Don’t Let Alternative Commercial Mortgages Scare Your Borrowers
For brokers closing commercial mortgages, it’s not unusual to work with small business owners who don’t qualify for a bank loan. Once a borrower is turned down by the bank, they often assume there are no good options left and are wary of non-conforming commercial mortgage lenders. As their broker, it’s your job to find them the best deal possible and to explain why alternative financing is nothing to be afraid of. Here’s how you can do that: • Explain what type of mortgage for which they’ll likely qualify and why. Part of the fear of alternative commercial financing stems from the fact that many small business owners simply don’t know what to expect. They’re turning to you because you’re an industry expert who can point them in the right direction and guide them through the process. Take the time to explain why they can’t qualify for a bank loan, the kinds of rates and terms they can expect from alternative commercial lenders given their particular financial situation and answer any questions they might have.