What A Commercial Loan Officer Needs To Know
• Make sure you identify and confirm the lenders loan process
• Do not talk like your a residential loan officer, learn the commercial vocabulary and way of speaking so you look, sound and act like a profession. Clients and lenders can easily spot a poser.
• Develop a niche, whether it’s a loan product or property type
• Educate yourself on the Standard and Non-standard Loan Programs
• Develop the Ability to Analyze a Loan and Related Documentation
• Calculations and Analysis is the key to showing the underwriter the project is workable. Make sure to double check your math or use a user friendly form like the one we offer on our web site commercialtrainers.com
• Third Party Reports are needed during the loan, know how much and when they will be requested by the lender before submitting a loan.
• Determine which lenders to work with by interviewing them and learning their process
• Determine which borrowers to work with by doing your due diligence, sometimes this includes a background check
• Don’t take legal matters into your own hands, have a good contract law attorney and a great fee agreement
• Know what is your direct contribution to the transaction, Why You? Need to Know! The what to do.
• Every commercial loan is different – this is a great thing!
• One set of rules does not apply to everyone – each loan is judged by its own strengths and weaknesses
• Each commercial loan is reviewed on its strengths and weaknesses. Compensating factors – such as experience in the field – potential income from the property, and/or property’s loan to value can tip the scales in your favor
• Knowing how to submit your commercial loan is key to getting it accepted
• You need to understands the entrepreneurial mindset
• Have access to many commercial lenders to give you the most options
At CommercialTrainers.com we teach you how to quickly underwrite, package, fund and how to collect your fees to get paid.
Email expert@CommercialTrainers.com with your scenario or questions.
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