06 Nov Questions You Need To Ask Your Commercial Broker
Finding the right mortgage can be a difficult way because there are nearly 5,000 different commercial products available on the market so to find the best price which is not an easiest task. Many of commercial lenders come across the occasional borrower
Before you screening or begin building deals and business with agency or commercial lenders, There are the list of some questions which you should clearly ask and understand with your potential lenders about covering fixed-rate deals, terms , criteria , offset mortgages, tracker deals and loan application process
1. How much can I borrow?
First you have to negotiate your present and future amount of capital or money if we talk about general, the commercial contractor will finance loan up to 80% of the value of commercial assets and property and they require at least 20% of down payment from borrower.
2. What are the Application fees or cost of the loan?
The broker or lender is transparent about their application fees they cover into site inspections, 3rd party cost (e.g. The Appraiser or Engineer), and application processing and legal fees. Some of the commercial mortgage or broker will typically charge a fee 1 % of the borrowing amount.
3.Does the broker has a reputable firm or trustworthy deals in the past?
Make sure your brokerage have a good or professional reputation and represent of his work in industry because a goodwill are key components to hiring or selecting a reputable good broker.
To understand the ethical standards or reputation about your broker use client testimonials and reference.
You should also ensure that your broker have all the resources to handle your project.
4.Is broker have a specialty in same?
If your broker having a specialties they are good in sales that is the indicator of your particular business. The Skill of selling in business is important factor that represents who is the best business and commercial broker in market
5. What is your broker/ agents’ game and plan?
In real state marketplace, Nobody can give guarantee of outcome. You have to set a goal or plan with your broker or agent.You should aware with what are they doing to do for you and how ?