When looking for a loaning company, it’s essential to ask the right questions. Private money lenders are an excellent option for small businesses and commercial lending, but you must find the right lender for your needs. The loan experts at Simplified Commercial Lending have provided four must-ask questions to bring to your next loan appointment. Learn more about our loan process or talk to a member of our team to kickstart your loan journey!
What Are Your Application Fees?
Before you get started with a commercial lender, it is essential to understand what financial investments are required of you before you get approved. Asking what is required financially and physically for the application can adequately prepare you for this financial investment.
Can I Get a Copy of All Information Provided?
Since you have the opportunity to see and review all of your financial information, you may as well be able to keep some of it. Request copies of all paperwork provided regarding your business for your records or collections for any future investments.
What Is Your Experience in This Market?
When deciding who to lend with, you will need to know their previous experiences. You will be looking for a lender that has experience in your industry so you can make sure they understand your line of work. If they have not worked in your industry, you risk miscommunication and wasted time explaining income shifts or niche problems.
What Is Your Average Closing Timeline?
Whether it is a commercial or mortgage lender, taking a loan will take time. Get clear with your lender on the average timeline for a loan application. When you ask this question, you set yourself up for success and have a clear timeline to expect to hear back about your loan.