So, is now the time to reconnect with your MICs and private lenders? Yes. It is absolutely the right time.
While it’s never the wrong time to reconnect with your MICs and private lenders, the landscape of today makes it all that more important. If you pay any attention to the news and the headlines, you know that it’s common to hear concerns around inflation and the possibility of a recession. We’re already seeing inflation and those of us who are old enough to remember the early 80’s, are justifiably concerned about the possibility of a recession.
Here’s the thing – we have no control over either of these things. What we can control is how we prepare. As well as how we respond if and when these things occur.
And we can’t stress this enough – now is the time to be curating the relationships with your B-lenders, MICs, and Private Lenders.
When your client no longer qualifies with an A lender, do you know which alternatives to go with for their specific concerns?
Concerns like these:
- Large deals
- Small towns
- Rural and acreages
- Mobile homes
- Or others
As a broker, you are way better off to not wait until you have a client in front of you to figure out which lender can do the deal. More importantly, don’t assume you know what the MICs or private lenders will do in each situation.
In this crazy and uncertain market, the product offerings and underwriting are constantly changing. If you already have the knowledge and options at your fingertips, you’ll look like a rock star. And who wouldn’t want to look like a rock star in front of their clients?
And one more thing – don’t keep us a secret. When you reconnect with your MICs, share all your private lender insights with your fellow brokers. While, they may not admit that you’re a rock star, it’ll be pretty obvious. And as always, if you have any questions, give the lending experts at Kokanee Mortgage a call.