Working with a commercial mortgage lender that specializes in financing for non-bankable small business owners is a quick and simple way to earn additional income. That being said, it’s crucial for commercial mortgage brokers to choose a small business lender who keeps not only the needs of the borrower, but of the broker, in mind.
Here are some characteristics you’ll want any small-balance commercial mortgage lender that you choose to work with to have:
Plenty of experience:
When you’re looking for a lender to close loans for small business owners, you want to make sure to choose one with a lot of industry experience. Commercial mortgage lenders who have been operating for many years are going to have a better understanding of the challenges that small business owners face and will be able to better serve their needs.
Flexible, common-sense underwriting:
Brokers working with non-bankable small-business owners should connect with lenders who offer a variety of programs and who take a common-sense approach to underwriting each deal. Choosing a flexible lender is a great way to ensure that your borrowers get a commercial mortgage that fits their unique situation.
Nationwide direct lending:
Many brokers focus on closing loans for small business owners locally, but working with a lender that offers its programs nationwide will allow you to pull from a much larger pool of potential borrowers.
Handles all of the processing:
For some brokers, having to take care of the processing is a deterrent from closing small-balance commercial mortgages. However, taking the time to find lenders who will handle ordering the appraisal and title work, as well as scheduling closing makes the process of closing these loans for small business owners very simple.
Broker fee protection:
Brokers need to be able to make a living closing loans, so it’s important that your small business lender protects your fee. Before deciding to work with a lender, ask about how much you’re able to earn on the loans you bring to them and how your commission will be protected.
For brokers seeking to close commercial mortgages with small business lenders, it’s important to keep the above factors in mind. An experienced nationwide, direct lender with flexible terms is going to benefit your borrowers greatly and will lead to plenty of closings for you. Seeking out a lender that takes care of processing the deals you submit and protects your fee will allow you to continue seeking new business while allowing you to earn more.