Eagle Referral Partner Success Tips…
TIP ONE: Focus on closing high probability loan requests…
- 80%+ of commercial loans that close are residential rental or multifamily loans.
- Refinances and refi cash-outs are 15 times more likely to close than purchases.
- Owners are serious borrowers not tire kickers who often waste your time on deals they don’t qualify to purchase or make any sense.
- Owners don’t need down payments
- Owners don’t have to negotiate with sellers.
- They want to:
- Refinance maturing loans
- Find better terms
- Partner buy-outs
- Stabilize low occupancy properties
- Rehab run down properties to increase rents, create immediate value and enhanced growth
TIP TWO: Always ask for REO spreadsheets for a detailed list of additional refi and cash-out opportunities.
TIP THREE: Spend your time finding high probability loans. Avoid processing loan requests. Eagle will get your loan requests approved and closed. You will have more time to refer high probability loans.
TIP FOUR: Don’t waste time with marginal borrowers, the wrong property types, small loan requests and borrowers shopping loans not committed to working with you).
- In the “Gambler”, Kenny Rogers sang: “you have to know when to hold them, know when to fold them, know when to walk away and know when to run.”
- Our process weeds out low probability loans.
- You only get paid for loans that close.
TIP FIVE: Avoid properties that won’t close:
- Construction/rehab loans for borrowers lacking liquidity and relevant experience
- Bed and breakfasts
- Entertainment venues
- Big box retail
- Half empty office buildings
- Shopping malls
- Hair salons
- Camp grounds and RV parks
- Owner occupied residential
- Other real estate types with low occupancy, tenants not current in their rents or hurt by the pandemic…
TIP SIX: Find $1 Million to $50 Million hard money bridge loans. Non-bankable borrowers who need an immediate solution to an urgent problem (refinance loan coming due, raise cash, buyout partners, stabilize low occupancy properties, fast cash-outs, income/property tax issues etc).
TIP SEVEN: International loans never close.
TIP EIGHT: Your closing rate won’t exceed 30%. You need 15+ high probability loans at all times. Do you have 18 loans in underwriting right now?
TIP NINE: Create passive income by adding your real estate investors to our weekly email broadcasts. To get started: email Eagle a spreadsheet with first and last names, best email address and cell #. We will wire your bank account whenever their loans close.
TIP TEN: Avoid funding loans at banks:
- Banks require income tax returns. Smart real estate investors minimize taxes. Tax returns are a roadmap to bank turndowns.
- Banks quote low rates but usually offer 15 year amortization and 5 to 10 year balloons. Don’t be fooled by low rates. Your borrower’s monthly payments will be lower with 30 year amortization. Interest only options can dramatically lower monthly payments.
- Banks limit how many properties borrowers can finance. Their terms are often worse the more loans on their banks books.
- We never limit your borrower’s growth or report their loans to credit bureaus.
- Avoie bank red tape and slow decision making. We close in 3 to 6 weeks.
TIP ELEVEN: Become an Approved Eagle Referral Partner:
- Get paid for referring loan requests
- Please click the blue Become An Eagle Referral Partner Link for more information.
- Click the blue Eagle Referral Partner Program Link. It will take you less than 3 minutes to complete.
- Your Eagle Referral Partner Agreement will be emailed in 24 business hours.
- Let us know if you have questions or need our help. Call 856-353-3430 during Philadelphia business hours, text 609-417-9031 or email firstname.lastname@example.org).
- Welcome aboard!