Commercial Mortgage Brokers
Why would a borrower want to use a commercial mortgage broker? After all, there are many direct lenders that a borrower could find quite easily online or by simply going to their local bank.
Many borrowers prefer to use a mortgage broker because they have a difficult loan to place or simply want the broker to "shop" the loan request to many commercial lenders in an effort to get the best rate and terms.
In cases like this, a commercial mortgage broker may well indeed add value. Before engaging a commercial mortgage broker, make sure the broker is experienced, licensed and is in fact a commercial loan broker, not a residential broker masking themselves as a commercial loan broker.
If a broker requires "money up front" or requests a non-refundable deposit, it may be wise to look elsewhere for a commercial mortgage broker as these days there is no real need to pay up-front fees to get a commercial loan.
posted by BrokersBlog @ 3:15 PM
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