Working with multiple lenders after an LOI

August 12, 2024
by a searcher from Texas Tech University in Austin, TX, USA
I am currently under an LOI and I am in the initial stages of working with multiple lenders, mostly SBA. The reason I am currently working withe different lenders is because I am seeing that each of the lenders have different criteria even for the same deal, based on industry, down payment, DSCR etc.
I would like to be on the safe side than sorry to ensure I am able to secure the loan in an acceptable terms.
At what stage should I narrow down to one lender. Is it only when the loan gets approved? Just want to understand the general principles and guidelines here and what others have followed in general.
from University of Missouri in Austin, TX, USA
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA