Many borrowers seeking commercial financing need it fast. Whether they need the funds to pay off a ballooning mortgage, take advantage of a great inventory deal or purchase a property quickly, it’s a broker’s job to get them the mortgage they need in the timeframe they require.
Here’s what you need to do:
Find a lender with a track record of getting deals done quickly.
If your borrower doesn’t have time to wait for commercial financing, it’s important to seek out lenders who have a reputation for quick closings. Your best bet in a scenario where your borrower needs funds fast is to connect with alternative commercial mortgage lenders. Because they aren’t constricted by the same regulations as banks and other traditional lenders, non-conforming lender can often close deals in a matter of weeks.
Determine what documents are needed for a submission.
Once you’ve found a lender who can get your borrower’s deal done fast, you need to ask them what is required to submit the commercial mortgage request. Make sure to collect all necessary documentation and get it to your lender as quickly as possible.
Cooperate with your lender throughout the process.
In order for a deal to close fast, you and your lender need to be on the same page and willing to work together. Your lender is likely to have questions throughout the process and will probably need additional information after the original submission. Get them the answers they need as promptly as possible so that your borrower can get their funds in the necessary timeframe.
Commercial borrowers on a tight schedule often rely on brokers to help them obtain a mortgage, so it’s important to understand what you need to do to make this happen. Selecting the right lender, understanding what is required to submit the deal and cooperating with your lender throughout the financing process are all necessary to get your borrowers they commercial mortgages they need. Following the above tips will help you close more loans fast and earn you more income.