Closing a commercial mortgage can be very time-consuming and difficult, particularly when you’re working with unique, small-balance loans. As a commercial mortgage broker, it’s important that you manage your time in a way that allows you to find new business and submit as many good loan scenarios as possible. If you’re bogged down handling underwriting, ordering appraisals or dealing with title companies, this is going to make your job a lot harder. Here’s what you need from a commercial mortgage lender in order for you deals to close smoothly:
A quick decision and commitment:
You’ll want to work with commercial lenders who underwrite and commit to loans thoroughly, but quickly. The last thing a commercial mortgage broker needs is to sit around waiting to hear if a loan scenario is approved, only to find that it will be a few days before commitment is issued.
Fast appraisal reports:
It’s a good idea to find a lender who has great working relationships with fast and thorough real estate appraisers. A processing team that is willing to search for the right appraiser for a given situation is a valuable asset.
Speedy title work:
If your lender has an experienced processing team that works closely with title companies to resolve issues, you’re in good hands. This will save you time and allow you to search for more commercial business.
Speed and competence are two key factors when it comes to finding a commercial mortgage lender with a great processing team. It’s important to find a lender that can decide and commit to loans quickly, has relationships with appraisers who offer good turnaround times and has a processing team with the ability to work closely with title companies. Keep all of these things in mind when seeking a commercial mortgage lender.
Interested in closing commercial mortgages quickly with a great processing team? Call APEX at 800-262-2739.