· Education · Sayasone Phongvichith
For brokers: how to submit a client scenario and stay on the deal
How the desk works with brokers: you are captured as broker of record, we quote to you, you present it. Here is the process and what to send.
If you bring deals to a lender, you want two things: to be on the file, and to keep your client. Here is how the desk works with brokers.
You are the broker of record
When you submit a scenario, you are captured as the broker of record on the file, and your client's details sit under yours. RED is the direct lender and lender of record. We quote to you, and you decide what reaches your client. You present it.
The process
- Submit the scenario on your client's behalf through the broker submission link.
- Preliminary review against program parameters. Questions come back to you.
- Indicative terms are quoted through you.
- Closing. Your fee is agreed with the desk. Compensation is settled with the desk on the file.
Scenarios are reviewed in the order they arrive.
What to send
Each program has its own checklist. Common items are the property address, the purchase contract or deed, the entity formation documents, and the guarantor's FICO and credit authorization. Depending on the program, add the budget and scope of work, leases, bank statements and the borrower's track record for the last three years.
Send a clean package
- Pick the program first and read its tear sheet.
- Check the state and property type against what RED finances.
- Send the numbers and the track record together.
A note on expectations
Submitting is a preliminary inquiry only: it is not a credit or loan application, a commitment to lend, a loan approval or a rate lock. Any figure quoted before underwriting is indicative rather than committed.
Brokers can start at red-lending.com/brokers.
Program figures are indicative only and subject to complete documentation, underwriting, appraisal and final credit approval. This post is general information, not financial or legal advice.