Phoenix Arizona Hard Money Lender
Learning how to evaluate commercial lenders is very much like evaluating any other kind of lender—you need to compare and contrast lenders that work for you and your needs. But, for many individuals, this process is easier said than done, so let us review some of the basics of conducting a lender search.
Commercial lenders, clearly, are their own niche but that does not mean you have done everything you need to in order to find your niche or market. Thus, the very thing you should when searching for commercial lenders is to tailor your search to your particular niche or market. In doing so, you will then be able to evaluate the different lenders and programs that they offer.
Similarly, just as you are coming up with a list of criteria for your perfect lender, the same is true for a pool of lenders. Thus, you should make it a point to find out what your top five lenders are expecting from you i.e. their criteria. Ultimately, this will help you determine what lender is best for you and what you are bringing to the table.
However, if finding a lender were as simple as knowing your niche and finding lender criteria that you can meet, there would be nothing left to say. Well, clearly that is not the case. The reality is your search and your evaluation process are really never complete. Nevertheless, at some point in your search, you have to feel comfortable with who you are choosing to work with for the foreseeable future. Of course, at this point, you may be wondering just how you are ever going to feel comfortable with one lender in particular? Well, the good news is that there are few more tips to discuss that will more than likely make all the difference.
After you have found a lender that meets your niche or particular commercial market and you have come to terms with their standard criteria, there is no need to pull the trigger just yet. Unsurprisingly, once you have your eyes set on a particular lender for commercial financing, the next thing you should is more research. This means looking for BBB ratings, speaking with business owners your potential lender has worked with in the past, evaluating their level of stability when it comes capital and much more. Lastly, you can learn about your potential lender’s repayment terms before moving forward with them. By learning as much as you can about your future lender, you will definitely feel more at ease when you do finally start the commercial lending process.
In the end, your lender search boils down to how prepared you are and how much research you are willing to do. Therefore, you should make it a point to set aside some time to get organized as well as some time to do extensive research. Remember, commercial financing is not just another route to take; it is a very diverse financing option that can affect your business for years to come.
Dennis Dahlberg Broker/RI/CEO/MLO
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.