How to work with a Commercial Mortgage Packager- and Why

How to work with a Commercial Mortgage Packager- and Why



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Commercial Mortgage packagers differ greatly from Residential Mortgage packagers and why you should use them varies from utilising their knowledge, extensive lender panels and enhancing a deals success that often leads to cross sell opportunities. No two Commercial Mortgage deals are the same and every deal needs to be looked at with consideration for the options available. This means a full understanding of Lenders and the marketplace.

Once you have made the decision to use a packager, your research about whom to use needs to be thorough as deals can often take 3 months and since the credit crunch bit many have gone out of business. Take references from previous clients, look at their website, ask what their track record is and make them sell their services to you. Not all are the same. If they deal with High Street Lenders then get a reference from their regional BDM’s. Remember this is your deal and if they close their doors, where will your deal go? This is very important and often forgotten by Introducers referring business who only too often think simply passing across a case will mean guaranteed commissions.

Once satisfied, ensure you have a signed Introducers agreement in place. Then ensure that every referral is acknowledged and you understand the forms. If not, ask as this will help all parties if information passed between everyone is clear.

Find out the how the case will process, how does it work exactly? At ICE Commercial Mortgages we put together an initial Decision in Principle showing rates, fees and all costs based on the initial information we get and this gives the client a clear decision on which direction to go. After this a key list of required information is asked for which all parties follow through to get a completion as quickly as possible.

Make clear if you want to be involved with the case or simply hand over a name and address. At ICE Commercial Mortgages we like the Introducer to be involved and we always copy in the Introducer into any correspondence with the client and like involvement as we can demonstrate our working process, take away the mystery of Commercial Mortgages and ensure the Introducer is on hand for all cross sale opportunities. Any opportunity to be in front of the client is good. We know from experience this process ensures future business referrals.

Find out what marketing support is offered, do they do training workshops, do they have training information, market commentary, and simplified forms? Do they get any exclusive offers?

At ICE Commercial Mortgages we cover all these areas and address training issues as we feel more knowledgeable brokers bring better quality deals in.

If IFA’s and Mortgage Brokers are looking to add Commercial Mortgages to their services there is no need to wait until you have a deal, we can help with Marketing Strategies, advise on who to approach, how to approach them and with suitable marketing material. We can also show how cross selling can lead to a total upturn in business.
 

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