Why Building a Long-Term Relationship with Your Commercial Lender Could Benefit You

Author: George Myers, Senior Business Development Officer 08/16/2024

Throughout the life cycle of your business, you will need to rely on various financial professionals for services and expertise. Your commercial lender may be one of the most important people who will have an impact on your business. Building a long-term relationship with a lender you trust can be very beneficial for you and your business.

A Reliable Partner

A commercial lender you have worked with before can be a more reliable choice than shopping around for a reputable lender with experience that matches your needs. Even when you aren’t in the market for a loan, a lender can be valuable resource. When you have an important financial decision to make, an established lender will be more readily available and knowledgeable about your business. They will usually be happy to answer your questions and provide insight, especially if you have built a rapport.

Familiar with Your Specific Needs

When you have worked with a certain commercial lender for a while, they are more familiar with your business. This would allow your lender to recommend products and services that are a better fit for you. They may be able to connect you with other financial professionals if you have a situation outside their scope. People with a long-term relationship with their lender are also usually first to know about new product offerings and competitive rates.

Can Provide a Smoother Loan Approval Process

Applying for a loan can be time-consuming and often requires a lot of paperwork and back-and-forth communication with a lender. Building a rapport with a lender can help you bypass some of the obstacles of the loan process. Chances are your established lender will already have most of the information they need. A lender who knows your credit history, business model, and repayment history will be able to review your application and make an offer more quickly and more efficiently.

Can Help You Improve Your Credit Score

If your commercial lender is familiar with your credit history and financial situation, they are well-equipped to suggest ways to improve your credit score. Their expertise can be crucial when you need financing but don’t have the credit profile required to qualify for better terms and rates. It’s important to stay up to date with your loan payments and be honest with your lender about any business-related (and personal) debt.

Building a long-term relationship with your commercial lender is a great way to set your business up for long-term success. Your lender can be a great resource when making important financial decisions. A PlainsCapital Bank lender can help you find the right financing solution for your business with personalized support for the life of your business. Visit PlainsCapital.com to learn more.

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