Your question might be, "Should I use the services of a commercial mortgage broker in NJ, NY, PA or go directly to a bank when seeking a marketable loan?"
This may come into consideration when you are entering into an agreement for a real estate purchase or business purchase, or simply looking to refinance your real estate investment.
Do you know the difference between a broker and a lender?
When you have limited connections outside of your main banking connections, you may be missing out on banking options that can make a big difference in your mortgage payment and/or loan terms.
Limiting yourself to one lender removes you from competition between banks that can cost you in the short or long run.
This is where a marketable loan broker comes in. And not just any commercial and business loan broker in NJ, NY, PA who says they can get you a marketable loan. But who has a track record of getting marketable loan funds. Preferably a person or company that specializes in this area of credit determination. Get a trusted referral from a trusted person.
A loan broker knows who aggressive banks are and who are not. Banks can constantly change their loan programs and advancing limits based on their lending appetite. A loan broker in NJ, NY, PA will sell your loan where there will be minimal brain damage while tailoring a loan product that meets your needs.
Also, the loan broker can affect the timing of receiving your loan funds in numerous cases. A number of underwriting issues can also arise due to the relationship between the loan broker and the banking staff.
A question that often arises is "Do I have to pay new loan fees to go through a loan broker?"
In a marketable loan arrangement, most banks will waive their loan fees and allow the broker to earn the figure instead of bringing the business to the bank, thus not incurring the costs you would have if you went directly to the bank.
Due to the current lending environment, lenders are putting borrowers through the meat grinder for 100% compliance with banking underwriting guidelines. Therefore, numerous borrowers struggle to get through the qualification stage due to inferior or deficient financial statements, or simply, the property does not conform to the bank's lending criteria.
Before you start looking for your property, get it thoroughly checked by your loan brokers as soon as possible. Trying to buy real estate before you're pre-qualified is like pulling the vane before the steed.
Typical marketable loan deals are SBA backing, multifamily, marketable, retail, mixed-use, synthetic, medical structures and other special property types and uses.