Just Received Same Loan Request from Three Different Mortgage Brokers

[Don Konipol]

And this explains why these brokers are not successful.

3 brokers chasing same commercial loan, none of which have a signed agreement, let alone an exclusive with the borrower.  They’re just email blasting out the loan request, hoping that somehow a commission check will find its way into their mailbox.

Worse yet, when we received the request from the first broker 3 weeks ago, we thought the loan was doable and sent a preliminary term sheet/LOI in which one condition was that the borrower pay for an appraisal. Feedback from the broker was that the borrower absolutely REFUSES to pay for an appraisal. How he thinks he will be able to obtain a $1 million+ loan on a commercial property without an appraisal boggles the mind.

I asked each of the next 2 brokers if they had advised the borrower that he would have to obtain an appraisal at his cost.  Neither of them ever had a discussion with the borrower about what would be required to secure a loan.  Neither had obtained a written and executed  agreement, neither had obtained any financial information or documentation what so ever, and neither had put together a loan package. But they were pretty disappointed I would not be dropping by with a commission check!

[Mike Grudzien]

Don,
Sorry they took your time, but thanks for the laugh!