In the following sections, we look at what a mortgage costing contract entails, what its purpose is and why you need it. If you are trying to practice commercial mortgage intermediation without a professionally prepared pricing agreement, you will also look like a newcomer to your borrower and lender. There is not some kind of experienced commercial real estate broker who does not use a signed pricing agreement with every deal. It`s a painful lesson that every new broker learns in the air. Working with a mortgage broker is one of the fastest, most efficient and affordable ways to secure commercial financing. A broker will work on your behalf to find competitive interest rates with lenders that you may not have access to in the public market. Your financing program is tailored to your needs, which gives you better terms than a large lender. Can you say that I have already done so? I have not worked on a loan without a fee contract signed for 20 years. I bet that in the last 10 years alone, I have saved $1 million in credit fees by forcing borrowers to accept my loans. There is much more money to be made in commercial mortgage intermediation than in residential mortgage brokers. Many commercial mortgage brokers net more than half a million dollars a year.
It is a noble profession with the opportunity to meet and rub every day with multimillionaires. But without a good pricing agreement, we can`t succeed. Don`t lose another $10,000 commission. Order your fee contract today. It took a lot of work to put all of these provisions in the front and back of a single sheet of paper in the letter format, so that the borrower would not be discouraged. The agreement is carefully modelled to follow the standard housing listing form. If a question arises, just show the borrower the resemblance in the formulation between our list of credit brokers and the standard apartment list that he must sign every time he lists his home for sale. An agreement signed between you and a broker protects both parties. It includes details of financing, compensation awarded to the broker at closing and all fees paid to the lender. Here`s what our pricing agreement does to the bad guys. The borrower will have to fire his lawyer at $200 an hour along the way to the state.
Even if the opposing lawyer kicks your ass all over the courtroom, the defaulting borrower will not get back his $12,000 in legal fees.