Foundry Mortgage Capital
A business is only as good as its people
Years as a commercial broker: 5
Loans closed in 2014: 9
CMP: How did you end up in the commercial mortgage business?
Serendipity, really. Once I decided to leave law practice, I had an opportunity to work at one of the large brokerages, helping residential agents fund commercial mortgages. I was very successful in my role there and ended up opening my own brokerage with some other top producers this year.
CMP: How can commercial brokerages succeed in today’s market?
The commercial market continues to be robust. However, the complications surrounding borrowing money are many. Lenders have loan limits for borrowers, disclosure documents are miles long, and the conditions on a commitment can be crazy. Brokerages can thrive by providing sensible solutions to both borrowers and lenders.
CMP: What’s the secret to building a successful business?
Working with intelligent and honest people. We have been fortunate to bring together some very educated, dedicated and energetic partners. We all have different perspectives on how a project can or should be funded. When we discuss funding structures internally, some really creative strategies flow out from there – which allows us to add value to borrowers and lenders.
CMP: What’s your strategy for generating new business?
My clients have been my largest referral source. When you do a good job, people hear about it.
CMP: What’s the most important thing a new commercial broker can do to grow his or her business?
Understand the market and focus on delivering results for clients.
CMP: What advice would you give to a broker thinking of entering the space?
Do your homework. It is a very complicated – and sometimes long – process to fund a deal. The borrowers are generally sophisticated, the lenders are intelligent, no two deals are the same, and lender appetites ebb and flow. I am always looking for trends and changes in underwriting criteria from lenders to make sure the borrower gets the best terms and conditions possible in the market. If a broker is looking to enter the market, find a good commercial broker to work for and learn from them. You won’t find the answers in a book.