As a commercial mortgage broker, you’ve got one goal: Close deals. In order to do that, you need to take the time to prepare each deal as well as you can before submitting it to a lender. Having the right information, the necessary documents and a thorough knowledge of your borrower’s commercial mortgage request will make the process of closing deals much simpler. Here’s what you need to do to close commercial mortgages with ease:
Screen each deal well.
It’s important for you to get as much information about your borrower, their business and they commercial mortgage needs as early in the process as possible. Some basic information you should request early on includes how much money your borrower needs, what they’re planning to do with the money, their credit history and their income. This information will allow you to determine if you can do the deal and which of your lenders you should contact for a particular financing request.
Make sure you have all of the relevant documents.
Once you’ve decided to proceed with a commercial mortgage request, it’s time to start rounding up paperwork and put together a loan package. You’ll always need to provide a completed 1003 or commercial mortgage application and a recent credit report with scores and tradelines. Other necessary documents will be determined by the lender, so you should discuss their requirements before submitting a deal.
Provide a detailed summary of the deal.
In addition to the documents specified above, you should also write up a summary of your borrower’s commercial mortgage request. Taking the time to explain the particulars of the deal, including how your borrower plans on using the funds, is a great way to save time. Writing up the summary will also help you to understand the deal better, and when questions come up throughout the process, you’ll be prepared to answer them.
Sell the terms.
Once your lender’s team reviews the deal and offers terms, the ball is in your court. As the broker, it’s your job to answer any of your borrower’s questions about the terms, address any concerns they may have and convince them that this deal is the best way to achieve their financial goals.
It’s that easy. If you’re working with a lender like APEX that handles the underwriting, processing and closing of each deal, your only job is to sell the loan to your borrower and then wait for your check.
Closing commercial mortgages quickly is often as simple as making sure your I’s are dotted and your T’s are crossed early on in the process. Take the time to get to know your borrowers and their situations, collect all the relevant documentation and provide your lender with a thorough summary of each deal you submit. Then, once you’ve sold the deal, all you’ll need to do is wait for your commission check.