Seeking a commercial mortgage is far different to acquiring a personal mortgage, it is highly recommended that you use the services of a commercial mortgage broker to assist you with the application process and ensure that you achieve a positive outcome. Below are several tips designed to ensure that you get the best from whichever commercial mortgage broker you choose to use.
• Do your homework, find out about the general range of services that a commercial mortgage broker can supply, this will enable you to decide if you are receiving everything possible from whichever broker you decide to use.
• Involve your commercial mortgage broker early on in your plans to acquire a commercial mortgage. By making sure your broker is part of your team from the outset you can limit the risk of working in the wrong direction, preparation is everything and a commercial mortgage broker will be able to guide you through the preliminary due diligence study of the feasibility of applying for a commercial mortgage.
• Ask your commercial mortgage broker to brief the people who are producing your supporting documentation; your broker knows how the lenders best like to receive this documentation. Ask them to review the proposed format and contents of the business plan you will need to submit as part of the application process, also ask them to review your company account and highlight any specific problem areas that may affect your application.
• Request that your commercial mortgage broker search the lending market to find the best commercial mortgage for your situation. A good broker will have access to a very wide range of lenders, offering a myriad of products, each of which will differ slightly, finding the best one for your needs is arguably the primary task for your commercial mortgage broker.
• Approach your commercial mortgage broker and ask them to present you with a written strategy for achieving your companies’ goals. It is important that your broker understand exactly what you are looking for, by requesting that they document the proposed procedure for obtaining your goals you will have a chance to review the process before it begins and highlight any possibly problematic areas.
• Ensure that your commercial mortgage broker fully divulges a schedule of his fees before you begin the application process. Although most commercial mortgage brokers are completely honest, you need to make sure that you are fully aware of all costs involved with employing their services.
Applying for a commercial mortgage is far from straightforward; you will almost certainly need to employ a professional commercial mortgage broker to help with your application. A good broker will have the knowledge and expertise required to make sure that your application goes smoothly, and that you are accepted for the best commercial mortgage for your current situation. A commercial mortgage broker is your point of contact into the lenders and it is important that you understand what it is they do and how they do it.