort of reputation does the lender have among his customers? Is he responsive to your questions or does he brush off your concerns? Is he readily available to take your calls or is he always in a meeting or courting another client?
No matter what size loan you're looking for, your lender should make you a priority. If he can't do that then you might be better off going to the bank after all.
Corporate Credit Concepts specializes in Commercial Real Estate Lender. For more information about Commercial Real Estate Lender and how it might benefit your business, please CLICK HERE for a free phone consultation.