Closing small-balance commercial mortgages for non-bankable borrowers comes with challenges. As a broker, it’s your job to handle any potential issues that arise and get your client the mortgage they need as quickly as possible. Here are some things you can do to ensure a quicker closing:
Ask your borrower the right questions.
Understanding a commercial mortgage borrower’s situation and goals is crucial to getting them the loan they need. As a broker, you should ask your borrower about their credit history, their business, their property and how they’re planning to use the money, among other things. Know your borrower and their mortgage request will help you to place them with the right lender.
Submit a complete commercial mortgage request.
Once you know which of your lenders is likely to be the right fit for a particular borrower, it’s time to start collecting documents. Before you submit a commercial mortgage request, ask your lender what’s required for them to evaluate the scenario. Sending them a complete package will help them to make a decision quickly.
Answer questions in a timely manner.
If your lender has questions about your borrower, their property or their loan request, answer them as quickly as possible. The faster you provide them with answers, the faster the commercial mortgage will close.
Brokers can close small-balance commercial mortgages fast if they know how to approach the scenario. Make sure to discuss your borrower’s financial situation and goals ahead of time, and when you submit their request, take care to ensure it’s a complete submission. Work with your lender throughout the process to make sure all necessary information is included and all questions are answered. Taking these simple steps will allow you to close more loans fast, and earn additional income. Read more tips on closing mortgages quickly.