Whether you’re a residential broker looking to begin closing small-balance commercial mortgages or an established commercial broker, it’s necessary to get to know your commercial lenders. As a broker, you should have connections that can help you fund all sorts of deals, and it’s especially important to understand nonconforming lenders if you’re working with non-bankable commercial borrowers.
Here’s what every broker should do:
Learn about your lender’s niche.
The small-balance commercial mortgage niche is full of opportunity for those brokers who take the time to understand it. Talk to your lenders about the types of deals they fund and the borrowers with whom they work. Lenders are going to be a valuable resource, so ask them questions about their niche. Because brokers are a big part of many lenders’ success, they’re going to have a vested interest in their brokers’ understanding of small-balance commercial mortgages and what it takes to close them.
Understand their products.
When you’re brokering small-balance commercial mortgages, it’s important to understand the nuances of your lenders products. Not only will this allow you to submit the right types of deals, it will also help you to find your commercial borrowers the right commercial mortgage for their situation.
Discuss their underwriting procedure.
Before submitting a deal, have a conversation with your lender about their underwriting process and what documents you should include in a submission. This lets you lender know that you take brokering loans seriously and will allow your loans to close more quickly.
Choose a lender that educates.
An experienced commercial lender offers their mortgage brokers tools, such as webinars and presentations, to assist them in learning more about their products and services.
The lenders you work with will be a major part of your success in the industry, so it’s crucial that you understand their niche and their process. Make sure to communicate effectively with your small-balance commercial mortgage lenders as this will help you, your borrowers and the lender to do business. Do you have a deal to submit? Get started with APEX mortgage as an approved broker today!