Commercial Mortgage Broker Advantage
“Working With An Experienced Commercial Mortgage Broker Can Be Advantageous In A Number Of Ways”
There is a considerable difference between working with a commercial mortgage broker compared to a broker that is focused more on residential properties both in terms of value and approach.
With a residential mortgage broker, the focus in most cases is on speed and interest rates as the market is very aggressive with not much of a difference between the best and worst offers in the upper end of the home mortgage market.
With a commercial mortgage broker, the focus is more on the total financing process and how to make it as efficient possible so that time doesn’t work against you.
The business financing market can be very difficult to figure out at times in terms of who is prepared to finance any particular borrowing request. Because of the portfolio constraints attached to larger scale mortgage lending, the landscape of the market can change on a regular basis, making it hard for any business or property owner to effectively figure out how to locate and secure the funding they are in search of.
Even with very straight forward deals, it can be difficult to get the commercial mortgage financing deal you’re looking for, even when every lender you talk to initially claims they can provide the funding required.
The real value of a commercial mortgage broker is the ability to clearly understand your requirements, and then get your commercial property financing request in front of the most relevant lenders at a given point in time.
From there, its all about managing the application process by proactively helping you assemble all the pertinent information the lender is going to be asking for, as well as supporting information that will strengthen the application.
Experienced commercial mortgage brokers have learned over time that its essential to follow a clear process for qualifying each and every deal and for putting together an application package that is less about hype and more about anticipating and then proactively answering the questions that a particular lender is going to ask.
Seasoned commercial mortgage brokers keep tabs on the market in terms of who is lending on what and if they’re requirements and lending criteria have changed.
This can mean the difference between shooting in the dark and drawing a straight line to someone who can actually help you.
Because a commercial mortgage broker is not the actual lender, there is always risk of getting an approval from any one particular lender in the time you have targeted to complete the funding process.
But if you commit to the process, the probability of success goes up dramatically which is the biggest single advantage of working with an experienced commercial mortgage broker.
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