Industry expert Abe Bergman discusses strategies for success
In a market that demands more effort and diligence than ever, Eastern Union president Abe Bergman asserts that mortgage professionals must be prepared to work tirelessly.
In a recent interview, Bergman shared his perspective on the current dynamics within the commercial mortgage market. He also shed light on the issues brokers face and the strategies needed to navigate these turbulent waters.
According to Bergman, one of the largest hurdles is the scarcity of transactions.
“People are not selling, people are not buying, and those with refinances coming up are very often kicking it down the road as long as they can because it’s not easy to refinance today,” he said.
Read more: Two key traits of successful mortgage professionals
Another pressing issue in the market is the difficulty in placing deals. Bergman describes the current capacity within the lending landscape as a mixed bag. While some lenders strive to increase their lending volume, others are adopting a more cautious approach, cherry-picking deals or reducing their appetite for additional transactions. This conservative stance further complicates the process for brokers.
“I assume that just about every mortgage broker out there in the country has been slower this year,” Bergman said.
Although there are fewer deals available, they are still out there, waiting to be secured. Bergman suggested that some aspects can be overcome. He emphasized the importance of understanding “who’s lending today and who’s not,” as well as structuring deals appropriately in the current climate.
This is just the tip of the iceberg. To get more valuable insights and strategies, watch Bergman’s MPA Talk podcast interview: The importance of understanding a deal.
