How to Originate Commercial Loans

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With many residential loan officers turning to the commercial loan industry, originating commercial loans is becoming increasing popular. Most states do not require any licensing to originate commercial loans. Check the Reference below for an online list of states that do regulate commercial loan origination.

Things You'll Need

  • Computer and printer
  • Paper
  • Internet connection
  • Telephone
  • Vehicle

Preparation

  • Check license laws. Visit integritymortgagelicensing.com and click on "Requirements by Type." Scroll down to "Detailed Mortgage Licensing Requirements by Type" and click on "Commercial Mortgage Licensing States." Scroll down to the state in which you want to originate loans and read the licensing requirements, if any.

  • Prepare fliers. Design and print fliers offering your various loan programs. Potential customers want to know what you can offer them, especially niche products. For example, if you can offer stated loans for apartment financing, design a flier describing the loan program and benefits.

  • Prepare open house fliers. Offer Realtors the convenience of open house fliers. Prepare a sample flier listing financing options and your contact information. Include a simple prequalification form that the applicant can fax back to you. Use this later to market to Realtors.

Get the Word Out, Market

  • Network. If you are a member of the chamber of commerce or any other association, mention that you offer commercial loans. Give them your business cards.

  • Contact Realtors. Deliver your fliers in person to local Realtors who sell commercial real estate. Give them extra business cards to give to their customers. Give them a sample of your open house flier and offer to prepare fliers for them.

  • Do drive-bys. Drive through your local business districts and identify properties that can be refinanced. Contact the landlord, obtain the owner's information, call and pitch him a low rate with excellent service. Depending on your area, this information may be obtainable online through local tax records.

  • Market to previous customers. If you have previously originated residential loans, mail your previous clients a letter letting them know you now offer commercial loans.

  • Host a luncheon. Invite all of your friends and neighbors to your house or even a local park. Provide simple self-serve foods, drinks, snacks and games. Give out balloons with your business cards attached.

Advertise

  • Place an ad. Place a small classified under the services section of your local paper. Here is an example: "FAST. EASY. APPROVED! Words you want to hear when you need a small commercial loan (888) 123-4567."

  • Get listed. Visit one of the major search engines and type in "commercial loan directory." Visit each site and submit your listing, which includes your contact information. Most directories provide free listings.

  • Become an expert. Offer your expertise in commercial loans to your local newspaper. Offer your advice on the Internet in commercial loan forums or blogs.

  • Advertise while you drive. Contact a local print shop and design a car magnet. This is a great form of advertising. Make sure you state "commercial loans" somewhere on the magnet.

References

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