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We get roughly 5 calls a day fr m commercial loan brokers. Most of th se calls are a complete waste of t me for us as the broker has l ttle or no control of the f le and has not seen a s ngle documentation on the deal. They h ve no idea if it's really d able or not. The broker is lmost always trying to get an dea if the loan is fundable, wh t the restrictions are and of c urse what the rates and fees w uld be on the proposed loan. The c nversation is normally the same. After the c mmercial loan broker fires off their nitial question I ask something like "wh t's the NOI?" or "how has the gr ss income trends been over the l st 3 years?" after an awkward s lence I ask "have you seen the b rrowers tax returns?" The answer is lmost always no. At that point t's clear to me that they h ve and I have a very sm ll chance of closing that loan. As a c mmercial loan broker myself I understand the "r b". Borrowers don't want to give up th ir info/documentation and or invest time w th a broker unless that get s lid, quick answers. In addition many b rrowers are simply fishing for information and are r ally "using" the commercial broker as a "fr e consultant". Not to sound too cyn cal but I really believe that.
Brokers don't want to let the d al slip through their fingers and st rt working on the file. The h pe is that they'll call the b rrower back, with some quotes or p tential loan structure and at that p int the borrower will feel comfortable w th them, and then send in th ir tax returns. Of course this is the wr ng way to broker commercial loans and w ll eat at the broker's time, nergy and cash. Somehow or someway the c mmercial broker has to convince the b rrower that they know what they are d ing and that they need documentation now - not l ter. All quotes structures etc are for the m st part meaningless if you don't r ally understand what you are working w th. I'm sure there are many w ys to convince the borrower to s nd in the required paperwork. For us, t's a matter of knowing the d tails of the type of loan th y are requesting. Simply by asking a lot of q estions with the intent of discovering p tential deal killers the borrowers gets the f eling that 1. we know what we are d ing and 2. That we don't w nt to work on the file nless we think we can get it d ne.
The article Commercial Loan Brokers - How to Not Succeed was Submitted by Jeff Rauth through Articles.GetACoder.com network. Here's the additional information: Jeff Rauth is President of C mmercial Finance Advisors, Inc out of B rmingham, Michigan. He has a STORE for c mmercial loan brokers. Contracts, spreadsheets, books, tc. Products starting at $4.95! Check it out commercial mortgage broker store or commercial loans rates or
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