Hello everyone! I have a client that is seeking funding on a commercial building in GA. Would prefer to use someone that comes by recommendation via a past or present client, as she's had to deal with some less than ethical, honest and trustworthy lenders in the past. Thank you!
Commercial lenders vary greatly as to what deal size, location, product type, LTV, recourse or non, pre-payment penalty or not?
If a so called lender is wanting certain fees upfront and promising out of the norm rates then likely are not an up and up lender. Most have wiring in for the lender deposit to pay for reports and expected attorney legal fees but if it's application fees and other junk fees then it can be a red flag.
There are certain lenders who make money taking fees and not hardly closing anything or re-trading terms mid deal.
Can you give some more details such as property type, loan size, purchase/refinance, etc?
@Lenee Thomas I can point you to some lenders but as stated above, it all depends on the situation so telling us more about the borrower and property involved will help.