Working with a trusted, experienced commercial lender will make a big impact on the success of your project. Increase your chances for success by learning how to pick the right lender from the start.
Investments in commercial real estate represent a wide range of opportunities for companies or individual entrepreneurs. That being said, taking advantage of these opportunities is considerably easier when your company is working with an experienced, effective commercial lender. There are multiple ways that you can evaluate a commercial lender and decide if that professional provides the financial services that fit your company’s short- and long-term goals.
The following three qualities, however, are easily the most important factors for businesses to focus on when choosing a commercial lender. Working with the right lender, one who understands your company’s commercial real estate project from every angle, makes all the difference.
1. Experience With Your Project Type: A smart company collects information from as many sources as possible in order to make fully informed decision. Your commercial lender can offer valuable insights regarding financial hang-ups related to your project, but only if they themselves have plenty of experience in the industry.
Whether your next real estate project is residential, industrial or multifamily, make sure your lender has something to brings a new perspective to the table when it comes to industry best practices. Working with a lender with limited experience puts your project at risk from the get go.
2. A Proven Portfolio: It should be easy to determine if a commercial lending professional has the work experience to backup their claims. Their website should have a comprehensive portfolio of all the recent projects that the lender has financed. If you’ve selected a commercial lender with relevant project experience, their portfolio should include other development or real estate projects that are similar to yours. These comparisons can help you get a better idea of what to expect with regard to lending terms as well.
3. Flexible Lending Terms: The cost, length, scope and projected ROI of your project will ultimately determine the terms under which a commercial lender is willing to finance your development. That being said, the willingness to make these conditions work for the client will vary widely from lender to lender. Some financial institutions, such as banks and federal lenders, are limited by very specific terms that may not fit every project. Your company may need the services of a private lender to get the very best terms for a commercial loan.
How Do You Find An Experienced Private Commercial Lending Professional In Your Area?
When searching for a trusted commercial lender in your area, be sure to put these evaluation strategies to work. A lender with years of experience financing projects like yours can be an extremely helpful ally during every stage of development. Practice due diligence while you search for a lender who offers real value to your project. Find a trusted commercial lender in your area as you evaluate the type of financing your business needs.
Does your company need to act fast on a commercial real estate deal? Does your business need a commercial loan under special terms? Get help from an experienced commercial lender today.
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.