How to Build a Commercial Loan Pipeline
Commercial lending is quite different from residential lending. In commercial lending, loan applications and underwriting can take longer, and there are often more hoops all parties must jump through---such as permits, appraisals and inspections. If you are a commercial lender, the key to steady income and customers is to keep your pipeline (the number of customers you have applications on) filled.
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Instructions
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Create a marketing process that works for you. This usually means keeping a regular schedule: for example, making solicitation calls for two hours in the morning, following up on existing clients in the afternoon and scheduling meetings in the evening.
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Find leads during your downtime, especially if you are a subcontractor and work for yourself. You can always purchase leads from online and marketing companies, but it's best to develop personal relationships with professionals in the commercial lending business first. This means cold-calling contractors, real estate agents and developers in your area.
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Write down your strengths as a lender. These can include getting deals done quickly, maintaining good relationships with builders and clients after the deal is signed, or being adept with number-crunching and problem solving. Emphasize these qualities in your solicitation calls.
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Contact all previous clients and ask for referrals. These are the best leads for any lender, commercial or otherwise. Ask previous customers about their relationships with other members of the business community.
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Attend conventions and small business expositions in your area. These are normally held at large convention centers in cities. This is a great place to develop new relationships with business owners, contractors and other lenders. Bring lots of business cards and marketing materials.
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References
- Photo Credit commercial construction image by Lee O"Dell from Fotolia.com
