Dominion Lending Centres Acer Mortgages
Years as a commercial broker: 4
Sales volume in 2015: $50 million
Totals deals in 2015: 20
CMP: What is your background in the industry?
Tina Mu: I worked with CIBC for 10 years in commercial lending. In 2010, I became a mortgage broker, but that was mainly in residential. In 2012, I switched my business focus from residential to commercial.
CMP: Why did you leave lending to become a broker?
TM: There is a lot more potential with this business. If you are working for the bank, your earning potential is very limited; also, there are no surprises until the day you retire.
CMP: And why the switch from residential to commercial?
TM: My background is on the commercial side, so I knew that very well. I started with residential because I wanted to establish my business. My passion has always been with the commercial side, though; in 2012, the banks changed their residential lending policies, and a lot of clients were looking for commercial property, so I made the change.
CMP: How is business so far this year?
TM: For 2016, my volume has increased substantially. At the end of June, I already had $65 million, so I hope to increase my 2015 total a lot.
CMP: You’re based in Richmond, BC. Is your business mainly in the Lower Mainland?
TM: I would say 99% of my business is here. For now, I have no plans to move outside of this market. There is a lot of activity here, and I will be able to increase my volume here.
CMP: What challenges are there in being in such a hot market?
TM: A lot of smaller financial institutions are short of funding as the real estate market has gone up. Some deals, you have buyers who are negotiating with the seller for quite some time, but the lenders don’t agree to funding.
CMP: Are there any other targets you have for this year?
TM: My target is $100 million and above for funding volume in 2016. I have a plan to increase my marketing capability and go out and get more deals.
FSCO license: M16002156