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Mortgage Broker News | 29 Mar 2011, 10:00 AM Agree 0
Residential mortgage brokers continue to turn down commercial business rather than lead clients through the often-daunting application process, private lenders told a recently held CMP mortgage workshop.
  • Christopher | 31 Mar 2011, 06:08 AM Agree 0
    What brokers find discouraging about commercial applications is the patience required to put one together. Far more don't go through than the ones that do.

    I have a good deal of experience on the commercial side and have learned to accept it.
  • @kiltedbroker | 01 Apr 2011, 06:55 AM Agree 0
    I am not so sure about this... If a broker has little to no experience handling commercial files, I believe they SHOULD "play the role of a traffic cop" and refer the business to someone who is experienced. This will ultimately provide a better service to the client as the broker now handling the file knows where to go, who to talk to and how to get the deal done. A commercial file is too much responsibility for the average broker to handle without extensive training or years of experience. I have been referring (for a fee) my commercial business to a commercial specialist in another city for years. The time I save in making the referral allows me to focus exclusively on my residential business.

    If we are talking about the Dragon's Den, a quote from the season finale is "don't underestimate the power of a phone call". It really is "who you know" and lets face it, the typical residential mortgage broker does not know anyone in Commercial lending.
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