What makes you take the chance on a new lender?

Question

Hey everyone! So I have a question - when a new lender asks for your business and trust, what makes you say "yes"? What makes you take the leap?

And please, be as specific as you're willing to be :)

Alex Russell · Answer

You can look at their google reviews, those reviews usually speak for themselves. See how effective they are with actually closing the deal on time, as most fall short. Also, make sure they don't have hidden fees and are up front with their costs.

Chris Winslow · Answer

@Kate Glassman

Definitely by asking around and referrals from other investors would be number 1.

Assuming that nobody you know has worked with them then ask them about their basic loan terms and types of loans they offer. Definitely ask about the types of clients they typically work with and what they do for them.

Make sure that you have a base knowledge and understanding of some of the things that you would be looking for in a lender so you can ask them those types of questions and see how they answer. After feeling them out on the phone, it should give you a pretty good idea of they seem legit, I also helps to talk to a few other lenders if there are other ones offering the products that you need. Good luck!

Mike Klarman · Answer

You have to talk to people on the phone and feel them out.  The Lender will only be as good as the loan officer heading the loan.  Two investors can use the same lender and have totally different experiences.

Your Loan Officer should be respectful, responsive, a good listener, and an advocate for your loan because your loan will be one of many going on that month for the lender and you'll want your loan officer to fight for your loan to make it through the process and push it along if it should face any hurdles.

Bruce Lynn · Answer

They are offering a unique product that no one else seems to offer.

ITEN loans, 100% investor financing, 120% fix and flip, Foreign national loans, or whatever it is.

or someone has just screwed up an easy loan and you're so mad you need to switch.

Caleb Brown · Answer

I don't add a new lender when they ask I stick to a few lenders that can service various needs and build a relationship. Most lenders will say they can close quickly, respond fast, etc. Those are important. The best way to test a lender is going under contract with them. Communication is key, if they stink at that I'd dump them.  As the relationship grows both parties need to help on marketing. That can be $$$ towards it or them sponsoring, new ides, etc. When you first start in being an agent I'd interview and meet lenders. See which one fits your business and stick with them unless they start lacking on their part.

What makes you take the chance on a new lender?

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