We hear from many brokers that they’d like to do more Private or “B” Deals, but they don’t know where to start. Here are a few sources that you can use to build your business:
Birds of a Feather: If you’ve already done a few Private deals, specifically target your marketing for referrals from those borrowers. It’s likely that they’ll have friends in the same situation who need the solutions you provide.
Lawyers: Specifically divorce lawyers. Take them for a coffee (nobody ever does this – you’ll shock them). They have clients with jobs and cash from the settlement, but with bruised credit or trouble qualifying based on one income.
Bankruptcy Trustees: Take these people for coffee too. Borrowers in Consumer Proposal often provided great opportunities for Private mortgages.
Business Associations: Business-for-Self borrowers often struggle to fit the conventional banking rules. But with assets and income, they make terrific borrowers for Private Lenders. Find opportunities to meet with these groups and share what you have to offer.
When you do find these borrowers and you need a Private lender, call the underwriters at Kokanee for solutions.