What Exactly Is a Commercial Mortgage Broker Anyway?
“Is There Any Real Difference Between a Residential Mortgage Broker And a Commercial Mortgage Broker or Commercial Mortgage Specialist?”
This is a question I get asked every once in awhile.
Is there really any difference between mortgage brokers that work on residential versus commercial properties.
From a licensing and regulatory qualification point of view, there really isn’t. All mortgage brokers, regardless of the areas of the mortgage market they choose to focus on, will have the same basic training and qualifications.
The real difference lies in their chosen area of focus and the experience they gain from focusing more on commercial properties versus residential properties.
Taking it one step further, while residential mortgages are by far the larger of the two in terms of shear numbers of mortgage issued each year, residential mortgage programs tend to be much more similar than their commercial mortgage counter parts.
In the world of real estate mortgages, there basically is residential mortgages and everything else which is thrown into commercial. And each of the different types of commercial real estate applications has its own lending requirement, lender programs, and even unique lenders that specialize in that particular type of commercial building in a particular location.
So not only are there many potential different facets of the commercial mortgage market, each can have its own unique requirements, and on average, commercial deals have more requirements than residential mortgages.
So, yes, there is such a thing as a commercial mortgage broker. But if you want to get the best level of service from these professionals you need to take it one step further and zero in on commercial mortgage brokers that frequently work on mortgage applications similar to your commercial property financing requirement.
Each slice of the market is going to have its own set of lending requirements, lender relationships, best practices, industry standards, and so on. The more a mortgage broker is focused in on your type of property the more likely they are going to be able to provide you with the best possible service and results.
If you have a commercial property that requires commercial mortgage financing, give me a call so I can quickly assess your requirements and provide relevant solutions that we can go through together.
Click Here To Speak 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