When shopping for a Texas Commercial Mortgage lender, there are multiple things to consider before making your choice. Read on for tips on how to choose the right lender to ensure a successful transaction and the right loan for your business.
Make sure the fees and interest rates are fair and within reason for what you can rationally pay back in the proposed repayment structure. While the loan will have an annual percentage rate, it’s not the only costs you’ll incur as part of the loan. You can ask about a detailed cost breakdown and also a “good faith estimate” that should include all the fees you will be expected to manage with your loan. It’s a good idea to also ask about any “hidden fees” or penalties that may not appear in the proposal.
Review your options when it comes to what types of loans are available, and which will best serve your business’s needs. Whether short term, long term, equipment financing, green building, SBA or other, there are many options and you should feel confident that your lender has or will present all of your choices and also offer their professional advice on which loan would be most beneficial for you and your company.
As with any business, customer service should be taken into consideration when selecting the right Texas Commercial Mortgage lender to do business with. Are they professional, friendly, helpful and willing to meet your requests with hesitation? Are you able to get in touch with them right away and directly or do you often get the “runaround?” In addition to being skilled in finding you the right loan, there should be a level of customer service that meets your expectations. Ask yourself these important questions prior to making your decision.
You’re not the only one who should undergo a background check — do your homework and research your lender’s background.
The importance of doing business with a reputable lender cannot be overstated. Make sure the lender you move ahead with has a good reputation. You can even ask for references or testimonials from the lenders you are essentially “interviewing” to take on the job of finding you the best Texas Commercial Mortgage loan.
As with many things, ultimately selecting who will serve as your Texas Commercial Mortgage lender all comes down to trust.
Do you have a good connection with this individual? Do you feel that he or she truly has your best interests at heart? Yes, the loan will benefit this person as well, but they should be putting your business needs as their top priority — not their bottom line. Make sure you feel comfortable with having your business finance needs in this person’s hands. If you have reservations, it may be time to keep shopping.
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.