Dominion Lending Centres Innovative Mortgage Solutions
A long process, not a quick-buck career
Years as a commercial broker: 2
Loans closed in 2014: 33
Location: Coquitlam, BC
CMP: How did you get into the commercial mortgage game?
I entered the commercial mortgage business straight out of university in 1986, where I analyzed high-ratio commercial mortgage transactions.
CMP: How can commercial brokerages continue to thrive in today’s market?
Knowing the product types and the lenders, and having good relationships with all parties involved in the transaction – from appraisers to environmental consultants, Realtors, etc.
CMP: What’s the biggest thing going on in the commercial space right now?
Lower interest rates have compressed the cap rates, which has increased values but not cash flow. One has to figure out how to maximize a loan within those parameters.
CMP: What’s the secret to building a successful business?
Having the ability to figure out the weak-nesses of the deal, and mitigate the risk via a loan structure that will satisfy both the borrower’s needs and the lender’s risk parameters.
CMP: What advice would you give brokers thinking of entering the commercial space?
It is a long process, not a quick-buck career. You’re often dealing with people’s business – and, as such, their livelihood – so you have to be knowledgeable to ensure they are not over-leveraging.
CMP: What would you say to a new broker trying to build business?
You are often only as good as your last deal, so make sure you always make every deal count. Then word of mouth will assist you in growing your business.