Searching for information on becoming a commercial loan
broker? There are a few things you need to be very good at in order to make it as a commercial loan broker. 1. You have to be very good at reviewing loan packages. 2. You need a strong lender network. 3. You need multiple, reliable sources of leads. Becoming a commercial mortgage broker is really not that difficult and it certainly isn’t brain surgery. But like all businesses you need to get to the point of really knowing what you are doing and why.
A lot of time and energy goes into all deals. Knowing how to examine a potential deal is critical. You need to be able to sit down with a package and in 20 minutes figure out if you will work on it or pass. It’s very easy to waste hours on a loan that doesn’t have a single chance of closing.
Having a strong lender network in place is just as important and goes into qualifying a loan request. Number one you have to know their programs inside and out. You need to know what they really like, beyond what shows up on their matrix. Also you need solid relationships with the individuals you work with. You need quick, thorough decisions. Having your files on top of their pile is important.
Becoming a commercial loan broker is all about having a solid influx of deals. You need to compete on a lot of commercial mortgages in order to find doable deals and ones in which you can have control over. There are a lot of marketing methods out there and most of them will work in this business.
The traditional method of developing relationships with the local investors, commercial real estate brokers, CPA’s, attorneys, bank representatives, etc is still a very good method. This still maybe the best route to go, though it takes a lot of time and effort to build a name in your market. Newer methods include mailers, email campaigns, ads in newspapers, etc. Regardless of which route you feel more confident about you need some type of program that gets your phone ringing and keeps it ringing. Be patient and survive the “green” period in your quest to become a commercial loan broker.
