Cambridge Realty Capital Companies Chairman Jeffrey A. Davis reports that the company continues to add new “tier one” brokers to a growing list of businesses that have signed the Cambridge Origination Correspondent Agreement successfully rolled out by the company in April, 2012.
To date, 56 correspondents nationwide have signed the agreement, a number that is expected to expand in the months ahead.
Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $4.5 billion in closed transactions since the 1990s. Creation of the agreement was in response to calls from originators regarding how they would be compensated for deals they bring to Cambridge, Mr. Davis said.
“The program is for experienced, qualified originators or brokers who have more than a basic understanding of the senior housing/healthcare business. Our partners in this program have successfully closed several deals and are qualified to effectively represent Cambridge in these transactions,” he explained.
Mr. Davis says up to 50 percent of the calls the company gets from originators deal with how they will be compensated in deals they bring to Cambridge.
“Brokers often come to Cambridge with opportunities but have no fee agreement with owners. The Cambridge Origination Correspondent Agreement includes specific language that spells out how brokers will be paid.
“We’re happy to compensate brokers for their services and strive to make the program about them. It makes good business sense to work with brokers who are paid contingently based on specific transactions – by us if necessary,” he said.