January 11, 2019 by commercialloansoftexas
For brokers who are new to the small balance commercial mortgage niche, the secret of your success will be finding the most reliable lender. In order to decide whether a lender is appropriate for you, it is essential to get to know them & ask them as much info regarding their process as feasible. To get you started listed below are some very important question that you want to ask your lender.
What are your minimum & maximum loan sums?
Is stated income available for self employed borrowers that right off everything on their taxes?
Is Hard Money or Private money available for deals that have to close in 1 or 2 weeks for borrowers that have low FICO scores?
Before submitting a small balance commercial mortgage request to a lender, it is essential to ask how much or how little they are ready to lend to borrowers.
For how long has their company been in the industry?
It is also much needed to comprehend for how long a lender has offering small balance commercial mortgages. A seasoned lender is usually better fitted to offering borrowers with the correct loan & the most favorable experience.
What type of rates you can expect as a borrower:
If you are working with a non-bankable borrower, the costs are going to be in the higher side. Talk to your lender regarding their rate so that you can relay the info to your borrower & articulate why they can anticipate higher rates.
How flexible their terms are? Do they have 30 year fixed rates?
While working with non-bankable borrowers, it is essential for brokers to look for lenders who’ll take the time to comprehend a borrower’s circumstance. Ensure you discuss the programs & terms a lender offers prior to submitting a deal.
Can you close loans fast?
For several borrowers looking for non-conventional financing, it is because time is of the essence. Discuss with the lender regarding how long it takes on average for them to close a commercial mortgage loan, and ensure that their speed does not come at the expenditure of thoroughness.
To attain your potential being a commercial mortgage broker, it is essential to comprehend what your lender can proffer borrowers & how they operate all through the lending procedure. This will let you select lenders who’re a great fit for you & your borrowers, leading to more closed loans & extra earning.
Commercial Loans of Texas is a small business lender specializing in small balance commercial mortgages, commercial real estate mortgages, refinancing, and funding. We also offers commercial mortgages for self employed borrowers or borrowers with credit challenges. Get in touch with us now to discuss your small balance commercial mortgage needs.