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Multifamily Minute Reader Reflections: Where Do You Shop Your Loan?
We asked our 40,000 readers about the number of lenders they shopped their last multifamily loan to.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Our most recent survey asked you about what you do when you start shopping for a loan.
More specifically, who do you talk to? Do you take your deal to the bank down the street that you've always gone to, or do you go further and shop around?
Survey Results
Most folks do a bit of shopping, it turns out.
Let's be honest: It's a lot of work applying for a loan.
When you're applying for the same loan from a couple different lenders, it's effectively double the work. You've got to fill out two different versions or formats of the same form with two different lenders.
And if you're applying with four or five different banks or credit unions? Well, you won't exactly benefit from many economies of scale.
That's one of the most impactful sides of the Janover marketplace: You fill out your forms exactly once. Sure, you may need to give a few extra details here and there — we're still talking about taking a loan, after all — but your deal will be shopped to hundreds of lenders, and you'll get a ton of quotes. And it takes less effort than just applying at that same old bank down the road.
Here are this week's survey results:
# of Lenders | Percent of Respondents |
|---|---|
1 (the same one I usually go to) | 15% |
2-3 different lenders | 55% |
4-6 different lenders | 28% |
7+ lenders | 2% |
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Our Previous Survey
Last week, the survey results were focused on interest rate increases, and what we'd expected from the Fed's last meeting. Turns out we're pretty clever, with nearly all of our respondents making predictions in line with reality.