Commercial real estate is often an overlooked area of profit for the residential mortgage broker. With residential real estate often being an area that has more clients, many mortgage brokers will spend more time focusing in this area, and may not consider the profits of the commercial side. In this article I would like to share with you some tips on how to learn about Ben Soifer commercial loan transaction process in order to broaden your horizons as a mortgage broker.
Loan brokering for commercial real estate has similarities to residential real estate. There are parts of the process where it will differ, however, once you have a handle on residential real estate, it will be quite an easy transfer of knowledge and skills.
In order to learn about what is required when undergoing commercial real estate loan transaction, it is key to have access to either a commercial loan training course or even a toolkit. With a toolkit you would be supplied with sample documents and templates that would be required to support an application for a commercial loan from a lender.
As with residential loan brokering, it is part of the role to be able to seek out new potential clients. These clients will then need to be supported and assisted along the path of applying for a loan from a lender. The expert mortgage or correspondent broker (as they are known as in the industry) will be able to expertly ascertain which product would suit the client. In order to be in this knowledgeable position, the correspondent lender would need to fully understand the products and the preferences of each lender.
The role of the correspondent lender is then based around liaising with the client and the lender to come to a fruitful and successful closure of the transaction. At this point the correspondent lender would be paid their commission. Keeping a positive outlook throughout the 90 days that the application may take, is essential. In some cases, alternative approaches and possibilities need to be explored and discovered.