When financing a commercial property, it’s best to find the right commercial mortgage broker as they can help save you money and a lot of hassle. However, finding the right party can be quite overwhelming, especially with the many commercial mortgage brokers currently in the market. Luckily, we’ve compiled some tips to help you narrow down your options and land on the right one for you:
Check for All Relevant Licenses
When selecting a commercial mortgage broker, you have to ensure they are trustworthy, credible, and reliable. That’s why it’s important to do your research beforehand. One of the most important things you need to check is whether they are licensed or not. For a mortgage broker in Australia, the minimum requirement would be a Certificate IV in Finance and Mortgage Broking.
But again, that’s just the minimum requirement. You should also check if they are active members of the Mortgage and Finance Association of Australia (MFAA), Mortgage Industry Association of Australia (MIAA), or Finance Broker Association of Australia (FBAA).
Additionally, you should ask a commercial mortgage broker if they have an Australian Credit License (ACL). Having an ACL means they work under the National Consumer Credit Protection Act (NCCP). This indicates that they are obligated to only recommend reliable and suitable products based on your financial situation.
Another factor you can do is check if they are registered with the Australian Securities and Investments Commission (ASIC) or an ASIC-approved external dispute resolution scheme. Similarly, you should check if they have any additional requirements or specialised training in commercial broking.
Consider Their Experience
Once you’ve got the qualifications out of the way, you should take a look at their experience. For one, they should be experienced in commercial mortgage broking and not just residential ones. Additionally, you should consider the years of experience under their belt. While there are some relatively new commercial mortgage brokers that have a stellar reputation, your specific situation may call for one that has more experience in the field.
Look at Client Reviews and Testimonials
One of the best ways to see if a particular commercial mortgage broker is right for you is to see what past clients have to say about them. Former clients don’t really have an obligation to stay loyal to a mortgage firm, so they are more likely to give honest reviews. And they can often tell you things you can’t find from other sources.
For example, a commercial mortgage broker may have all the qualifications but they may not be so easy to work with. Perhaps a former client has mentioned that the commercial mortgage broker was not approachable and was difficult to reach at times. The soft skills they possess are just as important as their technical skills, as you’d want someone that you can work with seamlessly.
In Summary
Finding the right commercial mortgage broker is crucial, as they can save you a lot of hassle. And so, it’s essential to do your research and find ones that are credible, trustworthy, and reliable. This means examining their qualifications, work experience, and client reviews. Speaking with them directly can also help you determine whether they are the right fit for you.
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