Brokers – Where are you loans at? It’s time to recycle your garbage.
The most conventional way for a broker to accumulate a pipeline of loans is through referrals and marketing campaigns, but what about all those loans that you didn’t get funded? Did you throw them in the garbage? If so, the garbage bin may be a good revitalization tool in this downed economy. The reason for this is that the fact still remains that your income is depicted upon the type of lending offered in the current market. That being said, go to your sources, find out what they are funding, what they have been funding recently, and then look through that garbage bin for a list of possible commissions to be earned. This is financial recylcing for all those loans that you didn’t have any placement for in the past, because they’re may be revitalized interest in that product market. Also, those previous clients may be in a different ssituation than they were in the past, and this could open new doors for their financing needs.
Pull those unplaced loans out of the garbage....
In Summary, anybody seeking commercial financing years ago may still be struggling financially. Therefore, their capital needs have increased and may be accepting of slightly different scenario’s than their initial submission structure.