What is a Correspondent Lender and why are they your BEST funding option?

[Monty Yeager]

Hi Friends!

I am a Sr. Vice President of a finance company called Senior Commercial Capital. We are a Correspondent Lender. 

When I wanted to take a break from brokering loans, which I have done for about 20 years, I wanted to find the best way to complete loans for Real Estate Investors, while still having a say in how the loans were done and what terms I could offer the Mortgage Brokers and Real Estates Investors that I am here to serve. Owning this website and doing hundreds if not thousands of loans over the years pretty much gave me my pick of who I wanted to work for. I could work for a direct lender where you normally have financial backing from one or more hedge funds, a group of Investors that pool their money, or in some cases a large line of credit where you pay a very low interest rate, say 3 to 4%, then charge your Borrowers 8 or 10% so you make monthly income on interest as well as your origination fee. The problem with this is unless you own the fund and sometimes even then, you are limited to offering terms dictated by your backers.

In my case, having been a Mortgage Broker for so many years, I wanted more flexibility. I decided to work with a Correspondent Lender. Here is the difference between a Mortgage Broker and a Correspondent Lender. According to Google.com: 

The most significant difference between the two finance options is that correspondent lenders make the initial loan directly while mortgage brokers match up a lender and a borrower, but don't disburse any funds

My company, Senior Commercial Capital, is a Correspondent Lender. Rocket Mortgage is a Correspondent Lender. In simple terms this means you have to apply and sign up to represent different lending funds. The fund will, 90% of the time, waive their origination fee on the loans you put through them, and often lower their interest rates for your customer so that you can offer your Borrowers a better deal if you put your loans through them. Basically, a Correspondent Lender makes the loan based on the fund's terms that they allow you to provide, usually much better terms than if a Mortgage Broker approached that fund with the same loan. A Correspondent Lender rarely lends their own funds, but they make decisions in Underwriting as a Lender. They approve their own loans. Mortgage Brokers cannot do this as they do not have access to funds or terms without requesting this from a Lender.

Something Mortgage Brokers and Correspondent Lenders have in common is that they are both able to "shop" the loan. This is a huge advantage because you have the flexibility of offering terms  from any funding source you choose for your Borrower.

In the case of my company, Senior Commercial Capital, we now represent 8 different lending funds as a Correspondent Lender. This gives my company the flexibility of a Mortgage Broker, and the decision making capability of a Direct Lender. This gives you as a customer the best of both worlds... FLEXIBILITY and BETTER TERMS!

If you are in need of investment real estate funding, and you want the flexibility of a Mortgage Broker but the lower fees and direct decision making of a Direct Lender, my company Senior Commercial Capital is your best funding option!

We represent literally 8 DIFFERENT DIRECT LENDING FUNDS!

I offer COMMERCIAL REAL ESTATE FUNDING up to 80% LTV on purchases, up to 75% LTV on Rate/Term Refinances, and I have a Cash Out Refinance option up to 70% LTV.

I also offer:

* Ground up Construction

* Fix & Flip on 1 to 4 unit properties

* Bridge Loans for both Residential and Commercial real estate

For Commercial properties, Senior Commercial Capital will fund the following Property Types:

• Multifamily
• Mixed-Use
• Retail
• Office
• Light Industrial
• Mobile Home Park
• Warehouse
• Self Storage
• Daycare
• Restaurant/Bar
• Automotive

Do you need Real Estate Funding for Commercial or Residential investment properties? We are a Correspondent Lender offering financing in 45 states across America! Funding is available right here, right now. If you are interested in financing an investment property, just send an email to [e-mail]. I am here to answer any questions you have. I don't get paid unless you do so let's work together to finance investment real estate.

Monty Yeager

Sr. Vice President

Senior Commercial Capital

[e-mail]

208-794-7430