For many non-bankable commercial borrowers, finding a mortgage for which they qualify on their own will be a challenge. That’s where a skilled broker comes into the picture. These borrowers are an under served segment of the commercial mortgage market and they’re a great opportunity for brokers.
However, you need to build a relationship with these borrowers and convince them that your services will be beneficial.
Here’s how to do that:
Demonstrate your expertise.
Borrowers who are considering working with a commercial mortgage broker are going to want to know that you’re experienced and how your skills will make it easier for them to obtain a loan. Make sure to let potential clients know how long you’ve been in business, and discuss your connections with small-balance commercial mortgage lenders. It’s also a good idea to present them with examples of mortgage you’ve closed for borrowers’ whose situations resemble theirs.
Provide them with useful information.
Another way to build a good relationship with potential borrowers is to give them insight into the commercial mortgage industry without expecting anything in return. Providing borrowers with information for free not only builds trust, it also establishes your credibility and expertise as a commercial mortgage broker.
Give them straightforward answers.
When a non-bankable borrower decides to come to you with a loan scenario, they’re going to have questions and concerns. In order to build a strong connection with these borrowers, you need to provide them with frank answers to their questions. Let them know what kind of commercial mortgage they’ll qualify for so that the process is as simple and smooth as possible.
Establishing connections with commercial borrowers is one of the most important factors in a broker’s success. To do this, you need to let borrowers know you’re an expert in commercial mortgages and provide them with useful information about these loans. Additionally, when they approach you with a scenario, provide them with straightforward answers about what they can expect. Building these relationships with potential clients will allow you to close more commercial mortgages and earn more in the process.