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After working in the residential mortgage industry for several years, we were building relationships with a variety of different people. We started to get leads on commercial properties, business loans, development and startup projects, etc. We didn't even know where to start with a commercial loan, so we looked for commercial brokers who would pay us a "finder's fee" for our leads.
Most would offer us between 15 and 20%. We would be told that they would take our deals, and if they closed, they would pay us. Unfortunately, we found out much later that we were getting ripped off. Brokers would take our information, call the leads, and never contact us again. If we tried to find out about it, they would claim "privacy" concerns, or worse, just lie and tell us they couldn't do anything with it. Meanwhile, they would close these loans and pocket all of the money! We began to shop for other commercial brokers. Some would go as far as to have a form for us to fill out online to provide our customer's information, but never even had a place on the form to fill out our names! After trying several differnt brokers, we finally realized that we needed to get a fee agreement from the broker BEFORE we sent them information about our customer. This way we would have a way to protect ourselves. This turned out to be difficult. Few brokers were willing to sign an agreement with us BEFORE we gave them the information. We were hesitant to give any information without a signed agreement. At this point, we were really frustrated because we had commercial leads and couldn't do anything with them! Then we had an idea! What if we learned to broker our own commercial loans? What if we learned to build a file and submit them to lenders? What if we opened our own brokerage? What if we could use our knowledge to help other brokers to keep from being ripped off? Obviously we couldn't have been the only brokers in this situation!
We realized we could pay 25% finders fees AND And that's what we've done. So if you are a broker, and you want to make sure you don't get ripped off, look no further! The BIG LOAN GUYS are here to help you!
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