If you’re a broker considering closing commercial mortgages, keep this in mind: There are always small business owners looking to refinance their properties. When you begin working as a commercial mortgage broker, these borrowers will make up a significant portion of your clients, so it’s important to know the questions you need to ask them […]
Category: Loan Approval Tips
Small-Balance Commercial Mortgages for Non-Profits
It’s not unusual for commercial mortgage brokers to come across non-profit organizations in need of financing. While it can be challenging for these organizations to obtain funding from traditional sources like local banks or credit unions, there are small-balance commercial mortgage lenders who can provide mortgages to non-profits. Here’s what brokers should know about the […]
What Commercial Mortgage Account Executives Want Brokers to Do
When a mortgage broker begins working with a small-balance commercial lender, an account executive will likely be the first person with whom they speak. Your account executive’s job is to build relationships with brokers and to evaluate the deals they submit before passing them on to their underwriting department. Here’s what every broker should know […]
Four Common Reasons Borrowers Refinance a Commercial Property
There are many factors that a small-balance commercial mortgage lender takes into account when reviewing a borrower’s request to refinance their property. One of the most important pieces of information your lender will need to make their decision is the use of funds. Knowing how your borrower plans to use the money allows the small-balance […]
Getting Your Commercial Borrower a Mortgage for an Investment Property
For brokers looking to close small-balance commercial mortgages, borrowers looking to finance investment properties are a solid segment of the market. Whether your borrower is looking to finance something as simple as a multifamily property or something a little more complex, like a shopping center, brokers need to know how to present these requests to […]
How to Handle a Commercial Borrower with Credit Problems
There are plenty of small business owners with less-than-stellar credit who still need to obtain financing. As a commercial mortgage broker, it’s your job to find these non-bankable borrowers a lender that understands their unique set of challenges and can fund their mortgage request. In order to accomplish this, you need to be prepared to […]
Funding Industrial Properties
Industrial properties can be a challenge for borrowers seeking commercial financing. Banks and other traditional lenders are less likely to be interested in lending on smaller industrial buildings, so it’s important for borrowers to have an alternative. Brokers who specialize in the small-balance niche should be prepared to assist borrowers with industrial buildings in finding […]
Getting your borrower a small-balance apartment mortgage
When home values and prices remain high, the demand for rental properties like apartments and multifamily housing is strong. Given the strength of this sector in the commercial mortgage market, brokers are likely to come across borrowers seeking finance for these properties. Here’s what you need to know when your borrower need to obtain a small-balance […]
Preparing for a Discussion with Your Small-Balance Commercial Borrower
To close small-balance commercial mortgages, brokers need to gather all relevant information that a lender needs. The best way to do this is to take some time and schedule a call or face-to-face meeting with the borrower for a discussion. Simply speaking with the borrower to learn more about their situation and telling them about […]
Understanding Commercial Mortgage Underwriting
Nonconforming commercial mortgage lenders have the ability to close loans for their brokers in a timely manner, but the speed of the underwriting process depends largely on brokers. In order for your transactions to close quickly and smoothly, you need to understand what your lender needs in order to fully underwrite a deal. Here’s what […]