I have had numerous business owners after we have arranged their financing needs tell me “I just didn’t know where to turn to get the funds we needed.” This is a common theme that we hear from all businesses we come into contact.
Many people might say, well why don’t they simply turn to the local banks? The issue with that is, where is the local bank and lenders today. Most banks have become so specialized that you simply can’t deal with one person in any one bank. Your contact might specialize in non real estate loans, or your contact might specialize in Commercial Real Estate when you simply are looking for a cap loan.
Most banks and lenders are now trying to scale back and save money by putting tellers in bank branches and centralized lending in the larger banking centers. This makes it almost impossible to develop a business relationship with the true decision makers in a bank.
A commercial loan specialist can save businesses time and money by knowing where to turn for the specific type of lending the business owner is looking for. Many lenders have niche or special types of lending they like or certain types of lending they simply will not do. Knowing which lender fits which types of loans is valuable information.
For example, a lender may love hospitality business (Hotels), but they may be out of balance in their portfolio and not have any funds available for any hospitality lending. What do you do as a business owner and you are looking for a loan to build a new Hotel. Your bank loves you as a client but there hands are tied because their “bucket” for hospitality lending is full. I can assure you that your banker is not going to refer you to a bank down the street. You will find that your banker will string along the process of getting the loan completed with hopes that you will get discouraged or side tracked and change your mind about building that new Hotel.
You can’t blame your bank. You’re a good client. The bank wants to hold onto good clients, but they have regulators and boards to answer to.
A good commercial loan specialist should be able to help you from start to finish on your financing needs, whatever they may be. Whether it’s commercial real estate financing, commercial lines of credit, floor plan lending, equipment leasing or help with receivables, a good commercial lending specialist is your lifeline to the financing you are looking for.