The Role of a Commercial Mortgage Broker can vary, in some cases just acting as a conduit between borrower and lender and receiving a commission for little more than an introduction. However, their job typically does consist of much more. A short Breakdown of their role: 

The first and most basic of a commercial mortgage broker's roles is understanding the project and helping the borrower ensure that they will be able to receive proper financing. Some examples of this are making sure the project has the requisite number of parking spaces (as Commercial Lenders will often establish their own parking criteria), and making sure that the project is financially viable by helping the borrower determine the monthly cost of the loan vs. expected income on the property.

The role of troubleshooter and problem solver only increases once the loan is in the hands of the lender. Naturally, lenders are going to want viable answers when lending such substantial sums of money.

Packaging the Loan

Unlike Residential Lending, Commercial loans are not all packaged alike so the ability of Commercial Mortgage broker to properly package a loan is essential. A poorly packaged loan can mean the difference between getting financed and getting denied. Commercial Mortgage Packages are commonly in excess of 100 pages and include many items you won't see in a residential loan package including a narrative summary of the project, soil reports, aerial photos of the project, traffic reports, and rental schedules.

Finding a Lender

Just like a Residential Mortgage Broker, being able to find the lender that can provide the best rate and terms for your borrower is extremely important. Prior to the packaging of the loan, shopping lenders is essential in order to find out (a) who is willing to do the loan, and (b) at what terms.

Obtaining a Commitment and Closing the Loan

Once the Broker finds a suitable lender, their job is merely beginning. It is now time to make sure the loan reaches the commitment phase, in which the lender ultimately agrees to fund the loan assuming any conditions they set forth are met. After this, it is time to fulfill the conditions set forth by the lender and then ultimately, close the loan.

Bankapedia's Take

As a borrower, when choosing a Commercial Mortgage Broker it is important to first do a little due diligence. More often than not, the Brokers promising they can close your commercial loans have little-to-no experience and just want the sizable commission that commercial lending offers. Ask what projects they have completed and ask them to shed some light on possible problems obtaining financing.