The following reality is very important to you. The lenders who make major loans seldom work directly with the public. They may politely take your call, but absent a prior relationship, they will usually just brush you off. Their major loan officers just don't have the time to cull through hundreds of telephone lead calls to find a few do-able deals.
Instead these major commercial lenders rely on a small handful of preferred mortgage brokers to screen their deals and to package them perfectly. Now there is nothing wrong with hiring one of these preferred mortgage brokers, but you'll have to pay them at least one or two points. One point on a $5 million deal is $50,000. Ouch.
There is an alternative. You can hire C-Loans Packaging, LLC at an hourly rate to prepare a very professional loan package for you. Our standard packagers - business school graduates with a special expertise in commercial mortgage finance - are billed at $225 per hour. They can usually prepare a very professional-looking package for you for less than $2,000. With a well-prepared loan package, even the busiest major loan officer will give your deal a fair look.
There are two very nice things about these professional commercial loan packages. First of all, they are published as PDF files. This makes them extremely portable. You can easily submit one of your PDF packages by email to twenty or thirty lenders per day until your deal finds a home. Secondly, this commercial loan package is your own property. You can submit your loan package to any lender that you choose, with no obligation to pay some mortgage broker a one or two point fee.
It is also important to note that the loan packagers for C-Loans Packaging, LLC are not on commission. As a result, they'll be candid with you. If your deal is hopelessly flawed, they'll come right out and tell you. You might send in your $2,000 retainer and get back $1,700 the next day because one of our packagers discovered that your deal was clearly not do-able. Of course, if you still want us to prepare the package, we'll be happy to make it for you.
How much dough do you stand to make if this loan gets funded? How much of your hard-earned capital have you already invested in the project? You would be foolish - arguably Darwin Award foolish (old joke) - not to invest a lousy $2,000 to give your project a far better chance of getting funded. You might also get it funded without the help of a mortgage broker, thereby saving yourself $50,000 to $200,000 or more.
To speak with one of our loan packagers, please call Ryan Jessen or Brandy Goble at 574-936-6387 or email us with the words "Packaging Help" in the Subject line.