Are You Committed to Your Loan Request?

Are You Committed to Your Loan Request? This may seem like a silly question. Why would you be pursuing a commercial loan if you were not committed? Why would anyone want to go through the pain of applying and gaining approval for a commercial loan if they were not prepared to go through with it? My question here is not directed at borrowers who for extreme or outside purposes are unable to close a commercial loan. My intention is to address the borrowers who never had an intention to close, or are simply looking at their options while they sit on the fence of indecisiveness.

I have had borrowers who we have obtained loan approval for that simply choose not to close. Some have changed their mind on starting a business. Some have decided to sell their real estate with the hope that they may cure a deal. Some have given up at the finish line in the approval process. Some have gotten frustrated with the lender and walked away.

When pursuing a commercial loan it is important to be committed to your request. It is important that you do all you can to see it through. Lenders and brokers work on good faith that borrowers will do the same. Much professional time and energy is spent putting together a commercial loan. Shopping is important during the LOI phase of a loan; however, once you make a choice, commit to that choice and move forward.

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