Closing deals is the goal of every commercial mortgage broker, but to do that, you need to find the right lenders for you and your borrowers. If you’re operating in the small-balance niche, this is especially important since these deals can be a little more complicated than a scenario that qualifies for bank financing.
Here are qualities you should be looking for in a small-balance commercial mortgage lender:
In order to succeed in the industry, you should choose a lender with an established track record of closing commercial mortgages. This is especially important if you’re just getting started in the commercial niche. An experienced lender can help you to learn more about the business and what it takes to close these loans.
If you’re looking to help non-bankable borrowers obtain commercial financing, a mortgage lender’s flexibility is going to be crucial. Seek out story lenders who have common-sense underwriting guidelines and are willing to listen to your borrower.
Oftentimes, borrowers seeking alternative financing are doing so because they need the money fast. Make sure to work with a lender that can review, underwrite, process and close your borrowers’ deals as quickly as possible.
Brokers should be able to make an appropriate amount for their services. Find a lender who understands you work with more complex mortgage requests and allows you to charge the right broker fee.
Choosing a great small-balance commercial mortgage lender is crucial to your success and benefits both you and your borrower. In this niche, you want to find a lender with plenty of industry experience and underwriting flexibility. You’ll also want a lender that can close deals fast and will protect your broker fee. Working with lenders that exhibit the above qualities will allow you to close more commercial mortgages and increase your income.