Achieving success as a commercial mortgage broker comes down to the strength of your pipeline, and the strength of your pipeline depends on your ability to bring in leads. In order to find these leads, you need to know where to look.
These are some of the best sources to get commercial mortgage borrower leads:
Very few people will know a prospective commercial borrower’s financial situation like their accountant, so CPAs are a great source for leads. They’ll know which clients aren’t bankable and are in need of the services of a broker able to find them the right small-balance commercial mortgage.
Generally, small-balance commercial mortgages aren’t something banks are particularly interested in, so developing a relationship with their workout team is recommended. Banks are always looking to protect their relationships with clients, so working with brokers who have alternative funding sources is beneficial to them. Let your bank connections know that you can be a valuable resource for their turn-downs and work-outs.
Most realtors working with commercial properties have stories about the sales they’ve lost because a borrower was unable to obtain the necessary funding to purchase. Be sure to connect with realtors in your area and let them know that you specialize in finding financing for non-bankable borrowers.
If you’ve been closing residential mortgages up to this point, there’s a good chance that at least some of your borrowers own a piece of commercial property. Check the 1003s you have on file and let these borrowers know that you are a resource for commercial mortgages should they need one.
The more relationships you cultivate with referral sources, the stronger your commercial mortgage pipeline will be. When speaking to the financial professionals listed above, make sure that you sell them on how your services will benefit their businesses. Once your sources see the value in what you can do to help their clients, more leads are sure to follow.