As you are starting your search of commercial financing, you might notice that not all lenders are created equal. Some offer a long list of loan options, while others handle very specific loan types. Many are focused on providing the best customer service possible, but you’ll still find some that lag behind. With thousands of commercial lenders to choose from, you want to be sure you are using someone that is experienced, knowledgeable, and truly cares for your business.
When you are on the hunt for the right commercial lender, keep these things in mind:
1. Are they experienced in handling loans for your industry?
Having a lender that understands your industry needs is incredibly important. Not only can they help you determine exactly what loan fits your business, but they can also anticipate your future needs.
2. Do you know other businesses that use this lender? What do they have to say about them?
References can tell you a lot about how a loan officer operates. They can give you the true inside scoop on whether the bank goes the extra mile, if they offer flexible options, and more.
3. How large is the bank?
With large banks, you might worry about getting lost in the thousands and thousands of customers the bank services. On the other hand, you have the potential to outgrow a bank if your business starts needing higher and higher loan amounts.
4. Does the lender have a location close to me?
Even though you might not need to visit frequently, it can be very helpful when an issue arises, or you have a question about your loan and you’d like to get an in-person answer, to have a bank location near you.
5. What requirements do they have in a borrower for commercial loans?
While we never expect or want to miss a payment on our loans, sometimes things happen we don’t expect. You want to find a lender that understands the unexpected and is friendly and flexible enough that they can work with you during these times.
Having the right loan behind your business can be the difference between surviving the recent turn in the economy or having to close your doors. With the right commercial lender, your business can turn a bad situation into something more manageable – but only if you do your due diligence in finding one. All too often, businesses choose the first lender that gives them details about a loan when there are better choices for them out there.
We want to know if we’re a great fit for your business! Give us a call to talk about our commercial loan options today.