BrokerPro is software that installs on your computer. When you have a commercial loan, select NEW loan, then PROPERTY TYPE, and simply fill in the blanks. Even if you have never worked on a particular type of commercial building before, BrokerPro will prompt you for the specific data lenders require, with easy to read screens and multiple selection boxes. Property screens include Loan, Property, Building, Rent Roll, Leasing Assumptions, Income/Expenses and Underwriter Info.
Property screens include Loan, Property, Building, Rent Roll, Leasing Assumptions, Income/Expenses and Underwriter Info.
After entering all required loan data, BrokerPro will make required calculations for Loan-to-Value and Debt Service Coverage Ratio, and compute the maximum loan amount. Next, select VIEW LENDER MATCHES to identify the right loan program from participating BrokerPro Lenders. Wholesale reps at 100 commercial lending institutions across the country having personally created a lending matrix on our Lender PIPELINE in order to receive loans from BrokerPro users and develop new broker relationships.
Each lender's commercial loan matrix includes property type, loan amount, location, loan type, LTV, DSCR, term, amortization, minimum occupancy requirement, and recourse options.
When you see the lenders that match to your loan request, check the selection box next to each lenders name and hit SUBMIT. Each lender has an online version of BrokerPro we call the Lender PIPELINE, enabling the lender to view your entire loan package right from their desktop. Matches include lender contact information for easy follow up with each lender.
After reviewing your loan file, a lender can respond with a term sheet that includes interest rate, terms, conditions, closing costs, and your protected fee. You can also call any of the lenders after submitting your loan to discuss further. Most loans close in 30-45 days.