Q. Do I have to be
licensed in order to be compensated for my referrals?
A. No. If you were referring residential loans to us you
would need to be licensed as a mortgage broker/lender along with a
litany of other requirements in order to be compensated for your
referrals. However, commercial lending regulations permit referral
fees and other outside compensations.
Q. What constitutes a commercial property?
A. A commercial property has to do with two issues. 1) It
will be zoned commercial and used for commercial purposes, and 2) It
will typically not be a single-family residence, duplex, tri-plex,
or four-plex. Anything more than 4 units will typically be
classified as a commercial property.
Q. How long does it take for a commercial
loan to fund?
A. Commercial loans can be very complex. The appraisal
process alone takes 3-5 times longer than a residential appraisal,
and there are many, many issues that can come up through the loan
process that can bring on delays and cause a loan to take several
months to close and fund. However, the majority of our Premier Loans
close within 30 to 45 days.
Q. Will I be an actual employee of KING COMMERCIAL CAPITAL?
A. No. You will be an independent consultant and will be sent
a 1099 at the end of each year. It is important that Co-Brokers not
portray themselves as employees of KING COMMERCIAL CAPITAL for
liability purposes.
Q. Are there any fees or expenses involved
in order to be a Co-Broker with KING COMMERCIAL CAPITAL?
A. There is no sign-up fee, no admin fee, etc. In other
words, no, other than expenses that you may incur contacting people
or otherwise getting your leads. (see the next FAQ for more
information)
Q. Do I have to sign up as a Co-Broker to
refer loans to you?
A. No, you do not. However, you will not be eligible for our
standard Co-Broker Program compensation. We do have several friends
and associates who periodically refer business to us, and, depending
on the deal, we usually reward them in some manner or another for
their referrals. Sometimes it’s a small cash reward and sometimes
it’s a reward of a gift certificate. If you believe that you will
only periodically be referring someone to us then it may not be
worth it to you to actually sign-up with us. Our Co-Broker program
is designed for those who are serious about earning a supplemental
income on a regular basis that will most likely result in 4
commercial loan fundings a year or more.
Q. Are there any demographic restrictions
for your loan programs?
A. Yes, currently we are not able to do any commercial loans
in AZ, CA, ND, SD, and WI. We do have some minor restrictions in FL,
RI, and MD that we can usually accommodate.
Q. What are “Basis Points”?
A. “Basis points” are the denominations that the finance
industry typically uses for commission calculations and market
sales. 37.5 basis points is essentially three-eighths (3/8) of one
percent. So if your loan is $1 million dollars then you earn $3750
in commission; all for doing nothing but referring a potential
borrower to us and filling out a simple, one-page questionnaire.
Q. How much will I need to work in order to
be successful with your program?
A. Everybody’s efforts bring about different results. It just
depends on who you know, how well you speak with business owners,
and how you use those aspects to your benefit. There is no specific
amount of work-hours required from you as you are an independent
contractor with us. You don’t have to quit your current job to take
advantage of this unique opportunity. We have several individuals
who started off casually mentioning KING COMMERCIAL CAPITAL to
their friends and associates. And, now we have several associates
who do this full-time!
Q. How does your Co-Broker program work?
A. Our program is simple. All you have to do is contact
people you may already know or potential borrowers who you’ve
identified as needing our services, assist them in filling out a
simple, one-page questionnaire, reference your unique ID number on
the questionnaire and then our competent and experienced Commercial
Loan Advisors take care of everything from there. We will keep you
abreast of the progress of the loan periodically via e-mail, and
more importantly, once the loan funds, we will immediately issue you
a commission check! It’s that simple.
Q. How are Co-Brokers paid?
A. You are paid based upon the total net loan amount that
funds. You are paid 37.5 basis points (bps) of that loan amount on
any standard commercial loan. So, if you refer a standard loan to us
that funds and is $1 million dollars, then you earn $3750 in
commission, all for doing nothing but referring a potential borrower
to us and filling out a simple, one-page questionnaire. There’s no
limit to the amount of money you can earn in any given time period.
And there’s no limit to the kind of commercial loans you can refer
to us.
Q. Is there a minimum volume requirement?
A. No.
Q. Are there any expenses I will incur in
order to Co-Broker loans?
A. There aren’t any required fees or expenses that KING COMMERCIAL CAPITAL assesses. However, the majority of our associates
have access to a computer, e-mail, fax-machine, reliable telephone
line, and usually a cell-phone. These expenses are your
responsibility. We make all of the lengthy phone calls to the
clients, overnight documents, and travel to view properties, etc in
order to close the loans you refer to us. We are responsible for
these expenses incurred.
Q. Is this multi-level marketing (MLM)?
A. Absolutely not. Multi-level marketing compensates an
individual not only for the products they sell but for the products
sold by the people they recruit into a particular business and this
continues several generations deep usually. You will not be
compensated in any way for recruiting other Co-Brokers. You are only
compensated directly for your referrals. In fact, we will not accept
loans that have more than one referring-party involved, otherwise
known as a “daisy chain.” We believe this only causes more expenses
and headaches to a potential borrower to deal with so many people.
Q. Can I get paid a referral fee on my own
loan that I'm doing with KING COMMERCIAL CAPITAL?
A. No, Sorry. But when you have a great experience with
KING COMMERCIAL CAPITAL and decide you may want to refer new
prospective borrowers to us, we’ll be happy to compensate you as
outlined in our program.
Seattle, WA. Bellevue, |
