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    Commercial Mortgage Brokers Handbook
    Commercial Mortgage Brokers Handbook
    Commercial Mortgage Brokers Handbook
    Ebook75 pages40 minutes

    Commercial Mortgage Brokers Handbook

    By Frank Vogel and Winston Rowe & Associates

    ()

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    About this ebook

    It's time for these strategies and systems to be made available to mortgage professionals who are committed to growing their careers and increasing their incomes.  Through Frank Vogel's decades of experience founder of Winston Rowe and Associates of helping everyone. He has used the expertise in this book to help others in the commercial mortgage industry..

     

    This book is a must-have for any aspiring commercial loan professional. It contains all the necessary information to gain a thorough understanding of commercial lending, including the 5 core industry loan products, how to propose the right product and complete a full loan application.

    LanguageEnglish
    PublisherFrank Vogel
    Release dateSep 27, 2023
    ISBN9798223723844
    Commercial Mortgage Brokers Handbook
    Author

    Frank Vogel

    Frank Vogel founder of Winston Rowe and Associates is a national consulting and due diligence firm that specializes in short- and long-term financing solutions for the purchase, refinance, cash out and development of a variety of commercial properties nationwide.

    Read more from Frank Vogel

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      Book preview

      Commercial Mortgage Brokers Handbook - Frank Vogel

      Chapter 1

      Getting Started with Commercial Mortgages

      Learn about the industry.

      Educating yourself about commercial mortgages is crucial to your success as a broker. There are plenty of resources for brokers looking to get started in this field, from publications dedicated to the industry and company blogs, to webinars and in-person seminars aimed at helping brokers learn. Getting to know the commercial mortgage industry will help you to earn credibility and develop great relationships with lenders, sources and borrowers, leading to more closed deals.

      Connect with reliable lenders and referral sources.

      Another important piece of the puzzle for brokers new to the commercial industry is establishing partnerships with reliable lenders and referral sources. In order to increase your business and earn more, you’ll need a steady flow of deals from referral sources in your pipeline, as well as lenders with a consistent track record of closing these types of loans. Get to know financial professionals in your area, as well as lenders you’d like to do business with, and develop an understanding of how everyone can benefit from your services.

      Get to know your borrowers.

      To succeed in the commercial mortgage industry, you need to learn about the consumers who are most likely to utilize your services to find these loans. Generally, you’ll be working with small business owners who, for any number of reasons, cannot qualify for bank loans. You need to get a sense of the challenges these borrowers face in order to get them to the right lender and get the deals done.

      Once you’ve done the legwork of getting to know the industry, lenders, referral sources, and borrowers, you’ll have a much better sense of how to use your experience as a residential broker to close commercial mortgages. With this knowledge, you can build connections and advertise your services in order to close more loans and earn more income.

      Chapter 2

      How to Close a Commercial Mortgage Quickly

      Many borrowers seeking commercial financing need it fast. Whether they need the funds to pay off a ballooning mortgage, take advantage of a great inventory deal or purchase a property quickly, it’s a broker’s job to get them the mortgage they need in the timeframe they require.

      Here’s what you need to do:

      Find a lender with a track record of getting deals done quickly.

      If your borrower doesn’t have time to wait for commercial financing, it’s important to seek out lenders who have a reputation for quick closings. Your best bet in a scenario where your borrower needs funds fast is to connect with alternative commercial mortgage lenders. Because they aren’t constricted by the same regulations as banks and other traditional lenders, non- conforming lender can often close deals in a matter of weeks.

      Determine what documents are needed for submission.

      Once you’ve found a lender who can get your borrower’s deal done fast, you need to ask them what is required to submit the commercial mortgage request. Make sure to collect all necessary documentation and get it to your lender as quickly as possible.

      Cooperate with your lender throughout the process.

      In order for a deal to close fast, you and your lender need to be on the same page and willing to work together. Your lender is likely to have questions throughout the process and will probably need additional information after the original submission. Get them the answers they need

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