Episode 201
To connect with Kelly, go to http://workwithoneclick.com
What if I told you a residential loan officer earned over $46,000 in referral fees on a single deal that he never would have been able to close himself?
Well, that’s exactly what happened, and it’s the story we’re sharing in this episode of the Mortgage Loan Officer Podcast!
I sat down with Kelly Dutton of One Click Commercial to talk about a recent closing that perfectly illustrates why residential loan officers should NEVER walk away from a commercial financing opportunity just because it’s outside their wheelhouse.
Here’s what happened.
A residential loan officer came across a commercial deal that was initially structured as a $4 million loan. The problem? Four million wasn’t enough for the borrower, and the bank turned down the deal anyway.
Enter Kelly Dutton.
With her years of commercial lending experience and access to an extensive network of financing sources, Kelly took a fresh look at the transaction and found a way to make it work.
Instead of one $4 million loan, Kelly arranged TWO loans totaling $7 MILLION!
The borrower got the financing they needed, the deal funded, and the residential loan officer who referred the opportunity received over $46,000 in referral fees!
Not bad for a deal he wouldn’t have known how to structure or place himself.
You know what they say: Every $46,000 helps!
Here’s the bigger takeaway for residential loan officers.
You don’t have to become a commercial financing expert to capitalize on commercial opportunities that come your way. You just need to know someone who IS an expert.
Whether it’s commercial real estate, SBA financing, or another unusual business-purpose transaction, having someone like Kelly in your corner can turn an otherwise dead lead into a substantial payday.
And here’s something many residential loan officers don’t realize: Referral fees on qualifying commercial and business-purpose transactions may be permissible because these transactions are generally outside the scope of RESPA’s residential settlement-service referral restrictions. Of course, state laws, licensing requirements, transaction structure, and your company’s compliance policies still matter, so always check with your compliance department.
The bottom line? Stop throwing away opportunities just because they aren’t residential mortgages.
If you’ve got a commercial, SBA, or specialty financing deal sitting on your desk and you’re not sure what to do with it, reach out to Kelly. You might be surprised at what’s possible.
And who knows? Your next referral could be worth $46,000, too!
Connect with Kelly Dutton at One Click Commercial:
Looking for Construction, Fix & Flip, Bridge, DSCR / Portfolio, or Multifamily financing for your clients? Partner with Lulu Capital Inc. for fast, dependable funding solutions. Get a quick quote here: https://www.lulucapitalinc.com/brokersPowered by: Mortgage Marketing Animals