You don’t have the time or energy to pursue a commercial mortgage on your own. You know that you need the expertise and assistance of a professional commercial broker, but you don’t know where to start. Here is what you should be looking for in a professional broker.
Finding a commercial broker is easy. Finding a commercial broker that will be a good fit for you is not nearly as easy. In Texas, there are many firms and independent brokers that would happily take your contract and not do nearly as much work as you would like them to do finding an excellent commercial mortgage.
Many mortgage brokers are a part of larger firms. This not only allows them to reach more lenders, but also to give them access to greater resources. Finding the right firm and the right broker within that firm can feel daunting, however, you can make this process easier if you follow some simple steps to ensure that you find the right broker.
First is to examine the qualifications of the broker. This might seem like a no brainer, but many brokers have qualifications in areas that are not in the specific area that you might need. If you need a commercial mortgage for a multifamily housing unit, it really doesn’t matter if a broker is highly qualified in retail space. That is not what you need. So, do not be impressed by a list of qualifications, but instead be selective about a broker who has qualifications that will fit your specific needs.
In addition to qualifications, a broker’s area of expertise is important. This does not mean that a broker who has no specialization will not work for you. But it is important to know what type of deals a broker does the most of. This will give you a good indication of where they are the most successful. If you can find a broker that has both qualifications and the experience of success with a commercial mortgage in your real estate emphasis, that is an excellent start.
You will also want to make sure that your broker stays on top of the ever-changing financial world of mortgages and real estate development. A quick way to assess this is to ask what they do themselves, or what their firm provides, for continuing education. A broker that does not continually improve is a broker that is falling behind on current trends in the market.
What is the best way to find a qualified, hardworking commercial mortgage broker in Texas?
Even if you make sure that you are careful in looking for a broker, take your time and ask lots of questions, there is no guarantee. The best way to find a high-quality mortgage broker is through a referral from a friend or business associate who has worked with one before. In fact, this is the way that most decent mortgage brokers grow their business: through referrals. They know that if they work hard, meet the needs of their clients and are able to put together a list of satisfactory commercial mortgage options that they will receive excellent word of mouth. If you encounter a mortgage broker that does not worry about what his clients say, this is most likely a person that you are not going to want to deal with.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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