What are some things brokers do for their clients when they have a new assignment? What separates the top brokers from the rest of the pack? I'm sure it's a lot of connections and experience with a variety of lenders but as a lender who doesn't work directly with brokers often, I'm curious to know what their day to day is and how they help their clients achieve their goals.
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What separates the top is actually knowing everything about the products that can be procured, then procuring the best terms possible, and finally negotiating and closing based on knowledge of the process.
Once you can explain a detailed 15+ page term sheet section by section that takes both a fee-simple and UCC lien, where the lender is utilizing back-leverage and participating their retained position, requiring performance hurdles, budget true-up, carry guaranty, and exclusivity, all while securing best terms in the market, and knowing how to manipulate each section and what can and can’t be changed, then you can be a top broker.
That is just the term sheet. Up next is every step of the closing process — lender asks for a detailed draw schedule. Do you let the sponsor send their shitty 1-pager or do you take it and make it look institutional, because you know exactly what the lender needs and wants to see?
The only way to really do this is experience. Seeing what works, and what doesn’t, time and time again and over asset classes and markets. Then using that knowledge to make it to a closing table.
Spot on. Also having great relationships with capital AND making sure your clients and prospects know just how good your relationships with the capital markets are (all without coming off like a cocky asshole).
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