Looking for a commercial mortgage can be overwhelming, especially when it comes to selecting the right provider. So, where do you start?
In this blog, we’ll guide you through the process of finding an advisor. We’ll outline the steps you need to take and offer tips to help you navigate your search effectively.
How to find a commercial mortgage advisor
Choosing the right advisor can be difficult with so many options available. To help you narrow down your search, here are some of our top tips.
Get recommendations: Reach out to friends, family, or colleagues who may have recommendations. Their experiences and insights may help you identify reliable providers.
Search online: Look for advisors in your area using websites like Yelp, Google Reviews, and industry-specific forums. These platforms often offer reviews and ratings that can guide your decision.
Consult industry associations: Check organisations such as The National Association of Commercial Finance Brokers. They often have directories of qualified brokers and can help you find reputable providers.
Compare options: It’s beneficial to speak with multiple brokers and lenders to compare their services. This will help you find the advisor who best meets your needs.
What to consider when picking a commercial property mortgage advisor
Before choosing a lender or broker, it's important to evaluate a few key factors to make sure you're selecting the right provider for your needs.
Fees: Review all associated fees and costs for each provider. Make sure you understand what you'll be charged and whether it fits into your budget.
Reviews: Look at customer reviews and service ratings for each provider. Choose a company with a strong reputation for positive service and reliability. Avoid those with poor feedback, slow service, or a track record of failing to meet customer needs.
Timeline: Consider the provider's ability to meet your timeline. Make sure they can deliver the product within the timeframe you require. If they can't meet your schedule, it may be good to explore other options.
Assess experience: Look for brokers with a good track record, especially those experienced with the type of property you’re interested in buying.
By carefully evaluating these aspects, you can make a more informed decision and choose a provider that aligns with your needs.
Commercial mortgage broker vs lender
One decision you’ll need to make is whether to use a broker or approach a lender directly. Your choice will depend on your preferences and what you believe will best meet your needs. Each option has its advantages and drawbacks.
Using a broker:
If you’re uncertain about which product is right for you, a broker can be useful. They can help you find a lender that may fit your needs, handle the work of searching for a loan, and guide you through the application process. However, keep in mind that brokers typically charge a fee for their services, so it may be more expensive than going direct to a lender.
Going directly to a lender:
If you already know the product you want to apply for, going directly to a lender might be the better option. This approach eliminates the need for a broker and avoids their fees. However, you’ll be limited to the lender’s products. So, if you’re not eligible for their offering, you may have to start over and search for another solution.
Keep in mind that not all lenders work directly with customers; some may only deal with brokers. This means you might need to work with a broker to access your preferred lender. It's therefore essential to research your options thoroughly to make the right choice for you.
Find out more in our blog on the differences between lenders and brokers.
Summary
In summary, finding the right commercial mortgage advisor is key. Choosing an unsuitable provider can impact your ability to find the right product and potentially delay your plans. Carrying out thorough research is essential to make sure you choose a provider who can help with your needs.
Any property used as security, which may include your home, may be repossessed if you do not keep up repayments on your mortgage.
