What to Look for When Choosing a Mortgage Company For a Commercial Real Estate Loan?
Miami Commercial Loans | Florida Private Investors
If you’re in the market for a commercial real estate loan, you may wonder just how to go about choosing a mortgage company for your business’ needs. What should you look for in an Investor? While it may be tempting to simply go with the lowest interest rate or favorable loan term, it’s important to keep the bigger picture in mind.
When you choose a company to represent you in obtaining a commercial real estate loan, you receive a promise from that Investor. The Investor promises to do their utmost to fulfill the agreed upon terms. Unfortunately, those terms are not always set in stone. When inevitable things like appraisal, final underwriting, and title insurance cause your loan terms to change, you’ll want to be sure the trust you’ve placed in your mortgage company is well-founded. What, then, are the most important things to look for when choosing a mortgage company for a commercial real estate loan?
Experience of the individual Investor
Make sure you’re working with an Investor who knows their stuff. An inexperienced Investor is more likely to poorly complete a loan package, leaving it with missing information and inconsistent figures. To save yourself a few headaches down the road, know exactly how experienced your Investor is.
Credibility of the individual Investor
Yes, there are plenty of dishonest mortgage originators presenting misleading and falsified information. Is your Florida Private Investors simply telling you what you want to hear? Do your due diligence and research the credibility of your Investor.
Reputation of the company
Is your Investor well-versed in Florida commercial loans, or do they deal primarily with residential? How many years have they been established? When choosing a mortgage company, the Investor’s reputation should be one of the most important factors you take into consideration.
Don’t be swayed by big-talking mortgage financier’s who promise low-interest rates and not much else. To get the most favorable terms on your next commercial real estate loan, take a look at the Investor’s experience, credibility, and reputation.