Commercial lender Vanessa Ng (photos) knows that busy entrepreneurs who want to grow their businesses donโt have time to call a bank, apply for a loan, wait to hear back and then call a different bank if theyโre turned down by, or just not sure they like, the first option.
Thatโs why she works for CommLoan, a company that allows her to help business owners apply for a loan through a streamlined process that provides many options to meets their needs quickly.
โCommLoan is really efficient and can provide a quote to the borrower within minutes,โ Vanessa explains. โWe have a database of 750 lenders we work with through a proprietary system called CUPID, and, in some cases, it will give us back 300 options.โ
CUPID, which stands for Commercial Underwriting Pricing Index Data, is an innovative platform developed by CommLoan, a company that was founded in 2014 in Scottsdale, AZ, by long-time mortgage banker Mitch Ginsberg. CommLoan lends nationwide, except in Nevada and North and South Dakota.
Vanessa joined CommLoan about a year ago, adding commercial lending to her 12-year career as a residential lender.
She currently works with business owners all over the country and says she is hoping to increase awareness of CommLoan locally in the New Tampa and Wesley Chapel areas.
Vanessa is originally from South Tampa and graduated from the University of South Florida with a Bachelor of Science (B.S.) degree in Finance in 2012. She went straight into the mortgage business out of college and first moved to New Tampa for five years, and then, to Wesley Chapel, where she now lives in Estancia at Wiregrass Ranch.
โThere is a lot of expansion and growing businesses in Wesley Chapel, Dade City and Zephyrhills,โ she says, โand Iโm trying to help out those entrepreneurs.โ
She says she often provides loans for new commercial properties, such as gas stations or car washes, multifamily properties and single-tenant-use buildings, such as medical offices.
Vanessa also helps business owners who have equity in their current properties refinance their existing loans to get cash out, or help those who have a maturing loan and want to refinance.
Vanessa says her loans are for a minimum of $300,000 and can go up to as much as $100 million. She notes that some of these loans are as low as zero percent down.
โCommLoan provides tailored solutions,โ Vanessa explains. โSo, whether a buyer is looking for no prepayment penalty, a non-recourse loan, or some other specific criteria, Iโm able to filter the search for that. Within seconds, I can get the best rates and the best programs for my buyer.โ
CommLoanโs hundreds of lenders include everything from large national, commercial and regional banks to midsize banks, credit unions and debt funds.
Easing Frustrations
Vanessa explains that, sometimes, clients come to her feeling frustrated and overwhelmed.
โIf someone goes to a bank for a loan, but then gets turned down, it can leave them scrambling if theyโre already under contract to buy a property,โ Vanessa explains. โOnce I understand the scenario, I can send it to a dozen lenders at the same time and, sometimes, Iโll get offers the same day. Itโs very different from waiting a week to just get turned down by one bank. These are busy entrepreneurs who donโt have time to waste hours or days trying to get a loan.โ
She says her job is to remove the frustration from the process. โI do all of the legwork so you can keep running your business.โ
Steven Sockwell and his wife, Lindy, have several investment properties near Rockville, IL. A few months ago, they were working with a Realtorยฎ to purchase a new rental property and the Realtor recommended Vanessa and CommLoan as a lender. Even though Vanessa was far away in Florida, Steven decided to reach out to her.
โEver since then, sheโs been great to work with,โ Steven says. โWeโve had several things sheโs helped us with, including two transactions from start to finish. Sheโs very helpful and the transactions have been smooth.โ
He adds that Vanessa has, โa wealth of knowledgeโ and credits her experience with helping them get the properties they wanted.
โSheโs a very hard worker,โ Steven adds. โAnything I have questions about, sheโs able to answer them.โ
He says heโs in the process of buying another rental property and that he will continue to work with Vanessa and CommLoan because itโs been such an easy process.
โOne thing Iโve noticed about CommLoan is that everything is very streamlined,โ he says. โThe information in documentation is veryย straightforward and to the point. Itโs so different than going to a local bank here where everything is so convoluted and you have to read, re-read, and re-read again to understand it. Instead, everything is very orderly and tells you want to do next, step-by-step. And, anything we donโt understand, we ask and Vanessa answers quickly.โย
Steven says Vanessa also helped him look at his current portfolio of properties and figured out how to use the equity in those properties to, โseize the momentโ to buy other properties.
โI didnโt know how to go about doing that and she walked us through it,โ Steven says.
He also says working with Vanessa has been so easy, even if he wasnโt in the process of purchasing a property and needing a loan, he would still feel comfortable reaching out to ask her questions.
โShe would answer,โ he says. โIโm sure of it. Sheโs a great person to work with.โ
For more information, contact Vanessa Ng via email at vng@commloan.com, call or text her at (561) 310-4720 or visit VanessaNg.CommLoan.com.ย