Commercial Loans: How to Overcome the Top 5 Reasons Your ...

1. Lack of Loan Process Transparency

Most lenders have a loan officer who hands your initial loan package to an analyst or underwriter over whom you have very little control. Typically, your package just disappears behind a hidden bureaucratic wall, leaving you to wait and wonder about the disposition of your loan package.

Solution: Built on the concept of Transparency, Capital Development has developed the optimal paradigm to manage the 65+ documents that make up a typical commercial loan package. Employing a proprietary and secure online document management system called eDocLending(TM), we scan each document and set up your loan package online, so you or your borrower can directly access a Tracking Page. This page instantly reveals any missing documents required to advance the loan toward closing. You follow the progress of your loan through every stage of processing, so you can rest assured it accurately depicts your loan's status on a real-time basis. Furthermore, Wholesale Brokers are issued a unique Tracking Number for every eDocLending(TM) Loan Package.

2. Deficient Pre-Screening & Fine Tuning

Most traditional lenders can only Pre-Screen based on their limited in-house loan programs, and many lack the flexibility to actively enter the loan structuring process. They also gloss through the application and don't take the time to work with the Broker to fine tune the package before passing it on to an analyst. This lack of flexibility and fine tuning from other lenders often results in delays throughout the approval process, potentially worse terms and conditions than what the borrower would be able to qualify for, and even prevent the loan from closing due to a lack of critical information.

Solution: Capital Development pre-screens your loan scenario--from the decision maker's standpoint. Our AEs will guide and help structure your loan, steering you away from potential pitfalls and providing answers our competitors generally struggle to determine. Our credit box also has significantly fewer limitations, since it's based on the aggregate collection of the entire Commercial Secondary Market.

3. Generic Loan Proposals

Regrettably, many lenders issue generic proposals or term sheets with an unrealistic rate quote due to deficient pre-screening requests. After investing your client's time and money in underwriting, the terms provided at funding are less attractive. This traps you and your borrower into a high cost, low value loan package. It's dangerous to engage a lender who issues anything less than a proposal based on an accurate analysis.

Solution: Pledging transparency and integrity, Capital Development provides detailed Pre-Approval Letters with terms and conditions that carry through to closing. Selecting a lender should be based on the final terms and conditions the borrower will have to live with, especially given the long-term nature of permanent financing. Capital Development is a high-value lender defined by wholesale loan programs and interest rates, coupled with the deep commitment to close your loan as advertised.

4. Vague Timelines or how "Time Kills Deals"

Closing by an agreed-upon deadline should be equally important to everyone involved. Unfortunately, committing to a deadline is almost impossible for most lenders. This is because their internal communication is limited, and they must rely on people within their organization over whom they have no control. While delays typically only minimally impact a lender, even slight delays can be catastrophic to a borrower. Here's the often too-familiar scenario: Borrower (buyer) has a property under contract at a favorable price, the process has drawn out and the seller is anxious to let the contract expire in to sell the property to a backup buyer willing to pay more for the property. In this situation, the buyer is often faced with losing earnest money deposited in the process. This unfortunate position also has long-term implications and makes it very difficult for borrowers to make smart decisions. In short: "Time Kills Deals."

Solution: The only way to meet any timeline is through open communication with the broker and the borrower. Capital Development tracks duration data for every loan document in every loan package it assembles. We have developed our timeline based on an extensive database of information. The timeline we send--after the borrower accepts the terms of our Pre-Approval Letter--is incorporated into the Tracking Page and into our system. This ensures that dates are monitored automatically, triggering daily email notifications that keep everyone focused on closing by the agreed upon deadline.

5. Unreliable Document Tracking and Communication

It may take as many as 100 documents to close a single commercial real estate loan. Without an organized database supplemented with open and consistent communication between all parties, many viable commercial loan requests don't make it to closing. Poor communication by the lender fails-at the very least-to provide a good return on investment for the time and money spent by either broker or borrower. The one-shot call with empty promises simply doesn't get the job done anymore. If your lender is not providing consistent communication about the status of your loan, and missing documentation, you might as well throw your time and money down the drain.

Solution: Our online Tracking Page is available 24/7 to all Wholesale Brokers. Just like FedEx or UPS - with Capital Development, you'll always know where your package is!

Capital Development has systematically broken down the loan process into five clear stages to ensure your loan package will close successfully. We're committed to only issuing Pre-Approval Letters that have a high probability of actually closing. We will quickly assess the viability of any loan scenario, but we will never attempt to "get control of a deal, and then see if it makes sense." One of our Account Executives and/or Closing Specialists will be in direct contact with you during all stages of our process:

* Stage 1 Pre-Screen- Our no-obligation comprehensive pre-screening;

* Stage 2 Pre-Approval- Issue the Pre-Approval Letter designed to close;

* Stage 3 Underwriting- Coordinating and expediting matters for credit review;

* Stage 4 Commitment- Commitment letter issued;

* Stage 5 Closing- Clearing conditions and funding the loan request

Source: http://times-up-thursdays.blogspot.com/2012/05/how-to-overcome-top-5-reasons-your.html

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