A construction loan broker helps facilitate the loan between the lending party, bank or mortgage company, and the borrower. Construction loans are usually paid out over the course of a project, as certain sections of the building are completed. The construction loan broker must understand all phases of the building project, in order to facilitate the loan. A construction loan broker helps the borrower to find the best possible lender to suit his or her needs.
1. You Must Fulfill the basic requirements: applicants must be at least 18 years old and high school graduates.
2. Contact your state broker licensing agency. You must take a written examination before you can be licensed. Your state agency gives the necessary information about when and where you can take the test: Ask about basic requirements; many states require a certain minimum number of hours of training.
3. Find a brokerage firm that allows shadowing an employee to learn the ropes. Figure out firsthand why or if you are interested in becoming a construction loan broker.
4. Study for the exam. There are a variety of online programs: Check out programs and classes through community colleges, find assistance at community centres to help prepare for the broker test, which is rather difficult.
5. Take the test when you feel you are ready, and not before. Once you pass, you will receive your brokerage license.
6. Work independently or with an established firm; Sign up with local banks and lenders. Have paperwork on file to facilitate a loan from any given bank or lender; most only require that you are licensed.
7. Advertise that you are available as a construction loan broker. Contact local construction companies, and offer your services to them.
DO NOT go into the examination without proper preparation. When you are first getting started, no job should be too small: You need to get experience before you can be picky.