Whether you’re thinking about adding commercial mortgages to your current product offerings or already have, remember that the best outlets for non-bankable commercial mortgage leads are right in your backyard. Take a walk down the main street in your business community. Chances are you’ll see a bank, a realtor, and perhaps an attorney’s or accountant’s office with clients that are in need of money.
Get to know bankers and remember, when speaking with a bank loan officer you must have a “what’s in it for them” mentality. Let them know you are a commercial mortgage broker who can help them meet the needs of their customers. While speaking with them you can let them know how you can be a good resource for any of their turndowns. Another great outlet at the local banks is their workout department. Here you will find deals that the bank is required to get off of its books. If you are able to speak with someone in this department, you could explain to them how you can provide them with an alternative source of financing for their customers.
Accountants are always dealing with clients who they know are unable to obtain traditional financing. You could be a great outlet for accountants in providing them another source of financing for their clients.
Let attorneys and realtors in your community know that if any of their clients are turned down by the bank, you can solve their problem. Browsing through old stated 1003’s has been proven to be a successful source of leads for a lot of our brokers. Many of your stated income borrowers are self-employed and non-bankable. Look throughout the 1003’s to see if they own any commercial real estate. If they own commercial real estate, you can reach out to them and remind them that you are still around and that if they ever having trouble finding financing on their commercial property you can help them. Last but not least, remember when it comes to finding local sources for commercial mortgage leads – nothing beats feet on the street. Walking up and down the streets in you neighborhood where there are a high volume of commercial properties and dropping them a flier letting them know what you can do for them is a great idea.