Recently, National Mortgage Professional Magazine published an article stating that because of stringent new regulations in the residential mortgage industry, banks and lenders are encouraging mortgage brokers to get into the business of small-balance commercial mortgages as a money-making alternative. While this may seem challenging at first, there are some small commercial lenders, like APEX, that make the process of submitting and closing a deal very simple. Here’s what we can offer you:
- A quick and easy submission process: If you’re a residential broker looking to submit a commercial mortgage scenario to APEX, it’s very simple. All you need to do is send a completed 1003, a tri-merge credit report and a brief loan summary detailing the use of funds. You’ll know within 24-48 hours if your deal has been approved.
- Common-sense underwriting: The recession hit many small business owners hard, and they’re still trying to rebuild their credit. Our underwriting team understands the challenges that your borrowers face and will listen to their stories.
- Worry-free processing: Once your deal has received final approval, it will move to our processing team. You don’t need to worry about the appraisal, ordering title or scheduling a closing; our processors handle it all.
- Fee protection: We value your role as a commercial mortgage broker, and the services you provide both our company and your borrower. Your fee will always be protected in the commitment letter that we send to your borrower, as well as on the HUD statement.
As the residential market struggles to recover, the commercial market is doing well. If you’re a residential mortgage broker looking to increase your income, submitting the occasional commercial mortgage to APEX is a great start. We’ll handle the underwriting, processing and closing, and we’ll always protect your fee, all without interfering with your residential business.