What is a correspondent lender?
We are asked this question all the time: “What makes you guys different than a normal bank or a loan broker?” Its a good question, and there is a simple answer. A correspondent lender is a lending institution that has relationships with other lending companies due to its net worth, and lines of credit available. Usually, bigger banks will give special loan pricing and lower interest rates to correspondent lenders to compete for their loans. For example, a borrower can go to bank X, Y, and Z to get interest rates and quotes for a commercial loan. He/she will go through each institution’s requirements and jump through their hoops just to get a loan quote. Or, a borrower can go to a correspondent lender, like First Capital, and we do that leg work for you. You submit a loan package once, instead of three times. Once we have your documents, our lending partners compete to get your loan. That means that as the borrower, you get the lowest pricing on the market because competition exists when you use us. So, let me propose a question to you: “Why wouldn’t you come to First Capital Commercial for your next commercial loan?”