When should I use a commercial mortgage broker instead of trying to go straight to a bank? What are the benefits of using a broker? How do I know if they are just ripping me off? Can I trust a commercial mortgage broker? These are some very common questions that many people have when thinking about commercial mortgage brokers. Having been in the business for years, hopefully I can shed some light on this.
When should I use a commercial mortgage broker instead of going straight to a bank?
Using a broker is very helpful when:
- You do not have the time to search out lenders and the lending programs they have available
- Are not familiar with these types of mortgages, rates, terms, fees, etc. and could use an expert opinion from someone who deals with it everyday
- You want to have multiple options to choose from so you can find specific terms that you need
- You are not sure if you are getting a good deal
- You have already exhausted your lending sources and do not know where else to go
- When you are looking for a transactional loan or even wanting to start a business banking relationship
What are the benefits to using a broker?
A good broker knows their market. They know and have a relationship with many lenders in the area. They are familiar with current rates, terms, prepayment penalties, fees, etc. Many also have correspondent relationships because of the loan volume they do with specific lenders and may be able to get you a lower rate or better terms because of it. They typically know which lenders drag they feet and have slower due diligence time lines. If you do not use a broker, most banks will charge you a 1/2 point to a 1 point fee. This fee is usually removed when a broker is involved so using a broker is usually not much more expensive than applying for a loan yourself. Brokers typically have access to the decision makers at the bank. They can reach people that you will never even hear of. Better communication equals a better chance at getting your loan approved. Brokers also know how to collect the initial data and present it to the bank in the best possible light.
Can I trust a broker? How do I know if they are ripping me off?
This is a very good and very practical question. Brokers can be very useful and very helpful. Look for a broker who has been in business for at least a couple of years and knows various types of loans. You may even want to find out what types of loans they have closed. Ask them for details of past closed deals, testimonials from their past clients, etc… Do they specialize in all types of commercial mortgages? Find out what they do best and if that fits what you are looking for. Whatever you do, make sure that it is easy to communicate with your broker. If they are difficult to reach or do not answer your questions, you are better off finding someone who can or doing it yourself.
Commercial mortgage brokers can be a very valuable asset to your company or to you individually. Build a relationship with them and gain access to their many years of information. You will find that this will save you hours and hours of research and headaches!
Chad Pitt
http://EzineArticles.com/?Commercial-Mortgage-Brokers&id=4368508
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