Our office has been privileged to work with many different commercial lenders and loan offices these many years. Most are intelligent, caring people who want you, the client, to receive the best loan terms, and service outcome possible.
I think the borrower’s first concern should be what type of long-term customer relationship he wants. Consider the following questions:
· Is this a one-time loan, or will there be other loans in the foreseeable future?
· Do you prefer working with a local credit union, community, regional, or national bank?
· Does the prospective lender have experience and an understanding of your business, and does it loan to companies in that field?
· Does the prospective lender have the needed technology and branch locations to support your business needs?
· Do you have some credit dings?
· Does the loan officer listen to you and seem genuinely interested in your business, or is he just trying to make a loan?
· What is the lender’s reputation in the business community?
The point of these suggestions is that you, as borrower, need to first consider these questions before the terms of the loan (interest rate, loan fee, amortization period, etc.) are considered. You are not just borrowing money; you are seeking to establish a long-term business relationship with what should become a trusted advisor for years to come. Remember this, not only are you looking to establish a long-term relationship, but so is the loan officer. He wants not only your current loan, but future loans, current accounts, and personal business as well. You are the customer, and your needs must come first.
If you need recommendations as to prospective lenders, please give our office a call and we will be pleased to help.