Mortgage brokers and hard money lenders have a relationship that is similar to that of bankers and stockbrokers. The mortgage broker community attracts the highest number of top-quality leads, which eventually piggies back to hard money lenders. Are you curious about how mortgage brokers can churn out such a huge amount of potential borrowers? It is largely because the nature of their work necessitates constant contact with real estate agents and borrowers. As a hard money lender, you should put this at the back of your mind, especially if you’re new in the industry.
The Importance Of Mortgage Brokers
Upon first contact with a borrower, the mortgage broker’s job is to provide them with several more conventional financing options. This would be based on some borrowing yardsticks. However, it is not always the case that the mortgage broker’s client will be able to follow through on such recommendations, perhaps due to the inability to meet requirements for traditional financing. In such cases, the mortgage broker could then point such clients towards non-conventional financing options, i.e., hard money lenders. A strong relationship between the lender and mortgage broker often means the loan can be gotten in as little time as possible.
It is only a sign of common sense to align with the mortgage broker community as a private lender. Not just that, you can achieve a lot by structuring your hard money loans around the needs of their clients. To read real-life examples of hard money lenders getting massive clientele from mortgage brokers, click here.
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