Personality in Lending MATTERS
Being a private lender in a never ending competition to get clients between everyone else. Everyone can offer better rates, lower fees, quicker closing times than one another. The bottom line though, is that people will go with the lender they feel most comfortable with.
This business is about personality and trust between a lending provider and a borrower. A borrower will be more likely to go with a lender that gave them the time of day when their loan amount was a bit on the smaller side, or remembered their name after not hearing from them for a few months, or sounded excited on a call when having a potential project explained to them. This stuff makes the difference! It is just as much about the experience with the lender as much as it is on the interest rates that they provide.
Trust is also huge. You will continue to use a lender that consistently closed a loan for you, or you will use a lender that a friend/business partner used in the past. Again, even if the rate is a little higher, trust in the fact that a lender will close a deal for you will go a long way!
These two pieces are so important in this business. It is also worth noting that one bad experience with one lender should not be projected onto another lender, because each one is different!
The point I make is this: when using a lender, make sure that not only the numbers will work for you, but the team working with you will be one that you are comfortable talking to and hoping to build a long standing partnership with!