The following issue is one of the biggest mistakes that borrowers make when dealing with a mortgage agent for private money rather than a principal broker:
• You call up a mortgage agent who has no experience arranging private financing and give them an application;
ITS 2 WEEKS LATER AND YOU STILL HAVE NO MONEY
• The mortgage agent has no private lender contacts so they co-broke the deal to someone else and probably a few other principal brokers to get the deal done for them, and your fees go up;
The next day the Lender gets the call;
LENDER: “I had 3 agents shop this deal to me this week, NOT INTERESTED!
The worse thing you can do is let someone shop your deal all over town. So before you give an application, check them out carefully so you know that they can get it done for you.
I won’t co-broke a deal if I’m not direct to the Borrower and I work one to one with the Lender till they say no.