What not to do when pursuing a commerical loan.

One thing that makes commercial lenders mad is when their time is wasted. In an effort to shop for best rates and terms, borrowers will unintentionally waste the time of loan officers, brokers, and lenders. It is important to be professional as you strive to put together your loan request. Your reputation and character are important qualities to your loan request. Some lenders are more forgiving than others with this regard.

One way to combat this gray area is to be completely transparent with the professionals you engage to help you acquire a loan. If you are working with other sources make the lenders aware that you are working with a couple lenders. Sometimes a lender will choose not to work on your request if they know you are working with another lender.

There is a significant amount of work in putting together a commercial loan. Everyone is heavily engaged in the loan file prior to closing. Lenders spend on average 40-60 hrs in each deal they preliminarily review. Some require more time and others less. In any case, just remember to be professional as you search for a commercial loan. This is a highly engaged process for all involved.

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