This article may have been created or edited in return for undisclosed payments, a violation of Wikipedia's terms of use. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. (April 2022)
Some commercial mortgage brokers offer loans but most of them do not provide commercial mortgage loans. A commercial mortgage broker is often used to connect the borrower with potential lenders, obtain multiple quotes, and to manage the financing process.[2]
Fees
Some brokers charge a fee to the lenders, and others take commission, which they receive from the lenders whom they introduce to borrowers.[3][4]
By country
In Canada
In Ontario, commercial mortgage brokers are not required to carry a license. This helps reduce the red tape for commercial borrowers to work with commercial mortgage brokers. The commercial borrowers do not require a layer of regulatory protection because they perceived to be large enough to protect themselves.[5]
In the UK
In the United Kingdom, commercial mortgage brokers are regulated by the National Association of Commercial Finance Brokers (NACFB).[citation needed]
In the US
In the United States, commercial brokers are represented by a certificate of National Association of Mortgage Brokers (NAMB): Certified Mortgage Consultant (CMC).[6]
In the Australia
In Australia, mortgage brokers must be licensed by the Australian Securities and Investments Commission (ASIC). To obtain a licence, brokers are required to complete and lodge application form CL01 with ASIC. Additionally, they must fulfil the fitness and propriety requirements under the National Consumer Credit Protection Act 2009.[1][7]
