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Traditional way of Getting a Commercial Loan |
The BrokerPro System |
| You call around to several brokers and bankers to
ask what type of loans they have. It takes a few days. |
You fill out the form I give you for your particular
type of property. Different questions for apartments,
retail, etc. |
| Brokers and bankers all ask you different questions. |
I take your information and enter it into commercial
underwriting software |
| The broker calls 5 or 6 loan sources; the banker
checks 5 or 6 loan programs. It takes a day or two. |
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| They call back and say they can probably do the loan
but they don't provide terms you can compare. |
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| After settling on two or three possible sources you
like, you prepare different types of information they request. |
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| The broker faxes your information off to different
sources. |
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| You settle on one loan source who now asks for a
great deal more information about the property and you. |
I ask for a little more information for
clarification, usually over the phone in one conversation |
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My commercial underwriting software produces a
report that analyzes the loan application and gives an indication
of what a lender will approve. It allows you to make some
changes such as increasing rents, if necessary, before making the
formal application. See a sample loan
request |
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I make an electronic check to see if lenders are
willing to make a loan to you. It takes 2 minutes. If
my network contains 10 or 15 lenders who want to make the loan, we
know your approval is likely. If none or only a one or two
lenders want to look at your full request, we know we have to make
changes to the application. Or maybe the loan is not
possible at this time. Time saved. |
| The broker or banker collects the information from
you and sends it to the loan source. |
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| A few days later, the loan source asks your
broker for a clarification. |
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| You respond with the information. |
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| Your broker collects everything and sends it to the
loan source. |
Once the loan packet is prepared, along with a brief
summary so lenders will understand your individual situation, I
push a button and the full loan package request goes to several
loan sources |
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Within 3 business days, I have several complete loan
offers with detailed rates and terms. A couple more offers
show up a day or two later. |
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You and I work together to select the right offer. |
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We then complete the financial information about you
and send that into the lender. |
| Your loan source now has information and sends the
whole package to the underwriting department. |
The complete package goes to underwriting |
| The underwriting department takes a week or so to
look at the information -- not organized in a way they are used to
-- and calls with questions. |
There may be a few little questions that can quickly
be answered but underwriting has a complete application in the
form they like. |
| More time collecting information and sending it to
underwriting. |
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Loan approval or denial |
Loan approval |
