Mortgage Brokers

Advice for Commercial Mortgage Brokers

The other day a struggling commercial mortgage broker wrote to me and begged for my advice. He wasn't closing a thing, and he was scared to death. Here is what I told him:

  1. Right now stick exclusively to small commercial permanent loans. Do not work on anything larger than $3 million unless you have a special relationship with the borrower (former client). Small commercial loans are the ones that close and feed your family. More.
  2. Do not waste time working on large loans. Large loans just don't close. More.
  3. Do NOT waste precious time working on construction loans. The world has more enough homes and commercial buildings right now. More.
  4. Never waste a minute on international loans. They never close. Ever. Ever! More.
  5. Read my blog daily for tips. More.
  6. Build a databank of referral sources and send them a regular newsletter. More.
  7. Don't be afraid to write your own newsletter. Here are some good tips. More.
  8. Learn how to create your loan packages using PDF's. More.
  9. Start buying leads from C-Loans. More.
  10. Get a signed fee agreement on every deal. More.
  11. Don't waste valuable marketing time working on deals with a low probability of closing. More.
  12. Maintain 15 to 18 loans in process at all times. You'll only close 30%. More.
  13. Only work with strong loan officers. More.
  14. Become buddies with the top loan officers at various banks. More.
  15. Learn how to underwrite. More.

Do you need a commercial loan right now. Apply to 750 commercial lenders in just four minutes using one simple mini-app. And C-Loans is free!

 

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