Today we are joined by Noel Burdock and Tim Osbourne. This episode will be different as our guests are people who finished Sua Truong’s commercial finance program. Noel and Tim have both been in the business for 3 years and the results of what they’ve been able to do from what they learned in commercial finance has been really great so far. Listen in as they both tell us their experience in doing commercial finance after they completed the program, what surprised them, and the overall impact of the program in their careers.
Timestamped Show Notes
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[spp-timestamp time="01:10"] Noel, tell me what were you doing before you got into the mortgage business.
- Before I got into the mortgage industry, I was an EMT and EMS.
- I took the finance course over Easter break of 2017.
- I was getting self-employed and business owners seeking for financing questions and commercial stuff.
- Going into the course also gave me the realization that banks want to work with you.
- Sua’s course really gave me the confidence to dive into that area of lending.
- I have this file and if I take the course then I can do this file.
[spp-timestamp time="04:07"] What was something that’s surprising to you about commercial that’s different from residential?
- It was just relief that the banks were your friends.
- Each bank addresses certain things very differently and so their pricing is different.
- It was surprising to get involved with business owners in an entirety and see the project from start to finish.
[spp-timestamp time="05:20"] What was the ROI like for you on your first deal?
- It sounds crazy but it’s 600%
- I never would have imagined that I would have made over half of my year’s wage as an EMT in 6 months.
[spp-timestamp time="06:01"] What do you have right now in terms of your pipeline of commercial work?
- There’s a few contractors I’m working with for development properties as well as small businesses.
- I’m helping one business owner expand now in multiple locations for his retail business.
[spp-timestamp time="06:52"] Tim, how long are you in your mortgage business and what were you doing before you got into the mortgage business?
- I’m in my 3rd year of mortgage brokering.
- I originally started in robotics and digital automation — I was part of a consulting team.
- I learned that I love working with people more than working with machines.
[spp-timestamp time="07:43"] When did you decide to take the commercial finance course?
- I was doing a lot of work with a global IT company — working a lot with large contracts and proposals, analyzing requirements, coming up with solutions and presenting the proposal package.
- I really saw an opportunity to bring value to commercial clients.
- I was a year and a half into it when I took the course.
- With the first file that I did, I was able to put a package together for the lender then we got the options for 100% financing at prime.
[spp-timestamp time="09:23"] What did you think about the 2-day program that you went to?
- The course was great — it gave you everything that you needed right then and there.
- I didn’t have commercial clients already, but I lined up conversations with the various commercial lenders.
[spp-timestamp time="10:45"] What’s one thing that’s surprising to you about commercial that’s different than residential?
- In residential, you would never put a file out for lenders but in commercial, they want to know who they’re competing against.
[spp-timestamp time="11:18"] What was the ROI like for you in taking the program?
- The course is $5,000 and I would say, potentially $7,000-$8,000 just in commercial files.
[spp-timestamp time="11:40"] What time can you see in a typical commercial file?
- It can take a while especially if they have some challenges on their profile.
- The biggest thing is the lead time.
[spp-timestamp time="12:13"] If you could go back in time, what would you say to yourself 3 years ago?
- I would start right away with the commercial program, go out there, and talk to my commercial lenders.
[spp-timestamp time="12:53"] How about you, Noel? If you can go back, what would you say to yourself?
- If it’s something that you’re really passionate about, “Just do it!”