As a mortgage broker, it’s important to keep the needs of your customers in mind as you look for commercial lending partners. Here are some questions you should always ask a lender.
- What kind of service can my customers expect? It’s important to keep in mind that at some point the commercial lender you select will be dealing with your customers directly. You’ll want to look for a commercial lender with dedicated employees and customer service representatives.
- How flexible are your terms? The right lending partner will be concerned with each customer’s individual needs, and will provide flexible terms and loan programs. Be sure to find a commercial lender who will work with you and your customers to find the right lending solutions.
- How simple is the mortgage and loan application process? The right commercial lending partner will provide tools to make the loan application process fast and easy. Be sure to look for a company that utilizes technology to make the approval process as simple as possible.
- How competitive are your rates? A lender’s rates will determine how cost effective it is for your customers to obtain financing. If you’re working in a particular niche in the mortgage industry, be sure to look for commercial lenders who will be a good fit for your customers.
- How quickly can you close loans? The sooner a loan is closed, the sooner you’ll get paid. Be sure to select a commercial lender who will be thorough, but also close the loan in a timely manner.
- How long have you been in business? You’ll want to make sure that the lending partner you choose has a good amount of experience in the industry. An experience commercial lender will be better suited to helping your clients get the financing they need.
- Do you offer marketing support? The best commercial lending partners will provide you with marketing support. Ask lenders if the offer things like emails and co-branded marketing materials that can help you drive in business.