The Art of Brokering Commercial Loans

Doc’s Secret # 2: Biggest Mistake of the New Commerical Broker

I take many calls each day as “The Money Doctor”. I receive tons of calls from broker’s around the country. These are all good, honest hardworking people. Many of these calls could have been avoided because the beginning commercial broker is not aware of the proper and proven operating strategies.

The conversation typically goes like this:

“Hey Doc, I’m new at this and I just landed a mega deal. Are you sitting down? I have signed an exclusive with a borrower for a $25M dollar deal to finance a health care facility. I sold the client that I could get the cash for him. 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? Then advertise for that certain type of loan? 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.

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. That is much easier and will cause fewer gray hairs!
Unfortunately, these brokers are calling because they didn’t do it that way. Now the broker is scrambling for a lender , while stalling the borrower: not a good position to be in! 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! J)

Please the secret here is simple. Many brokers suffer from Lender Phobia. They are literally afraid to speak to the “Checkwriter”. Do yourself a favor and call some lenders and interview them. Lenders expect to be called by professionals. They make money when you bring them good loans. They want your business.

There are many broker friendly commercial lenders. It is important for your career to begin to groom your lending relationships. These are the people that will put money into your pocket month after month.

To Your Success!

Catering for Business Meetings

Many organizations these days ask help from one another in implementing some of their projects. That’s why partner firms will meet with one another to talk about many choices and issues pertaining to their companies. Business meetings could take several hours or even a day or two before company officials decide on essential matters. On this note, it is crucial that you invest in catering that will please your clients. Good catering for business meetings can help build good relationships with your clients and suppliers.

Just like organizing any event, catering for meetings is rarely an easy task. A lot of things must be put into perspective. Such things that should be taken into consideration are the number of guests, their location, drinks and food to be offered, location of the venue, venue set-up and of course, the company’s budget. Smooth running meetings can take place when all things are evaluated. It is therefore important to follow these rules when catering for business meetings:

  1. Number of guests. When catering for business meetings it is extremely vital that you take note of the number of people that will be participating in the meeting. Determining whether a small-group or a large-group will come to the meeting can help you look for venues that can fit all these people and also help you plan the menu.
  2. Budget. Catering for business meetings may be quite pricey. That’s why it is crucial that you request for a budget that will be able to accommodate the needs of your expected number of guests. It is also essential that you spend this budget wisely on things that can make your business meeting a good one.
  3. Location and time. Knowing the location is crucial as some of your expected guests may not be able to come if you choose a location that is too far from their offices. For the venue of the meeting, this could range from a small conference room in your company office or a more spacious function room at some hotel. Therefore, the venue size will depend on your number of guests. Also, knowing the time of your business meeting will help you with the catering preparation.
  4. Food and drinks to be served. It is very important to have a well-planned menu when catering for business meetings, so knowing the number of guests to avoid shortage in food and drinks is critical. Also, there should be a variety of food and drinks so that your guests will have a lot of options.
  5. Setting up. Once you already know the number of your guests, the budget allocation, the location and time and the menu, setting up for your business meeting is the last step. This entails setting-up the venue with decorations, tables and chairs and other equipment necessary for the business meeting.

Catering for business meetings is also demanding much like preparing for an important event if you don’t know where to start. It gives you plenty of control in managing the timeline and the meeting’s environment. It is a way in building a good relationship with your clients and suppliers. Remember the key aspects that you have to put into consideration when catering for business meetings: guests, budget, location and time, menu, and setting up. With all these in mind, you will surely have a business meeting that can smoothly run.

How To Be A Commercial Power Broker

You have received your first commercial deal! If you are like most of the brokers I’ve counseled lately your story is probably similar to the one below:

What does the average “money broker” ( I prefer to use the term capital consultant) do? First, the want to know the loan amount and then they quickly tack on 1-5 points (they assure me they are never greedy) and then they take an executive summary and shoot it around the internet asking lenders if they can close this loan in 14-21 days!

WRONG! WRONG! WRONG!

These brokers are not taking the correct actions. They are simply planning to fail. Why? They are ignoring the proven strategies used by seasoned commercial brokers.

Want to know the “Secret”?

Before you submit any loan proposal to any lender, you must find out:

The number of deals that lender has closed in the past, and how many they intend to close in the current year.

This is critical to your success! And how do you find out? ASK! Ask the lender by phone or email if they are looking for this type of loan and at the amount your borrower requires. If it is a medical office building ask them how many of these have they closed? And how many do they intend to close this year?

You want to hear: “Oh, we did many of these loans last year and we intend to do many this year!” Don’t send your prime office building to a lender that’s seeking to fund retail centers!

Find lenders and develop a personal relationship with them. Find out what their sweet spot is. In summary, Never submit a loan deal to any lender unless you are able to verify that the lender has closed many of the specific types of deals that your are seeking funding for and that they are currently actively lending.

Seasoned commercial brokers have honed their lender relationships over the years. You can begin this week by contacting at least one lender and interviewing them. At the end of one year you could easily have 52 lenders that you’ve developed a file on and what their lending parameters and preferred property types are.

One year from now you too can be a seasoned “Power Broker”.

To your Success!

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