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Commercial lenders: Would your current clients help you get new clients?

handshakeAn article on ‘Choosing your Commercial Lender‘ at the www.BusinessZone.com Buyer’s Guide, the lists five steps for a business borrower to consider. The fifth is to ask for and check references. Here are the details:

A standard approach to evaluating any business purchase decision is to check references, and this applies to loans, as well. Have your prospective lender give you contact information for four or five references, preferably businesses similar to yours in size and industry. When you speak to them, ask questions such as these:

  • Did the commercial lender treat you fairly?
  • Did you get the entire amount you needed?
  • Did the commercial lender provide help on your application and paperwork?
  • Have you had any trouble making loan payments? If you did, how did the vendor react?
  • Would you work with this lender again?

What would your clients say? What would you want them to say?

About the Author
Linda Keith CPA is an expert in credit risk readiness and credit analysis. She trains banks and credit unions throughout the United States, both in-house and in open-enrollment sessions, on Tax Return and Financial Statement Analysis. She is in the trenches with lenders, analysts and underwriters helping them say "yes" to good loans. Creator of the Tax Return Analysis Virtual Classroom at www.LendersOnlineTraining.com, she speaks at banking associations on risk management, lending and director finance topics.