While residential mortgage brokers concentrate on financing homes, commercial mortgage brokers focus on financing income-producing property. These properties are usually located in areas zoned for apartment or business use, and can range from small apartment buildings to shopping malls and hospitals. Financing these properties can be extremely complicated -- many brokers start out in residential lending before moving on to commercial financing, if they have the aptitude, college education, and desire to work with business clients. Commercial mortgage brokers are subject to varying experience, education and licensing requirements, depending on the states they operate in.
The Life of a Commercial Mortgage Broker
Because this is a sales position, commercial mortgage brokers must be willing to put in extra hours to establish themselves. You may choose to specialize in certain kinds of commercial real estate financing–and you must cultivate insider knowledge of that industry to enhance your credibility. Like salespeople in all industries, commercial mortgage brokers are generally personable, reliable, and possess a highly developed work ethic.