Private/HML Loan Brokering

[Michael Wyatt]

Would love to chat with a broker - how you got into the biz, how it works, etc.  

I have referred many people to hard money lenders that I have worked with and had a good relationship with.  This was just to be helpful to them and share my good experience.  Only once did I receive a small referral fee.  I haven't really asked or wanted one, but now I am realizing that there may be potential in brokering a deal rather than just referring people to lenders. 

Wondering what this would entail.  

[Erik Estrada]

Quote from @Michael Wyatt:

Would love to chat with a broker - how you got into the biz, how it works, etc.  

I have referred many people to hard money lenders that I have worked with and had a good relationship with.  This was just to be helpful to them and share my good experience.  Only once did I receive a small referral fee.  I haven't really asked or wanted one, but now I am realizing that there may be potential in brokering a deal rather than just referring people to lenders. 

Wondering what this would entail.  

 The true value of a broker is understanding their client and what satisfies a lender's underwriting requirement. Although it may seem that a broker just collects a broker fee for referring a client, it is actually the opposite. 

A good broker will understand how to thoroughly vet a client so financing is easier to obtain. Also maintaining good lender relationships is extremely important since you get more exceptions. 

Depending on the state you may be required to get a broker's license to originate loans.