For mortgage brokers who make their living closing small-balance commercial mortgages, choosing the right lender has a major impact on your success. While many factors should be taken into account when making this decision, one of the most important considerations should be a lender’s experience in the small-balance commercial mortgage industry. Lenders who have been in business for many years have a broad and deep knowledge of the industry and have proven themselves to be adaptable and reliable. Here’s why commercial mortgage brokers should connect with experienced lenders:
Their longevity is an asset.
There’s a reason that some small-balance commercial mortgage lenders have been in business for decades: They know what they’re doing. In a changing and growing industry, these are the lenders who have taken their knowledge and experience and used it in order to expand their businesses, help their borrowers achieve their goals and assist their brokers in closing mortgages. These lenders have likely faced some serious challenges and have overcome them in order to build a strong business. As a commercial mortgage broker, you’ll want that kind of determination and drive in your corner throughout the lending process.
Their knowledge can only help you grow.
Because experienced lenders have been in business for so long, they’ve developed an extensive knowledge and understanding of the small-balance commercial mortgage industry. Since these types of lenders often rely on mortgage brokers to bring in deals, they’re happy to share the knowledge they’ve gained with their brokers in order to bring in more business. Learning from these lenders will help you to better understand the commercial mortgage industry, the lender’s loan programs and how to successfully sell these mortgages to your borrowers.
They won’t waste precious time.
One of the pros of working with an experienced lender is that they value each broker’s time and reputation. These lenders know right away if the commercial mortgage deal you submit will fit their programs and won’t waste your time or your borrower’s money by delaying a turndown.
Their experience means more closed loans.
Simply put, the small-balance commercial lenders who have been in business for many years are still in business because they close commercial mortgages. These are the lenders who will be willing to listen to your borrowers’ stories and to work with you in order to close as many of these small-balance deals as possible.
Experienced small-balance commercial lenders like APEX have the knowledge and skills to underwrite and close the loan scenarios their brokers submit. With the right combination of flexibility and dependability, these lenders have succeeded for years and, as a result, so have their brokers. If you’re interested in closing more small-balance commercial mortgages, make a connection with an experienced lender.
APEX Mortgage has over 25 years over experience closing small-balance commercial mortgages. To learn more about our programs and how we can help you, call 800-262-2739.