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What to do when you have been turned down by your bank or current lender?

Tuesday, Oct 06, 2015
by Jeff Meierhofer

Often when a borrower needs to purchase or refinance a commercial property, they will go directly to their local bank or current lender. This should be your first step and is usually a no-brainer, but, you can be turned away for a variety of reasons. Now you are left to research a new institution for the new loan.

There are an abundance of lenders in the marketplace, so how do you determine who is the best fit for your unique situation?  It often takes extensive research and calls to find out who to contact.  By working with a commercial loan broker, you can have access to many institutions and their programs.  An experience commercial loan broker works with the best lenders and already has a relationship with the Representatives on the inside. In addition, the broker can help you assemble your loan documents to make sure you present the best possible loan package.

With an attractive, complete package, you will have the best options for the optimal loan terms.  You are not only hiring a finance expert, but a whole team of associates that will work in your best interest. The broker submits your package to obtain offers to finance your property. He will consult with you determine which scenario works best for your financial goals.  He will also help you negotiate with the lender, if needed, for prepayment penalties options, origination fees, amortizations, and an assortment of other loan terms. The broker and his team will partner with you every step along the way to the loan funding. They work with the third party reports, and underwriting conditions, to ensure you have a success closing.  Often, unknown conditions pop up, and the team is invaluable to eliminate these potential deal breakers. The Madison Group has a proven approach to commercial real estate loans:

  • We give fast, straight forward answers to your lending questions.
  • We place our loans with direct lenders.
  • One person will handle your file from start to finish.
  • We will eliminate the tangle of paperwork.
  • We partner with you to provide a successful funding

When you are turned down for a loan by your local bank or current lender, consider hiring a experience commercial loan broker like The Madison Group.