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Confirmation Call Solidifies Seriousness

Submitting commercial deals to new lender

December 17, 2001

By GEORGE BLACKBURNE


Suppose you are a commercial mortgage banker submitting a deal to a new lender. The first thing you need to do is call your lender to "confirm receipt of the package".

Now in reality you are not really calling your lender to "confirm receipt". You already have a Fed Ex tracking number showing that Steve Smith of Granite Bank received your package at 9:27 a.m. yesterday.

But your call to loan officer Smith is imperative for other reasons. First, your call tells the lender that the deal is still alive. Nobody wants to spend hours underwriting a deal that has already died for other reasons.

Your call also tells the lender that the deal has not been 'shotgunned' all over town. A lot of brokers send packages to five or six lenders at one time - arguably a necessary practice given the infamous unpredictability of commercial lenders. By calling your lender, you are in effect telling him that he is still in the running for the deal.

And last of all, your call to "confirm receipt of the package" acts as a kick in the pants to encourage him to finally read the package. In reality, many commercial lenders will not even open a commercial loan package until the broker calls to bug them.

When you do call, the first words out of your mouth should be something like, "Hi Bill, this George from Blackburne & Brown. Did I catch you at a bad time?"

If he is harried, the last thing you want a lender to do is underwrite your loan right then. He'll find the first excuse to kill your deal so he can get you off the phone.

And if he is free to talk to you, he'll often show his appreciation for your courtesy by looking at your loan positively. Every commercial mortgage loan has flaws, the only question is whether the lender will overlook them for you.

Don't underestimate the importance of these tips. Make them a part of your regular routine.


MortgageDaily.com
George Blackburne, III is an attorney, lecturer, and the owner of the popular commercial mortgage portal, C-Loans.com. He is also the principal of Blackburne & Brown Mortgage Company, Inc.; a $50 million commercial hard money lender based in Sacramento, California.
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