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There are many hard money lenders in California dealing with commercial loans. However, may not be wise to give your commercial loan business to the first lender you can find.
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There are many hard money lenders in California dealing with commercial loans. However, may not be wise to give your commercial loan business to the first lender you can find. Not all offer the best services, so you need to research first to select commercial lenders in California whom you can depend on and who have the best services. These are some of the aspects to consider in choosing the best commercial lender for your specific needs.
Market knowledge You want a professional who understands your scenario. When you talk to commercial lenders, discuss your scenario in detail. Doing so you will be able to find hard money lenders who can relate to you, your property and understand the requirements and potential of your specific transaction. Single point of contact If you are with the best commercial lenders in California, they will offer a single point of contact. This ensures communication flow – you don’t have to wonder who is going to call to give you updates, or who you need to contact should you have questions or want status on your file. Fully licensed You likely want to work with a fully licensed professional. For California, they are likely to be licensed through the DRE or the DFPI. Additionally, they may also be licensed at the national level, through the NMLS. Even though commercial lenders are not required to be licensed in this manner, many will choose to carry the additional license.
Ease of communication Do you need to communicate in the evenings or on weekends? Prefer to communicate via text or email? Would you rather speak on the phone? Knowing how you will communicate is a huge part of the financing decision. Nothing is worse than being in a high dollar transaction and not being able to get updates, answers or information with regards to your file. This starts upfront. When calling initially, take note as to whether you are given the time to discuss your file in detail. If you email or leave messages, do you get timely replies? How you are treated upfront is typically very indicative of how you will be treated throughout the transaction. Know the nature of the relationship with previous clients You need to know the nature of the relationship the lender had with previous clients. Take a look online for reviews. Is the professional you are talking to listed with the BBB? That’s always a good sign as well. Types of offered services For alternative financing, many lenders specialize in only one or two niche categories, while others specialize in only specific locations – like only California. Make sure your financing professional is proficient in the service you require, but also consider services you may need in the future. Building a good relationship with a quality financing professional can pay years, or even decades, of dividends. This is true both for simply obtaining financing as well as for saving you the time in the future of having to look for that financing.
Know about the collateral Of course you want someone who knows about your specific collateral. Is this a construction project? Have a brief discussion to see if your professional is knowledgeable about the construction process. The same goes for other property types. There are many individuals who can help obtain financing, but some are simply more knowledgeable than others. If you base your search to find commercial lenders in California on these aspects, it is certain that you will want to be in contact with All California Lending. They have specialized in real estate financing for years, are fully licensed, in good standing with the BBB and are knowledgeable about a wide variety of products. Contact them at 877 462 3422 to discuss your commercial loan requirements.
