Quite often, mortgage brokers and agents who concentrate on residential mortgage transactions come across commercial mortgage opportunities. Due to a lack of experience and contacts in commercial financing, residential specialists can often spend a lot of time trying to put a commercial transaction together with no success.
In order to better service the residential mortgage professional, we have established a centralized unit for commercial mortgage lead handling. By handing off these types of mortgages to commercial specialists, you increase the chances of the commercial lead becoming a funded mortgage while you focus on what you’re good at, residential mortgages.
There are two types of services that we have put into effect.
Option 1. Hands-off
The residential specialist provides the client’s contact information and a brief paragraph of the client’s mortgage requirements to the commercial department. The commercial specialist takes over from this point. They contact the customer, do the interview, source the lender, gather and submit the documentation and manages the transaction to closing. Option 1, compensates the referring agent 50% of the fee.
Option 2. Client Handling
The residential specialist provides a complete story on what the client requires in commercial financing. A commercial specialist responds back to the agent with a list of all the required documents to take the application further. The residential agent then gathers all the information & documentation as outlined by the commercial specialist. The commercial specialist will submit the documents to the lender and facilitate the funding. Option 2 compensates the referring agent 60% of the fee.
This is a simplified process that compensates the referring agent very well for business they typically may have let go in the past. All you need to get started is to send along any commercial leads you have on the contact form below. Please indicate in your notes whether you want Option 1 or 2. Once we receive the information, Broker Services will record it and then forward the information along to our Commercial Specialist. It's that simple!!!!
Types of Financing Provided
Land acquisition | Land development | Apartment buildings (high rise/low rise) | Plazas | Mixed use commercial/residential | Hotels/Motels | Gas Stations | Industrial Units | Retirement homes | Funeral homes
Here are some examples of recently completed transactions by our commercial specialists....
1. Commercial Plaza in Kitchener $1.1m
2. Development Land in Guelph $6.0m
3. Church in Kitchener $1.2 m
4. Development Land in Zurich $400K
5. Pre-Development Land at Wallaston Lake $300K
6. Retirement Home in Brantford $450K
7. Construction project in Kitchener (4 homes) $1.3m
8. Construction of apartment building in Kitchener $700K
9. Apartment building Brantford $550K
10. Apartment building Kitchener $1.1M
11. Apartment building Kitchener $1.6M
12. Industrial Plaza Brampton $500K
13. Land Development Cambridge $5.5M
14. Student Housing London $850K
15. Construction and Take out Oakville $1.2M
16. Hotel Walkerton $500K
To begin the process send us the following information using the form below.
A) Type of property financing (see above list)
B) Approximate value of the property
C) Amount of financing required
D) Purpose of the requested loan
E) Initial info for borrowers (who they are, what do they do)