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Educational articles for Commercial Mortgage Brokers

3 Questions Every Broker Should Ask Their Borrowers

Getting your borrower the small commercial mortgage they need is simple as long as you know the questions you need to ask. As a commercial mortgage broker, it’s important to talk to your borrower and gather as much information as you can about their financing needs. Here are the questions you need to ask to get started:

  • How did you get started? In order to find your borrower the commercial mortgage they need, you need to get to know their business. By asking your borrower how they got started, you’ll learn a lot about what they do, what is important to them and why they need financing for their property.
  • What is going on in your industry? When you’re working to obtain financing for a small business owner, it’s important to have a discussion about their industry. Is your borrower aware of any competition that may affect their business? Is your borrower considering a future investment such as improving or purchasing a property, hiring more employees or purchasing new equipment? These are things that will help you to better understand your borrower’s financing needs.
  • Where do you see your business in the next five years? In order to find the best commercial mortgage for your borrower, you need to discuss with them how their business’s future will be financed and what those financing needs will be. This is all information that a small commercial lender will need to know.

As a commercial mortgage broker, it’s important to collect information about your borrower’s financial situation and their mortgage needs. In order to start this conversation, you need to ask them about how they started their business, what’s currently happening in their industry, and what kind of future they see for their business. This will help you to gauge your borrower’s financing needs and to help them obtain the small commercial mortgage they need.

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