New Commercial Loan Broker - I have the basics, but where can I start?
So this might be a dumb post, but I'm new to the commercial lending industry and need some advice on where to start, where to go, and where I can get as much information as possible about lending and finance. I've sat in on plenty of phone calls for deals ranging from $250,000 - $100,000,000, and I've learned a lot from these phone calls but I still feel like I just don't have all the information I need to be able to provide the best service I possibly can. From what I've learned so far, there are a lot of shady individuals out there just hoping to squeeze as much money out of a client as possible without actually helping them. Any information any of you guys are willing to give is much appreciated!
[{"id": "idzo0ev", "text": "What was your role when sitting in on these $100m deals? I\u2019m having a hard time understanding your question, because someone that has taken a deal of that size from origination to closing would have an understanding of what they\u2019re good at and what they can offer a potential client.", "replies": [{"id": "ie0olx3", "text": "That was the only deal of that size I was able to sit in on, so I felt pretty lucky. My role was, and is, training. It was never me that took these deals completely to closing, only observing and learning what I can as I go. I understand the confusion.", "replies": [], "depth": 2}], "depth": 1}, {"id": "idzuiz8", "text": "If you have buyers and sellers but have hard time finding them a lender let me know", "replies": [], "depth": 1}, {"id": "ie0kxh8", "text": "You need to start developing relationships with commercial lenders at different banks. Every bank is different and have different risk tolerances, legal lending limits, membership requirements, underwriting metrics, interest rates, personal guarantee requirements, origination fees, requirements for closing, and niche industries/markets that they might specialize in. Banks also ebb and flow in regards to how aggressive they need to be based on their balance sheet at any given time. \n\nIf you develop good relationships with a bunch of different bankers, you can begin to understand what each of their lending criteria and how they underwrite their loans to know where to go when a potential deal comes to you and properly set expectations for your client. \n\nYou should also learn how to properly underwrite deals for each property type your working with. Hope this helps.", "replies": [{"id": "ie0ow6y", "text": "Thanks for the input!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ie3p9w7", "text": "Please don\u2019t connect with every developer on LinkedIn and send nonstop messages", "replies": [{"id": "ie3q8hs", "text": "Noted", "replies": [], "depth": 2}], "depth": 1}, {"id": "ie84ryg", "text": "I\u2019m a conventional commercial lender for a big bank. Happy to connect. Also one of my colleagues is a good experienced national SBA lender. Let me know if you have a need for either and we can quote", "replies": [{"id": "ie87s3x", "text": "Noted! Thank you.", "replies": [{"id": "ie8bf22", "text": "If you want to do like a LinkedIn connection, pm me!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]