The team at Commercial Loan Solutions occasionally [usually 1-2 times per month] sends out a pipeline report, showing all the deals we are working on, approved, and closed. If a lender sees a loan they like, they email us and we make note of this in our files. Once the deal is ready to move forward, we send the deal to the lender. First we send the deal to lenders who have referred business to us in the past, giving them right-of-first-refusal. If our active referral lenders have reviewed the deal and pass, then we send the deal to other interested lenders. The best way to get first shot at a loan is by developing a relationship with us by sending referrals. This is why we get so many referrals. It is a mutually beneficial business model.
Clients are typically referred to us by our lender and commercial real estate broker contacts. These borrowers do not fit within the current lender's credit parameters (time sensitive, rate issues, LTV issues, too large or too small, out of market, concentration concerns, they do not offer that loan product, or too time consuming/complicated). The commercial realtor works with us because they know they have a higher chance of getting the property financed with CLS involved.
Since CLS sees $300,000,000 to $500,000,000 in deals each year, we get a large sampling of the market. We get to know the lenders loan goals and credit policies. We only send these lenders pre-qualified borrowers that already have risk-based pricing, appropriate DSCR, LTV, liquidity, and networth requirements. We can save a lender 2 to 6 weeks worth of time. CLS aims to become a lender’s best friend. In return, we ask for quick decisions (Yes or No), lower bank fees, lower rates, and feedback. We want the lender to feel excited when we call or email them, because they know our deals are prescreened with motivated borrowers who are ready to move forward now.
CLS gets paid through the borrower and our fees are listed on the HUD-1 Settlement Statement.
Since the founder and Banking Expert Consultant of Commercial Loan Solutions, Andrew Miller, is a banker and credit manager, we know how to send a complete loan package to the lender. We collect both personal and business tax information (2-3 years), Personal Financial Statements, Cash Flow Statements, Bank Statements, Corp Docs, Company By-Laws, Survey, Title Commitment, Purchase Contract, Tri-Merge Credit Report, Copies of Driver’s License, Owner’s Bios/Resumes, and Internal Financials. It’s the WHOLE SHEBANG!