C-Loans News and Commercial Loan Developments

C-Loans Makes an Important Improvement To Its Commercial Loan Portal

Posted by George Blackburne on Nov 30, 2016 4:15:07 PM

Screen Shot 2016-11-30 at 4.02.41 PM.pngWe have just made an immensely popular change to C-Loans.com; but first a little background.  You will recall that C-Loans.com is a commercial mortgage portal, rather than just a list of commercial lenders.  Users can submit their commercial loan application to 750 different commercial real estate lenders in just minutes.

Here is how this FREE site works.  It takes a user just four minutes to create a universal commercial mortgage mini-app that works with all 750 of our commercial lenders.

Once he creates his mini-app, our software will then filter out all of the unsuitable commercial lenders.  Then the C-Loans System displays a custom-created Suggested Lender List of 30 or so commercial lenders that are perfect for the user's particular commercial loan.

 

Submit Your Loan to 750 Commercial   Lenders Using C-Loans.com.  It's Free!

 

It is to this Suggested Lender List that we have made a long-requested improvement.  Now when a user examines his Suggested Lender List, he will know the lender type of every commercial lender listed.  In other words, there is now a Lender Type line for every lender, which will display whether this lender is a bank, a life company, a conduit, a credit union, or just a mortgage broker.  In the picture below, please study the line, Lender Type:

 

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Many of our users are mortgage brokers themselves, and they are loathe to submit their deal to another mortgage broker.  Their position is understandable.  Daisy chains never close.  A daisy chain is when a mortgage broker takes his deal to another mortgage broker (who sometimes takes the deal to even another mortgage broker).

 

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This new improvement on C-Loans will help prevent the creation of daisy chains, and it should make our mortgage broker users very happy.

 

Free List of 3,159 Commercial Lenders  Sort By Your Own Criteria

 

That being said, don't discount the importance of the Proven Brokers listed on C-Loans.  A Proven Broker is a commercial mortgage company that used to buy leads from C-Loans and ended up closing five commercial loans for us.  

If you are a mortgage broker yourself, you should still consider submitting your deal to our Proven Brokers.  Why?

  1. There is an old saying that goes, "Twenty percent of all salesmen close 80% of the deals."  In commercial real estate finance, I think the numbers are closer to just 10% of all commercial mortgage brokers close 90% of the deals.  That certainly has been the case on C-Loans.com, and these Proven Brokers are the guys who close lots and lots of deals.

  2. There is another old saying that goes, "Its not what you know, but who you know."  Nowhere is that old saying more true than in commercial real estate finance.  I have pounded into the heads of my two sons, "Commercial lenders close loans for their friends."  So, helloooo, you need to become friends with your commercial lenders!  And that's why our Proven Brokers close so many deals.  These guys are particularly personable, and they have become friends with their lenders.  By bringing your commercial loans to these Proven Brokers, you get to piggyback on this relationship with the banker.

Does your borrower have less-than-stellar credit? Is your client's company losing money? Is your borrower a foreign national? Do you need a non-recourse loan? Do you need a commercial loan with no prepayment penalty? Is your client's commercial property partially vacant? Do all of your commercial leases run out in the next 18 months? Do you need a lender who will allow a negative cash flow? Do you need a lender who will also look at the borrower's global income - income from salaries, other investments, etc.? Do you need a lender who will allow the seller to carry back a second mortgage? Does your client have a balloon payment coming due on his commercial property? Has your bank offered him a discounted pay-off?

 

Apply For a Commercial Loan to Blackburne & Sons

 

 

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Topics: Lender Type