Using online tools may impress small-balance borrowers and move the loan along faster
Tom Brubaker, vice president of marketing, InterBay Funding LLC
As published in Scotsman Guide's Commercial Edition, March 2008.
In today's small-commercial marketplace, fast and easy-to-use technologies are important. They help you and your borrowers identify questions, and they illuminate funding options early in the loan process.
Brokers seeking to succeed in the small-balance commercial segment can take advantage of a number of useful technology solutions -- some familiar, some new -- to augment their professional sales skills. When you are supported by streamlined and simple technology solutions that lenders provide, it's easier to grow your income.
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Assessing lenders' options
In the realm of small-balance commercial lending, technology that facilitates the generation and approval of deals is less standardized than in the residential landscape. But many lenders are making great strides in providing small-balance commercial practitioners with readily accessible technologies to facilitate deals.
So how do you discern which lending-partners may provide technology solutions that are best suited to your needs? You can often gain a quick and vital understanding of the technology support and tools that a capital-partner offers by simply visiting the company's Web site.
Are rate sheets and forms available on the Web site? Can you submit a loan application online? Does the lender offer electronic training options? The answers to these questions should be apparent from a lender's home page. It can provide important and immediate insight about a company's quality of support.
Once you've gotten a general impression of what the lender can offer, there are some additional tools to look for.
Online loan calculators
Loan calculators provide illustrations of estimated monthly loan payments, and they also show borrowers the impact of various loan options. Some of the best calculators let you to access the tool and generate a report from anywhere you have Internet access by simply providing a basic amount of information about the deal.
In the initial step, you can enter a borrower's name, credit score, loan type, state, calculated loan to value and property type. After you submit this information, an estimate of monthly payments is generated. With certain tools, you can modify the monthly payment scenario. In some instances, the lender can also prequalify the deal at this point.
An ideal calculator will let you input a borrower's information and receive a variety of scenarios that match that borrower's needs with the available programs. You can then choose the payment options you would like to present to the borrower.
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