Q: WHY SHOULD RESIDENTIAL PROFESSIONALS CONSIDER BUSINESS/COMMERCIAL LOANS NOW?
A: It makes perfect sense. The residential market is waning and progressive professionals are seeking new revenue streams. Production of business and commercial loans are on the rise. Besides, most business lenders are willing to do the ‘heavy lifting.' We are willing to pay for qualified referrals.
Q: HOW DIFFICULT ARE THEY?
A: While business and commercial loans require some additional knowledge, they are not difficult. Certainly, the appraisal differs from residential as do some other aspects. However, learning the difference is not unlike learning any other niche program. Many residential experts have made the transition without any difficulty
Q: WHO IS THE TYPICAL BUSINESS AND COMMERCIAL BORROWER?
A: Good candidates for these loans include first-time investors seeking to diversify as well as experienced investors looking for additional options. Small business owners, medical professionals and lawyers who seek additional funding or those who would take advantage of reduced prices and purchase rather than rent.
Q: HOW DO I SOURCE COMMERCIAL LOANS?
A: Start by cross-selling your existing client base - those who have already made the decision to do business with you. No doubt many of your residential customers are business owners, investors, or are considering investing in income-producing real estate. Many of your traditional referral sources have access to business owners and commercial borrowers.
Q: WHAT IS BEST MARKETING STRATEGY?
A: Most importantly, create awareness. Make sure everyone knows you can access business and commercial loans. Then, network with everyone you know. Any good business lender will give you additional ideas.
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