What a veteran lender says separates brokers who get deals closed
Sending the same deal to dozens of lenders at once often signals a problem with the deal itself, not persistence on the broker’s part, according to one veteran lender. He can usually tell within seconds whether a broker has actually done the work before picking up the phone.
Glen Weinberg (pictured top), COO and partner at Fairview Commercial Lending, said firing off a deal to every lender on a broker’s list tends to backfire rather than speed things along.
“I see it all the time; people do the shotgun approach,” Weinberg told Mortgage Professional America. “These people have a great deal, and they’ll blind carbon copy me and send it to like 50 lenders all at the same time. I don’t even respond to those, because they didn’t do any due diligence on what I do. Know the lenders that can fund your deal, and shop it to them selectively.”
The shotgun approach backfires
Weinberg said the pattern is easy to spot, because the same deal tends to resurface again and again once it starts making the rounds.
“The shotgun approach doesn’t work, because inevitably I see the same deal five different times, which is a huge red flag,” he said. “There’s a deal in Denver. I passed on it once. I’ve now seen it six more times from six different brokers.”
