3 Effective Tips for Building Strong Relationships with Lenders

When I was a commercial banker, I only had a handful of experiences working with commercial mortgage brokers. It was not a primary source of business for me.

But the experiences I did have ranged from "good" to "I'll never do this again."

My biggest issues came down to... poor communication.

📢 Whether you're a broker or a borrower, do these things to improve your relationship with lenders:

1. Transparency. Let them know you are talking to other lenders and the level of due diligence you are expecting at the stage you are in. If you are needing high level of numbers, let them know. Don't have them go through a full underwrite when their quote was never going to be competitive.

2. Close the Loop. If you don't proceed with that lender, tell them that you have proceeded with another lender and why. That way they can close the deal in their pipeline and have some market feedback.

3. Be Targeted and Take Notes. If you don't take notes on the lender, you won't be able to be targeted in your outreach. There's no reason to exercise a lender whenever they were never going to win the deal in the first place.

✔ Doing these things will help keep the relationship strong for the long term.