Woodstock, GA, May 18, 2007 --(PR.com
)-- Woodstock, Georgia’s Preferred Funding Group, Inc., a company noted for its ever-growing presence in the residential lending market, has announced the introduction of a dedicated Commercial Lending Division, under the leadership of Senior Loan Officer Pat Meazell. The launch comes in response to increased opportunity and demand in the commercial real estate market throughout northern Georgia.
Meazell explains, saying, “The same thing is happening now in the commercial market that happened decades ago in the residential market. A generation or two ago, people went to their local bank to get home mortgages. Sometimes, they got a good deal; sometimes not. When other lenders started offering lower rates and better terms, the mortgage industry became dominated by brokerages that could search the wholesale side of many different lenders’ products and offer better rates and terms to buyers. Now the same is true for commercial loans. A business owner can come to us and have us do the work of finding the lowest rate and longest amortization that work together for the lowest payment. The result is increased monthly cash flow.”
Meazell adds that he does not see Preferred Funding Group, Inc. new Commercial Division as being a direct competitor to local banks, noting, “What we care about most is what’s best for the customer. Sometimes after I’ve done my search for the best rates and terms for a client, it turns out that a local bank really is the best lender for that client. I constantly work at building mutually beneficial relationships with local banks who want to work with us. In that way, I can actually bring them even more business.”
Meazell conducted a year-long study in 2006 to assess the feasibility and need for adding a commercial division. By compiling information from across the nation as to which lenders had the best loans for a wide variety of commercial financing needs, he found that some banks and lenders paid their loan originators very well, but their interest rates were extremely high. Others had lower rates, but didn’t have the service that customers deserve. “As a result,” he says, “there are very few commercial loan brokers, and the client often doesn’t get the best deal possible. So, I saw an opportunity for us to develop relationships with key lenders, who could work with us to get the best deal for business people purchasing or refinancing their buildings and property. With that in mind we formed a “Group” of commercial and residential lenders, blending the best in residential and commercial lending under one roof.”
Based on that idea, Preferred Funding Group began developing relationships immediately with lenders who could help their clients no matter what type of property was being purchased. Currently, more than 40 lenders and banks, some local and within Georgia, and some outside the state, are on the company’s preferred commercial lender list. Using this extensive list, Preferred Funding Group can efficiently match the best lender to each of its business clients based on their unique needs.
Pat Meazell, owner and founder of Preferred Funding Group, notes that the real benefit to the commercial customer is the same benefit that they have been able to offer their residential clients: versatility. With more lenders competing for commercial loans, there are more options for clients. “The competition created by the options we have available helps drive down costs and rates, and improves the terms of each loan we do,” he says. “That means that the work we do for our clients really pays off for them over the life of the loan, especially when you consider what a difference just one percent can make for loans ranging from less than one million, to more than several million dollars.”
For more information on financing commercial property, contact Pat Meazell at 770-516-5144 or email at Pat@preferred-funding.com
About Preferred Funding
Preferred Funding Group, Inc. is a locally owned, full-service residential and commercial lending firm. The company has relationships with 75 well-known commercial and residential lenders, and has a strong track record, enabling the company to receive expedited underwriting turn times and big broker pricing. The firm has also earned the privilege of underwriting many loans in house. Preferred Funding Group specializes in creative financing to assist clients in unusual financial situations, such as those who are self-employed, have had credit situations in the past or do not have a large down-payment. Options the company can offer include Stated Income Commercial loans, interest-only loans, 100 percent loans on investment property, one-time close construction loans and many, many more. For more information, visit www.preferred-funding.com.