Grow your business
Learning as much as possible about different loan niches is ab-
solutely imperative to a commercial mortgage broker’s success.
Working well with people is just as important.
Understanding how to get complicated transactions done, and
being able to communicate your process to your clients and re-
ferral sources, is critical to building credibility. This will help your
brand and reputation grow. As importantly, it will allow you to
close more loans and market more deals.
Many lenders offer webinars, and have information sheets and
other resources. These are great tools to have. Most good account
executives or fund managers will take time to set up a call with a
broker and their team to not only address the lending focus, but
also how to go about getting deals done.
Finding white papers and trade articles, or talking to people
who have participated in similar transactions, will help grow a
broker’s knowledge base exponentially. The value received from a
repeat customer cannot be understated.
Use your connections
Leveraging past performance is a must. Once you’ve gained the
reputation of being able to solve a certain type of problem, people
will remember and return.
Having a reputation for being able to close a deal quickly when
there is an expiring purchase contract or a missed loan deadline will
always set your business apart from the competition. Always look
ahead and remember there are usually follow-up loan opportuni-
ties that become apparent from the onset of the initial bridge loan.
One critical component to growing a niche brokerage business
is to educate and market to existing contacts and referral networks.
Most people in real estate understand that many projects happen
at the 11th hour. Becoming the go-to person to solve a problem can
create a lucrative pipeline of business for any commercial mortgage
broker. Expanding niche offerings and finding complementary
subsections will add to the bottom line of any broker.
Verifying a lender’s ability to close is critical. There’s no worse
feeling than being days away from closing, only to find out your
lender cannot perform. Confirm that a bridge lender has committed
capital, the availability to fund the loan and is actively lending in
the niche you’re marketing to.
Another component for building strong lender relationships is
that you never know where leads will come from. Most bridge
lenders want to see their clients be successful. It’s not uncommon
for a mortgage broker to get a referral directly from a bridge lender
that needs help moving a loan off its books.
The biggest part of finding your niche is going out and doing it.
Some mortgage brokers may be scared of moving into a new arena,
but carving out a specialty service in your market and establishing
yourself as a subject-matter expert will always pay dividends.■■
Jason M. Aubrey is a principal at PlattPointe Capital in
Denver. PlattPointe is a nationwide commercial lending
intermediary that seeks to meet the lending needs of its
clients when more traditional bank products fall short.
PlattPointe offers alternative-capital solutions for funding
all types of commercial real estate projects and small-business, asset-
based lending needs. For more information, visit plattpointe.com.
Reach Aubrey at (313) 622-3207 or firstname.lastname@example.org.