Tips for Selecting the Right Lender
As time goes on and more and more commercial lenders make their loan programs available for search at Lendicom.com the task of choosing which four lenders you want to receive your proposal first gets more and more complicated. Here are three tips to help you make productive selections and maximize the efficiency of the process:
1) Pay attention to the LES (Lender Effectiveness Score): The LES is an internal ranking criterion designed to give you an idea of how effective lenders are within the network. There are a few different things that go into calculating the number, but by far the most important is the lender's responsiveness. If you see a lender with a low LES, this probably means that the lender failed to respond promptly to multiple proposals. Lenders with high LESs (say, of 100), are those who always respond within 5 days of submission.
2) Review the individual loan programs: When considering a particular program, it's always a good idea to take a direct look at the specifications that the lenders entered. We do the lion's share of filtering for you, based on what you enter in your loan proposal; but other important information about the program may be included in the program details, which can help you determine which one will serve you best. You can access these specs by clicking on the program title in the matching loan programs table.
3) Check the lenders out elsewhere online: We help you make a first connection with lenders, but we shouldn't be the end of your research. Generally you should exercise the same due diligence with lenders you find through Lendicom as you would with lenders you find anywhere else. Finding the lender's website or other online business listings may give you a more thorough picture of that lender's way of doing business and how well it will be able to work for you.