Sometimes they’re called commercial account executives. At other mortgage companies, they’re referred to as business development offices or sales reps. Regardless, these are the individuals to whom you’ll be sending your mortgage requests if you’ve decided to get involved in the commercial industry, so it’s important to develop good partnerships with these people.
Here are a few tips if you’d like to impress your commercial account executive:
Have a conversation with your commercial account executive or sales rep.
Before you start sending a commercial mortgage lender loan scenarios, it’s important to have a conversation with your commercial account executive or sales rep. Have a conversation with your rep about their company’s loan programs, the kind of borrowers they serve, and what they expect in a submission. Your rep is going to be the first person who sees and evaluates the deals you send, so it’s important to listen to what will be expected of you.
Make sure all submitted documents are complete.
When talking with your rep, make sure to gain an understanding of the documents they’ll need to review the commercial mortgage request, and then make sure you have a completed package before you submit. If your rep is missing information, it’ll be that much harder to get a yes or no on the deal.
Be upfront about the borrower’s situation.
When submitting a commercial mortgage request, you need to make your lender aware of the ups and downs your borrower has been through or is currently experiencing. This is particularly important when working with non-bankable borrowers. If the lender doesn’t have all of the information they need about your borrower, they won’t be able to underwrite a commercial mortgage that properly fits their situation.
Answer questions in a timely manner.
This one’s simple: make sure to reply to any questions your rep has as quickly as possible. The sooner your lender has the answers, the sooner the deal will close.
Your relationship with your commercial account executive will be a determining factor in your success with a lender, so it’s important to put in the effort. All you need to do is listen to your rep, send them completed documents when you have a submission, be open about the type of borrower you’re working with and their situation, and respond to questions in a timely manner. Taking these steps is a great way to build a great partnership with any of the reps you work with, and will help you to close more loans.