𝗧𝗶𝗽 𝗼𝗳 𝘁𝗵𝗲 𝗗𝗮𝘆 𝗳𝗼𝗿 𝗡𝗲𝘄 𝗖𝗥𝗘 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗕𝗿𝗼𝗸𝗲𝗿𝘀:

Jul 28 • General

Hi Dealmakers,

I created a recent post on Linkedin that I wanted to share with you for those that might find this useful 😃

I recently got a call from a “new-ish” CRE mortgage broker who occasionally reaches out for advice. He told me about a client seeking a loan on a deal located in a state and asset class that his go-to lenders couldn't do. Without a budget for CoStar or other data platforms, he wanted to know how to efficiently source new potential lenders without wasting a lot of time.

I’ve arranged CRE debt since 2007, and here’s a method I used early on to build a call list of viable lenders:

𝗦𝘁𝗲𝗽 𝟭: 𝗧𝗮𝗽 𝗶𝗻𝘁𝗼 𝘆𝗼𝘂𝗿 𝘁𝗶𝘁𝗹𝗲 𝗿𝗲𝗽.

Call your favorite title rep and ask if they can set you up with access to a title profile platform like TitlePro24/7—and if they’re willing to give you a property report allowance. They’re usually happy to do this in hopes of earning your title business down the road.

𝗦𝘁𝗲𝗽 𝟮: 𝗪𝗵𝗲𝗿𝗲 𝘁𝗵𝗲𝗿𝗲’𝘀 𝘀𝗺𝗼𝗸𝗲, 𝘁𝗵𝗲𝗿𝗲’𝘀 𝗳𝗶𝗿𝗲. 🔥

Let’s say you get a loan request for a hotel in a market you don’t usually work in. Open a second browser tab and search for similar properties nearby—same size, same star rating, etc. Hotel booking sites are a great tool to quickly pull up a list of comparable properties with addresses.

𝗦𝘁𝗲𝗽 𝟯: 𝗨𝘀𝗲 𝘁𝗵𝗲 𝘁𝗶𝘁𝗹𝗲 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝘁𝗼 𝘀𝗲𝗮𝗿𝗰𝗵 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗿𝗲𝗰𝗼𝗿𝗱𝘀.

Paste the property addresses into TitlePro and pull up the mortgage history. You’ll often find current and past lenders - their funded loan amounts, and recording dates. If a lender has financed that hotel (or similar ones) recently or in the past, they’re more likely to consider your current deal.

𝗙𝗶𝗻𝗮𝗹 𝗦𝘁𝗲𝗽: 𝗕𝘂𝗶𝗹𝗱 𝘆𝗼𝘂𝗿 𝗰𝗮𝗹𝗹 𝗹𝗶𝘀𝘁.

Take those lender names and do a quick online search to find the right contact in their CRE lending department. The lender website or LinkedIn is a good place to start.

It’s a simple and effective way to open up new lender relationships without expensive tools.

I just wanted to share here to help out the community of dealmakers!

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