Commercial mortgage brokers must constantly seek out new borrowers in order to remain competitive and achieve success. If you’re just getting started in the commercial market, though, you might not know where to look for new borrowers.
Here are some ways to find small-balance commercial mortgage clients:
One of the best options for brokers seeking commercial mortgage borrowers is to connect with various referral sources. There are a number of tried and true sources brokers should seek to build business relationships with, such as bankers, CPAs, attorneys and real estate agents. These professionals have a vested interest in making sure that their non-bankable clients can obtain the funding they need, so earning their trust and selling them on your services as a mortgage broker specializing in small-balance commercial mortgages is a great way to increase your business.
Another way to build your pipeline is to advertise directly to borrowers who are unable to obtain a bank loan. When marketing to small business owners seeking financing, keep it simple and make sure to sell yourself as an industry expert that can help them to achieve their goals.
Brokers can also go directly to the source when seeking leads. Simply take some fliers and business cards to small businesses in your area and let them know that you can help them to secure a commercial mortgage should they need one in the future. Face-to-face connections shouldn’t be underestimated.
If you’ve closed residential loans for borrowers, look through your records. Some of them are bound to own commercial property. Reach out to these customers and let them know that you can also help them to obtain a commercial mortgage should the need arise.
When you’re getting started in the small-balance commercial mortgage industry, it’s important to know where to find leads. Make sure to seek out the best referral sources, market directly to potential borrowers, visit local businesses and let past clients know that you’ve expanded your services. Once you’ve done so, your commercial mortgage pipeline will begin to grow and you’ll start to earn more.