As a mortgage broker, your job is to help your clients secure financing for their real estate transactions. Now this might be easier for some mortgage brokers and frustrating for others. To increase the likelihood of lenders approving your brokerage deals, this article will go over 4 tips before sending over you next deal.
Tips to ensure lenders approve your brokerage deals
Build Strong Relationships: Develop and maintain strong relationships with a variety of lenders throughout your career. Building trust and rapport can make it easier to negotiate favorable terms and secure approvals. This trust can also help you get back some valuable insight when one of your deals doesn’t get approved.
Understand Lenders’ Requirements: Each lender works slightly different and you need to be up-to-date with their specific requirements and guidelines. You’ll need to customize your deal submission to meet the requirements of a specific lender. Take the time to learn more about each lender in your network and what can improve the chances your deal gets approved.
Vet your clients: Before you even send off your deal submission, vet your client to ensure they meet all the lender’s requirements. This helps you minimize the number of deals that get rejected and can save time.
Clearly communicate: With both clients and lenders, clear communication is always needed. Avoid any confusion and clearly state expectations for all parties involved. Don’t let problems build up and address them as early as possible.
Gentai’s Lending Services
Gentai is a leading non-bank mortgage lender that lends in BC (including GVA, Vancouver Island, Interior), Alberta (Edmonton, Calgary, Red Deer), and Ontario, all major urban centres where stability and liquidity of real estate are strong.
We provide creative, customized mortgage solutions for term, bridge, and construction financing to owners and builders of all types of residential and multi-residential properties in Canada. Our strategy is to expand in a controlled manner by diversifying geographically and focusing on real estate sectors with the lowest risk.
With a national footprint and our experience working with other major lending institutions, Gentai is able to address the diverse needs of individuals, businesses, and institutions alike.