How to Become a Construction Broker

A construction loan broker helps facilitate the loan between the lending party, bank or mortgage company, and the borrower. Construction loans are usually paid out over the course of a project as certain sections of the building are completed. The construction loan broker must understand all phases of the building project in order to facilitate the loan. A construction loan broker helps the borrower to find the best possible lender to suit his or her needs.

Instructions

1. Fulfill the basic requirements. You must be at least 18 years old and a high school graduate.

2. Contact your state broker licensing agency. Take a written examination before you can be licensed. Your state agency gives the necessary information about when and where you can take the test. Ask about basic requirements; many states require a certain number of hours of training.

3. Find a brokerage firm that allows shadowing an employee to learn the ropes. Figure out firsthand why you're interested in becoming a construction loan broker.

4. Study for the test. There are a variety of online programs. Check out programs and classes through community colleges. Find assistance at community centers to help prepare for the test. The broker test is difficult.

5. Take the test when you feel you are ready. Once you pass, receive your brokerage license.

6. Work independently or with an established firm. Sign up with local banks and lenders. Have paperwork on file to facilitate a loan from any given bank or lender. Most only require that you be licensed.

7. Advertise that you are available as a construction loan broker. Contact local construction companies and sell your services to them.

Tips & Warnings

• When you are first getting started, no job is too small. You need to get experience before you get picky.

• Don't go into the examination without proper preparation.