At this point, you have gotten the commercial mortgage deal in the door, collected most of the loan package, prepared by a short PDF on the commercial loan, and now you need to find a commercial lender for your deal.
There are a number of different ways to find commercial lenders for your commercial loan; but by far the easiest and most efficient way is to use C-Loans.com. C-Loans.com is a commercial mortgage portal. The user enters his commercial loan into the system just once. It’s merely a matter of filling out a mini-app that takes about four minutes to complete.
The mini-app will ask questions, like the amount of the loan, the type of the loan (permanent loan, construction loan, bridge loan, etc.), the type of property (multifamily, motel, office, etc.), and the county and state where the property is located.
When your application is complete, you press a button and ask for commercial lenders. C-Loans.com will then search its databank of 750 participating commercial lenders and screen out all of the unsuitable lenders. A commercial lender may be unsuitable because the loan amount is too small, the lender doesn’t like self-storage projects, or the property is located too far away from the nearest office of the lender.
C-Loans will then produce for you a Suggested Lender List consisting of 30 or so suitable commercial lenders. You can submit your commercial loan to six lenders at a time, simply by inserting a check mark next to the name of the lender. If all six commercial lenders turn you down, you simply come back and choose six more commercial lenders, until your find a home for your commercial loan.
And best of all, C-Loans.com is free.
Does it work? C-Loans.com has closed more than 1,000 different commercial loans totaling over $1 billion.