Commercial Broker
Commercial Broker Loan Fee Agreement
If you are a commercial loan originator you know how vital it is to protect your fee and your livelihood. Commercial broker fee agreements are vital to your ongoing success. Nothing hurts quite like going through the entire process of underwriting a commercial mortgage all to not get paid the fee you deserve.
We have learned this lesson the hard way. And have had loans where we didn’t get paid a dime, only a portion or had to get a lawyer involved and go through a long and painful process to get paid.
Have you heard a lender or bank say something like “well we don’t really have a formal fee agreements with brokers, but we’ll pay you a point outside of escrow”? If the hairs on the back of your neck don’t stand up, than you haven’t been screwed yet and are probably are just getting started as a commercial loan broker.
Or if you’re working on a deal and not expecting to get any YSP from the bank and you’re depending on the borrower to finally sign that fee agreement, after they know who the bank is and what they are offering, is also a seriously weak position to be. You’re basically asking them to screw you. In all seriousness you’re putting them in a position of real trust and if your relationship isn’t rock solid they will be asking themselves “why do I need broker Joe? I’ve heard of xyz bank. I just didn’t bother to call them. I’m paying him how much?”
Your commercial broker fee agreement is basically your shield and armor (if that isn’t too corny). It will protect your time and assure that you will make it in this business. By presenting your agreement it will also set you apart as a professional and clients will recognize that you know what you are doing. You will earn their respect.
About the Author
Jeff Rauth is President of Commercial Finance Advisors, Inc. A nationwide broker and lender. Loans from 400,000-$5,000,000.commercial loan broker training commercial broker fee agreement or commercial mortgage broker fee agreement
can any bodysuggest me.I want to be a commercial broker please explain me that what is the work of a com.brokr
I am in dubai and i got an offer of commercial broker.but i don’t know about it , please suggest me that what is the duties of a commercial broker and how can i improve this buisness
Could you provide more information, such as the product or service for which you would be a commercial broker? Duties vary based on locality, industry expectations and customs.
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