There are many questions to ask your commercial mortgage lender as you seek financing for a real estate investment. The questions you ask your lender can have a huge impact on your overall experience and may affect your choices when moving forward with your investment. Read on for our list of questions you need to ask your commercial mortgage lender as you search for the best financing option available for your needs.
If you need a commercial real estate loan, our team offers a variety of solutions to suit your requirements. Contact us now to learn more.
Questions to Ask Your Commercial Mortgage Lender
During a meeting with your commercial real estate lender, make sure you ask the following questions:
- What loan products do you offer?
You might already know the type of loan you want, but it’s always good to ask what’s available. It may be that another type of commercial real estate financing solution would be better for your needs. Also, remember that you may need other loans in the future, and it’s helpful to work with the same commercial mortgage lender as much as possible, since they’ll know you and your situation.
- Do you know a lot about my market?
Not all commercial real estate is the same, as you well know. It’s helpful to work with a lender that really knows your market and all its ins and outs. This way, you know you’re getting not only the right financing solutions for your needs, but also can get some expert insight as well.
- What’s the typical loan size you provide?
It’s important to work with a lender that provides loans in the amounts you need regularly. You never want to feel like you’re the “guinea pig” for a lender, such as by providing you a significantly larger loan than they’ve ever financed. Make sure the lender has experience with the loan amount you’re looking for.
- How long does closing take on average?
If you’re looking at investing in commercial real estate, you’ll need to know about how long it takes to close on a loan with the commercial mortgage lender. Knowing what to expect can help you with planning. Obviously timelines differ for each situation, but get a good average so you know what to expect.
- What are the borrowing requirements?
All lenders have different requirements. Ask what qualifications you need for the loan so you can prepare.
Choosing the Right Commercial Real Estate Lender
Obviously it’s important to choose the right lender for your needs. The lender you choose has a big impact on the overall experience and the quality of financing you receive. Make sure you research your lender thoroughly before making a choice.
At Stonehill, we have a variety of commercial real estate financing options to choose from. We lend for many different projects, including multifamily, offices, retail, land, self storage, industrial, build to rent/single family rentals, and specialty real estate. We offer the following loans to suit your situation:
- Bridge loans
- Construction loans
- Mezzanine financing
- Preferred equity financing
- PACE financing
Stonehill – Trusted Lender for Your Needs
Our team at Stonehill is dedicated to providing hotels and real estate investors with practical, cost-effective financing solutions. Since our founding in 2014, we have funded over $5.1 billion in loans and investments. We’re proud to offer creative solutions for all your financing needs. Contact us now to learn more and get started.