Commercial Lender Mortgage Wholesale | 5 Things to Ask a Mortgage Broker
Commercial properties are an excellent investment. They grow in value regularly, pay for themselves, and are one of the few property investment types that can grow in value even when the economy is struggling, depending on the type of property and location.
But because commercial properties often come with high costs and high fees, the challenge is trying to find the loan that will save you the most money and put as much money as possible back to paying off the principal.
Wholesale Commercial Mortgages
Finding a commercial lender mortgage wholesale loan may be your best option. These are loans that go through a mortgage broker, rather than a lender, where the broker shops your property like an investment and sees which lenders are most interested and which will provide you with the best rate.
While the idea of selling your commercial mortgage like an investment is often scary to some, a mortgage broker is very different from a stock broker, and those that are able to find a quality broker will find that they are able to obtain a commercial lender mortgage wholesale loan much more easily.
Finding the Right Broker
Of course, you still need to find the right broker for you, and that means asking questions. The more questions you ask the more you can be confident in the person you choose. Some important questions to ask include:
- Are You Affiliated With Any Specific Lender?
Generally you want to work with someone that will shop around for you, not necessarily push you towards the lender that is paying them. Most brokers do have preferences, but are not otherwise motivated to push you towards a lender that isn’t in your best interest.
- Are You Licensed by the State?
Always use a state licensed commercial mortgage broker. 49 out of 50 states have very strict regulations on their commercial mortgage brokers, and those regulations are there to help protect you and keep someone accountable if you run into problems.
- How Many Lenders Will I Qualify For?
Mortgage brokers should be able to already know in advance whether or not you are likely to qualify for loans. While there are always extenuating circumstances, it’s a good idea to check to see what they think about your loan and whether or not it’s likely to be funded easily.
- Will You Provide Me With a Mortgage Loan Disclosure Statement?
Mortgage brokers need to be transparent. You should know what the lenders are paying them, if they’re passing fees along to you, and more. If they aren’t willing to share the statement, it’s possible that they’re hiding additional fees going in that you’re paying for out of pocket – especially fees that the lender should be paying for.
- Do You Give Me Options for Lenders?
In general, you’ll usually choose the best rate you can find with the lowest monthly payments. But you should also have your choice in lenders, because there may be a circumstance where you want to choose a lender with a very slightly higher rate, but a better track record of customer service. Knowing the broker will be giving you options is important.
Choosing the Right Mortgage Broker for Your Wholesale Commercial Mortgage
The process to find a commercial loan is a long one, and can be stressful at times. Commercial lender mortgages that come from wholesale brokers often make the process easier and can save you money, but you have the find the right broker first.
CRE Lender is proud to connect investors looking for a commercial mortgage with brokers and lenders that are ready to take on your loan. If you’re interested in getting more information, sign up with CRE Lender today and start connecting to your loan providers today.
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