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What is a Commercial Mortgage Broker?Why choose a Broker instead of a Banker for your funding solution? If, as a business owner, you are ready to upgrade your business to the next level, adequate and timely funding is essential to your success. When it comes to funding, it is important to be aware of your options. The first and most obvious option is the commercial loan officer at your bank. The loan officer can tell you what the current rates are for commercial loans at their bank and can fill out a loan application with you, giving you a list of all the documents you will need to provide. The loan officer will then submit your application to the underwriters. The underwriters will decide whether to approve your loan, decline your loan, or possibly request additional information. The underwriters then pass this information on to your loan officer and it is the loan officer’s responsibility to contact you with the results of your application. Right now most banks are saying “NO” to business loans. Due to the current tight credit market the funds are simply not available. The banks are not willing to risk loaning the funds they do have unless the loan file is perfect. These days some banks are declining loans in entire industries if they consider certain industries risky. This is where a second option, a Broker, could change the outcome from declined to approved. Brokers are experts in finding funding solutions. They have multiple lenders available and have working relationships with these lenders. They are experienced in analyzing your business assets, liabilities, income, and building a desirable loan package. Brokers create a professional loan package that clearly defines your business plan and your objectives, greatly increasing the chances of an approval. Brokers also submit your loan package to several lenders at the same time, also increasing the odds of an approval. Brokers do charge additional fees to do the packaging and structuring of your loan and to negotiate on your behalf with the lenders. However Would you rather spend your time putting a loan package together and submitting it to one bank at a time or would it make sense to discuss your situation with a Broker and let them put together the package professionally and then call you back with loan offers? Article Tags: Loan Officer, Loan Package Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHORKen Garratt is Marketing & Sales Manager and he writes for www.fundingapproval.com When Banks say, "NO" call a commercial broker. 
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