How do I find the best loan company or loan broker?

All the lending institutions have a large number of loan originators to disperse out funds. Just to take advantage of the depressed market I though of buying a small 10 apartment building so that I can easily lease/rent out at a time when loss of home due to foreclosure is at all time high. I have called upon CHASE Bank with which I have my investments to mortgage out this small building.

On being turned down by Chase Bank I called upon several leading loan brokers informing them that:

  • I am willing to pay the prevailing market price (for this 10 apartment building)
  • The market value of the build is assessed much more than what I have negotiated the deal for
  • I have the requisite 25% down payment of the loan amount being asked by me
  • I have the requisite tax return to support my repayment installments (even if I do not find a single tenant)
  • I have a solid retirement investment in my Bank
  • I have no outstanding loans on my head
  • I am willing to furnish any other documents that may be required by the lending institution they represent.

Not a single loan broker has turned back. Ten trillion dollars has been eroded from the stock market between March 2008 and March 2009. The government has pumped in one trillion dollars to re-start the economy but it has just not happened. The lending cycle has come to a halt at least for the time being. The lending institutions are pressing upon their borrowers to repay so that they can meet their own repayment obligation.

The money simply does not exist at least at this time. I am not a economist but looking at the situation at ground level I feel the credit crunch has yet to begin.

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