If you’re a commercial or residential broker looking to expand your product offerings to include commercial hard money loans, it’s important to know how to find borrowers looking for these loans. While it may seem challenging at first, locating borrowers who need commercial hard money loans is a fairly simple task. In many places, the commercial hard money market is underserved, so there’s plenty of business for brokers. If you want to increase your income by successfully closing commercial hard money loans, see the tips below to find more commercial hard money leads.
- Market yourself appropriately. Before you start prospecting for borrowers, it’s important to let potential customers know that you’re in the business of commercial hard money loans. You can do something as simple as adding the words “commercial hard money” to your business card, email signature and voicemail. You can also update your website and any social media accounts to let customers know that you can help them obtain commercial hard money loans.
- Build up your network of referral sources. Be sure to contact your existing referral sources and let them know that you can help their clients find the short-term financing they need. The bankers, accountants, realtors, lawyers and other industry professionals already in your network will likely have clients who are potential commercial hard money leads. You should also seek out new referral sources via social media and networking events.
- Reach out to past clients. If you’re a residential broker, you’ve probably helped some small business owners find mortgages for their homes. If you’re a commercial mortgage broker, you’ve already helped plenty of commercial borrowers. Either way, you should go through the old applications you have on file and let your past borrowers know that you can now help them obtain commercial hardy money loans. While they might not need this type of financing, they might know someone who does. Those are potential hard money leads.
- Contact local businesses. Visit your local commercial district and introduce yourself to the small business owners. Hand out fliers or send mailers to businesses in the area you think might benefit from your services. Make sure you let them know that you can provide them with commercial hard money loans in addition to the other products you offer.
Remember, if you’re looking to get involved in the business of brokering commercial hard money loans, business isn’t too difficult to find if you know where to look. Make sure to let referral sources and potential borrowers know that you’re in the business through marketing materials and advertising, strengthen your network of sources, and be sure to reach out to past clients and local businesses. If you follow the above tips for finding hard money leads, you shouldn’t have much trouble attracting new business.