If you are a fellow mortgage broker or a mortgage agent trying to locate private money to fund a deal you're working on, then I welcome the opportunity to discuss how we might be able to work together.
As a mortgage broker, you're likely very aware of the fact that there are numerous private lenders in the market and each can have their own specific requirements which won't always work for each deal you come across.
And because we work with a broad cross section of lenders, many times we can provide access to funds to fit a deal brought to us by another mortgage broker or mortgage agent
So if you're a broker seeking private mortgage funding, here's a snap shot of how we collaborate on these deals.
I don't have a set in stone guideline for sharing fees from a referral or from a co brokered deal as there can be some variation from deal to deal due to the amount of work involved.
But for the most part, the available broker fees charged in the deal are shared evenly.
Generally, if the broker has the borrower, and we have the lender, I see that as a 50/50 relationship.
As a referring broker, you have an investment in marketing and have an equity built up with your client which are key components of any successful private mortgage funding.
Rarely do I see the need for an exception to this rule.
All funds for the deal will be processed through our office.
This will depend on the individual deal.
If the deal is very straightforward, I can work in the background and allow you to manage the communication requirements with the client if you prefer.
My preference would always be to speak with the client directly, but this is not always necessary.
For larger and/or more complex deals, I will need to speak with the client directly and apply my own deal qualifying process. The referring broker is welcome to participate in this process.
All contact with my private lending sources will be done through my office and I will also complete the term sheet, mortgage commitment, and statement of mortgage for the file.
I'm prepared to look at any type of private deal in the province of Ontario.
My approach is to quickly review the key comments of a deal with the referral source to see if it can potentially be placed with one of my private lending sources.
If I don't have a solution, I want to provide that feedback as soon as possible so you're not wasting any of your time or your client's time.
If there is a potential path to move forward, I will complete an initial assessment process and then review the deal parameters with relevant private lending sources.
The best first step is to give me a call so we can quickly have a phone conversation on the deal and determine if its something we can work on together.
I'd rather have this initial discussion before seeing a whole bunch of paper work that may or may not be helpful in the initial assessment process.?
If you have client that requires a private mortgage and are trying to locate a suitable source of private mortgage financing, I suggest that you give me a call so we have an initial discussion which will allow me to quickly determine what options I may be able to provide.
Click Here To Speak With Private Mortgage Broker Joe Walsh
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