Closing small-balance commercial mortgages can be an easy way for residential brokers to expand their product offerings and earn more. However, it’s important to determine whether a lender handles processing or whether you’ll be expected to take care of it yourself. It’s much simpler for brokers when the lender handles things like ordering the appraisal and title work, and scheduling the closing.
Here are the benefits of working with a lender who has a great processing team:
You have more support.
Closing small-balance commercial mortgages can sometimes be difficult because of the nature of the niche. Borrowers in need of these types of mortgages often have past financial issues that need to be dealt with or properties that traditional lenders don’t typically lend on. Because of this, the loans can be more complicated, so having a team of experts makes closing them much simpler. If issues arise throughout the process, you can rely on your lender’s team to help you solve them.
You can close small-balance commercial mortgages faster.
With a dedicated processing team to handle ordering the commercial appraisal, getting the title work in order and scheduling the closing, the commercial mortgages you bring your lender are likely to close more quickly. Your lender’s processing team consists of experts who know how to make the closing process as smooth and simple as possible.
You can focus on your core business.
Choosing to work with a small-balance commercial mortgage lender who has a dedicated processing team means one simple thing: You have more time to focus on your core business, whether it’s residential or commercial. All you need to do is submit the deal, and your lender will take care of the rest.
If you’re thinking of including small-balance commercial mortgages in your product offerings, choose a lender who handles the processing for you. You’ll have more support throughout the process, the loans will close more quickly and you’ll be able to focus on your core business while earning more.