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Why would you want to know the top 4 Commercial Mortgage Broker mistakes? Because it can cost you! Being a Commercial Mortgage Broker can be a fulfilling and lucrative c

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

areer choice. You have the opportunity to be involved in some of the most interesting real estate projects...while you’re getting paid.

But you need to be careful.

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

Some brokers make mistakes that can cost them money…lots of money. Here are the top 4 Commercial Mortgage Broker mistakes.

#1 – Use Too Many Lenders

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

r>Some Brokers try to do everything for everybody. You need a condo conversion in New York? No problem! You need to buy 200-unit apartment building in Dallas? No probl

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

em! You need to develop a hotel in Atlanta? No problem. The problem with this is that for each of those examples you will need a different type of commercial lender. I

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

used to try and do it all but not anymore. Having a niche, target market is the best way to go. You learn the ins & outs of your market. You know who the key players ar

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

e and you’re able to form better relationships with your lenders. How can you have strong relationships with 100s of lenders? You can’t. Take your time to learn your ni

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

che market & lender before moving on to another market.

#2 – Don’t Know Their Lenders’ Programs

Another common Commercial Mortgage Broker mistake is n

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ot knowing all the details of their lender’s program that they are promoting. Why? This cuts down on your pre-screening of clients. If you don’t know what your lender c

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

an do, then you will spend a lot of time going back and forth answering questions to your lender. Only, later to find out that your lender can’t do that type of commercia

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

loan. What a waste of your time and your client’s time. Time is money!

#3 – Not Having A Signed Fee Agreement

How would you like to spend 40 hours

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

on a project for your client and help them obtain the financing they need. All for free! Out of the kindness of your heart! I wouldn’t! Working for free to doesn’t pay

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

our bills. Let’s face it, you’re providing a needed and valuable service to your clients and you should be compensated just like any professional. You need to discuss y

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

our fees in the beginning with your potential client. They need to understand the services you are providing, how much you charge and when you will be compensated. These

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

are covered in fully with a fee agreement. A fee agreement is a binding contract. It protects you and your client. Your client is protected from unknown or exorbitant

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ees. You’re protected from being stiffed at the closing table.

#4 – Don’t Know How To Effectively Pre-Screen Clients

Every Broker should know how to

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

evaluate a potential client and their project…quickly. Within a 30-minute phone call, I know if a person is a potential client or not. I have a questionnaire that I use

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

to pre-screen. I know if the commercial loan is something I can do, I know if the person is serious or just shopping and I know how long the process will take. Some Brok

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ers can spend hours just getting to know the client and project, only to realize the client isn’t serious…they aren’t ready to make a decision. That is valuable time that

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

you could have spent with a client that was serious and ready to move forward. Learn to guard your time wisely and avoid these common Commercial Mortgage Broker mistakes

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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No great success is ever attained in life without the surmounting of obstacles. In every life there are challenges. Some people view challenges as problems, others view them as opportunities.

Trying to get rich quick is a sure fire method for disaster. Build up your discipline with safer investments, once you are confident with these then move onto the leveraged markets.

Escalating medical bills are a grim reminder of how expensive medical treatment has actually become. The stressful life styles and aggressive work culture have compounded problems manifold and visiting doctors or hospitals have become expensive alternatives to living with illness.

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