Abstract This paper presents an analysis of price and service quality effects through customer
satisfaction on customer loyalty and recommendations in a business-to-business setting of
mortgage credit. The research question is examined based on returned questionnaires from the
largest companies in Denmark. An initial study applying LISREL does not support a full model
including the five-factor structure of the SERVPERF model. The further LISREL analysis however
gives statistical evidence of a recursive model that explains willingness to recommend by customer
loyalty and customer satisfaction, customer loyalty by customer satisfaction and customer
satisfaction by price, assurance and reliability.