Get to know your Commercial Lender – Before you apply for a Loan

If you have ever thought about talking to someone about a commercial loan for your business, it is likely a step you should consider taking. Building a relationship with different commercial lenders before you get started on getting a loan can be invaluable. They usually have many years of experience and can provide valuable insights beyond loans.

Talking to lenders early about what you will need to provide up front will make the process much easier. It is also very important to discuss typical interest rate and fee ranges to improve your ability to comparison shop. While also taking the opportunity to educate yourself about the differences in the process between institutions as well as determining if your business fits their lending profile.  At the same time, it allows you to explore various loan types and credit options. 

Applying for a commercial loan can feel overwhelming and there are many different steps to the process. By discussing the requirements early, you’ll know exactly what documents to gather before applying.  You can also improve your own planning by gaining a clear understanding of the lending process and timeline.

Good questions to ask in your conversations

Does their institution have experience lending to business in your industry?  It can make things a lot simpler if you don’t have to educate your lender on your business.

What are typical rates and closing fees for my type of loan request?

How long does it take to get approval once the loan is submitted?

Is a personal guarantee required for the loan?

What does your loan modification or renewal process look like?

There are many different institutions looking for your business. Getting to know a lender beforehand will ensure a smoother borrowing experience and ensure you are taking the right step for your business. 

SCU Credit Union is helping local businesses grow and thrive. Talk to one of our dedicated commercial lending experts who are here to find you the best commercial lending solution to fit your business' unique needs.

Richard Hooke

VP, Commercial Business

Development

NMLS 2033515

781-308-2195

rhooke@scucu.com

Gerald Rego

VP, Business Development Officer

NMLS 552009

508-408-6328

grego@scucu.com

You can also learn more on our website, stop in at one of our branch locations for assistance or reach out to our member service call center at 781-784-7725 or toll free at 1-877-661-3300.