Many Brokers Suffer From Lender Phobia

Business.

The art of brokering commercial loans - doc' s secret# 2: biggest mistake of the new commerical broker. I receive tons of calls from broker' s around the country.

I take many calls each day as" The Money Doctor" . - these are all good, honest hardworking people. The conversation typically goes like this: "Hey Doc, I' m new at this and I just landed a mega deal. Many of these calls could have been avoided because the beginning commercial broker is not aware of the proper and proven operating strategies. Are you sitting down? I sold the client that I could get the cash for him. I have signed an exclusive with a borrower for a$ 25M dollar deal to finance a health care facility.

My question is this: "Doc, where can I get a loan for this guy? " My heart goes out to the broker and to the client! "Why didn' t you find the lender first, find out what areas the lender is interested in and what their requirements are? - if you did this, then when your future clients call you would know where to take the loan and your clients would be seeking that specific type of loan. Then advertise for that certain type of loan? If you did it this way, then all you have to do is qualify the borrower, collect the documents and package them to your lender' s request. Unfortunately, these brokers are calling because they didn' t do it that way. That is much easier and will cause fewer gray hairs!

Now the broker is scrambling for a lender, while stalling the borrower: not a good position to be in! - j) please the secret here is simple. The chances of success, of obtaining a commission on that$ 25M lead is slim, unless of course he wants to co - broker( and of course I' ll be happy to help! Many brokers suffer from Lender Phobia. Do yourself a favor and call some lenders and interview them. They are literally afraid to speak to the" Checkwriter" . Lenders expect to be called by professionals.

They want your business. - they make money when you bring them good loans. There are many broker friendly commercial lenders. These are the people that will put money into your pocket month after month. It is important for your career to begin to groom your lending relationships. To Your Success!