Commercial Underwriters

Many borrowers often wonder if their loans will ever close. The process of obtaining commercial credit can be tedious and drawn out. At times lenders will ask for the most obscure things that hardly relate to the loan request. As consultants, we often wonder why lenders ask for certain things in the process. The important thing to do in these scenarios is to stay calm and focus on the end result.

The last thing you want is to frustrate the decision maker on your loan. Underwriters are trained to see all the risks in a transaction. Their goal is to understand the credit request and business. They need to “know” the borrower and the business. Some of the questions you may be asked are simply to serve this purpose. Be patient, provide the information requested, and focus on the loan closing. Arguing over small details that are unrelated to the loan may upset the underwriter and diminish the luster of your loan.

It is difficult to anticipate everything underwriters will ask for. Often lenders rotate underwriters so that they never have a chance to consistently engage with the same business or borrower. Underwriters want to remain objective throughout the process. Staying calm and providing the information requested will go a long ways in keeping your underwriter happy. A happy underwriter will ensure you the best review of your loan request.

Related Posts

Comments are closed.

business loan clients