Lender Questions
Posted by Jordan Crouch on January 20, 2009
Peter Maclennan recently posted the blog post “Nine Questions to Ask a Commercial Lender“. While it is directed to mortgage brokers, it is good food for thought for anyone currently in commercial real estate.
- What are your minimum and maximum loan amounts?
- Do you have a geographical limitation?
- What property types do you prefer?
- How long does your average loan take to close? What is the shortest amount of time you have personally seen a deal close?
- What is your maximum loan-to-value ratio?
- What is your minimum debt-service coverage ratio?
- What information do you require from the borrower in a loan package?
- What is the best way to contact you if I have a deal?
- What loans are you the most competitive on?
mortgage secret said
good questions
Mike said
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Obama's Stimulus Package said
Interesting points. I’d like to see where we would be if Bush was still in office and we didn’t have obama’s stimulus package!
Rob "No More Mortgage" Fields said
Very good post. I especially found it usefull where you stated due diligent questions.
The smart commercial broker should have a client brochure ready for the prospective client summarizing those exact points