Overview - Mortgage Brokers
Guys, We Actually Have Some Important Things To Say Here
Before we go any further, please be assured that C-Loans.com is totally free for commercial mortgage brokers. Your use doesn’t cost you a penny. One hundred percent of our fee is paid for by the rich commercial lenders who participate. Now on to the meat of our message:
Commercial real estate lenders are extremely fickle and unpredictable. One day a certain bank will love making loans on self storage facilities. The next day, usually after suffering a loss, that same bank wouldn't touch a self storage facility with a ten-foot pole. Commercial real estate lending is also very subjective. A bank might turn you down because the Wall Street Journal just ran a negative article that week about one of your three retail tenants. (This happened to me early in my career, and I lost a huge commission that I really needed. Ouch!) Commercial lenders - especially banks - can also be very moody. When they are in a stingy mood, everything looks like a black hair. No commercial loan is good enough. But when a bank is flush with cash, and the Senior Vice President of Loans is under pressure to close some commercial loans, the bank may overlook a lot of flaws. Last year we had a hungry bank shrug off our borrower’s fairly recent bankruptcy.
Therefore the key to success in commercial mortgage brokerage is to find the one or two banks out of twenty who are actually in the mood today (it changes every day) to make commercial loans. It’s also true 20% of all bank commercial real estate loan officers close 80% of the deals. Therefore another key to success is to identify which commercial real estate loan officers are hot. It’s not just about choosing the right lender. It’s also about choosing the right loan officer at the right lender.
Finally, there are thousands and thousands of different commercial real estate lenders in the market - including 8,799 banks, 35 major conduits, 75 life companies, 300 commercial private money lenders, a dozen Wall Street nonprime lenders (these guys replaced Bayview and Interbay), four commercial mortgage REITS, and 7,165 credit unions. Most of these commercial lenders have their own limited lending area, a minimum loan size, a maximum loan size, a strong preference for only certain commercial property types (multifamily, office, etc.), and a limited number of loan types that they will make (permanent loans, construction loans, SBA loans, bridge loans, etc.). How can any mortal negotiate this incredible maze?
C-Loans.com was specifically designed with moody and unpredictable commercial lenders in mind. We asked ourselves, “How can we make the hit-and-miss process of placing a commercial real estate loan more efficient?” After 16 years and literally $1.5 million in programming changes (paid for not by some venture capital firm but rather by me - old man George Blackburne III, an attorney and the owner of a 35-year-old commercial hard money shop), we finally found the secret sauce. You enter your commercial loan into a one-page mini-app. It will take you just four minutes. Then you ask for lenders. The C-Loans System will sort through about 15 filters, screen out the unsuitable lenders, and leave you with a Suggested Lender List of 20 to 30 suitable lenders. You put a check mark next to six lenders and then press submit. Within minutes lenders will be calling you and emailing you with offers. If any of the first six lenders turns you down, simply come back to C-Loans and select six more lenders. You keep this process up until you get an acceptable offer.
Please pay special attention to the Lender Score listed next to each loan officer’s name. This score indicates how diligently the loan officer works his loan app’s and how many deals he has closed for us. Did you know that our lenders don’t pay us a dime unless they actually close a deal from us? That’s how confident we are that you will successfully close commercial loans using C-Loans. We shelled out the $1.5 million to develop the site. We pay the $20,000+ it costs to maintain the site monthly. We bear all of the risk, and we only recoup some dough if deals actually close.
So does C-Loans work? C-Loans has closed more than 1,000 commercial loans totaling over $1 billion. By the way, that’s all without spending one red cent on advertising too! Bottom line: C-Loans is free, it takes just four minutes to enter a commercial loan, and over 1,000 brokers and borrowers have successfully closed commercial deals using our commercial mortgage portal. So invest a lousy four minutes and get your first deal submitted. I wish I could save you the inconvenience of entering your name, address, phone number, and email address; but our lenders simply must know how to contact you if they are interested. It will take even less time to enter future deals because you will have already registered.
George Blackburne III, Esq.