These days, helping a borrower obtain a small-balance commercial mortgage can be difficult, especially if they don’t qualify for a bank loan. However, it doesn’t have to be tough to close these loans. There are small-balance commercial lenders who are willing to consider the specifics of your borrower’s unique situation and develop a lending solution based on their needs. Read our previous post “Think Outside the Bank for Small-Balance Commercial Mortgages.”
Here’s why every commercial mortgage broker should build a relationship with a story lender:
We know your borrowers are more than just numbers.
Because of much stricter regulations, banks and other traditional lenders are often forced to consider their borrowers as simply a credit score. If your borrower doesn’t fit into that credit box, they won’t get a loan. Story lenders, however, are prepared to look beyond your borrower’s credit and take into consideration the factors which may have caused your borrower’s scores to slip.
We understand small business owners.
Non-conforming lenders tend to have a better understanding of borrowers seeking small-balance commercial mortgages. We know that the recession hit many of these business owners hard and that the day-to-day operation of a small business isn’t as nice and neat as the banks expect, and we’re willing to work with and find solutions for these borrowers.
We’ll listen to your borrower.
Unlike traditional lending sources, small-balance commercial lenders will listen to your borrower’s story and take that into account when deciding to finance a loan. As long as your borrower can provide good explanations for credit or other financial issues and can prove those issues are in the past, a story lender should be able to help.
We work fast.
While it can take months for a bank or other traditional lender to close a commercial mortgage, a story lender like APEX usually works much faster. Some non-conforming commercial lenders can close loans in as little as two to three weeks, getting your borrowers the funds they need quickly.
Traditional lenders are a great source for plenty of commercial borrowers, but there are some borrowers who will require a different funding solution. As a commercial mortgage broker, it’s a great idea to develop a relationship with a non-conforming lender who will listen to your borrower’s story when evaluating their request for financing. Story lenders understand the problems small business owners face and can solve them quickly, helping your borrower to achieve their goals and helping you to close more loans and increase your income.