When your client approaches you with the decision to apply for a small-balance commercial mortgage, they look to you to ensure that their deal closes successfully and in a timely manner. At Silver Hill Funding, we want to help you keep your client happy while catering to your unique needs as a commercial mortgage broker.
Whether you’re new to the world of real estate, or a seasoned commercial mortgage originator with years of industry experience, you might encounter delays from time to time during the closing process. Here are some of our tips to help you close a small-balance commercial loan as smoothly as possible, courtesy of Silver Hill Funding’s very own closing manager.
1. Do your due diligence and communicate expectations:
The closing process can be a stressful experience for your client. Our goal at Silver Hill Funding is to assist you in mitigating your client’s concern. As you approach closing, make sure you have everything you need. There are standard practices that trigger closing-disbursements, so make sure you walk your client through the process. Missing documentation is the most common reason for a delayed closing. Communicate to your client clearly what is expected of them so they are prepared with the correct materials. Additionally, guarantee that they understand the fees associated with closing their commercial mortgage.
2. Don’t try to negotiate loan terms during the closing process:
Closing is the last of several steps in our preparation of the borrower’s small-balance commercial loan. Unfortunately, the role of a closer does not permit altering the agreed upon loan terms. If your client is unsatisfied with the terms of their commercial mortgage, it may be too soon to schedule the closing. If this is the case, try to reevaluate your client’s needs and plan a course of action best suited for them.
3. Don’t expect immediate results post-closing:
Closing a small-balance commercial loan is a complex process, and even our team of experts requires a bit of time to work their magic. There is usually a 72-hour turnover from the time a loan closes to the time at which we can provide completed documentation. The borrower’s commercial loan documentation is confidential, so it will be sent to them directly. You may expect to receive your compensation within 72 hours of closing, but keep in mind that at this point, you may only receive the completed loan documentation at the borrower’s discretion.
For more details regarding this program, reach out to your Silver Hill Regional Manager today.
4. Do know that Silver Hill will accommodate your needs:
At Silver Hill Funding, we understand that your business is a unique entity with unique requirements to be met. Perhaps you and your client live in different states, or maybe the borrower needs flexibility on where and when they can meet with an escrow agent. Regardless of your scenario our team is dedicated, hands on, and always willing to accommodate your needs. The borrower may be your client, but our client is you, the commercial mortgage broker. Questions? You or the borrower can always contact your regional sales manager!
Take the next step: Visit our contact page and reach out to the Silver Hill regional manager in your area. You can also price deals directly through our Silver Qualifier pricing calculator.