Broker Experience Can Be Key For Commercial Mortgage Deals
“An Experienced Mortgage Broker Can Make All The Difference When Seeking A Commercial Property Loan”
Even though technically, all mortgage brokers have the same basic qualifications and can assist with any type of mortgage, the different slices in the mortgage market are going to be hard to master collectively. As a result, the more focused a mortgage broker is on certain areas of the market, the more they will be in tune with active lenders, mortgage lender criteria, and the process for getting deals done.
This is very much the case with respect to commercial property mortgages where each loan request needs to be customized to the available lenders due to the wide diversity of commercial property that exists in the market.
An experienced commercial broker that has a focus and track record of success with commercial property loans is going to be more successful on average than a mortgage broker at large that has never completed or funded a commercial property financing request.
There are a number of key areas in the process where this will consistently hold true.
First, the commercial mortgage application process, on average, is significantly longer than a residential mortgage application process. So its important that you focus on commercial mortgage lenders that are able to complete the transaction in the time you have to work with. There are times when you’re business could be eligible for better deal, but due to the fact that cheaper forms of commercial financing can take longer to process applications, it may not be the best strategy to take if time is indeed a limiting factor to your purpose for financing.
Second, whether you have a short term time pressure or not, your time is still valuable and its easy to waste a significant amount of time and money focusing on lenders that have a low probability of being able to provide what you’re looking for. So its important to get focused quickly on the most relevant commercial mortgage lending sources to be most efficient with your mortgage sourcing efforts.
Third, the process for application for a commercial loan can vary among lenders so you need to make sure that you are able to meet the requirements of the lender prior to applying in order to once again get to the finish line sooner than later.
If you are in need of a commercial property loan, please give me a call so we can go over your requirements together and discuss different commercial mortgage strategies you can take.
Click Here To Speak Directly With Commercial Mortgage Broker Joe Walsh
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel