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commercial lender

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#1 Guest_Tony_*

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Posted 18 November 2004 - 02:04 AM

I am looking for advice on what is the best way to get set up as a commerial lender. I have been told to work with a major insurance company. Another was to get set up with a national bank and the worst one was to set up as a financial company or LLC and broker to many lenders. I'm tired of sending loans to companies that claim to be lenders when in fact they are just brokers with lending names. I have people in place that can sign for major lines of credit but want to know the best way to get set up. Thanks

#2 loanuniverse


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Posted 19 November 2004 - 09:31 AM

Tony: I was hoping one of the broker/lenders here would answer, but let me give you my take from where I sit { the bank lender’s side }.

From where I sit 95% of the people that call themselves commercial lenders are brokers or involved in the package preparation business. It is just too difficult to get in the actual business of lending money as it takes substantial resources to fund loans.

This means that your best bet would be to get some contacts in a couple of local commercial banks to forward your deals to. The best way to set up the deals would be to obtain a “success fee” where you get paid from the borrower once they close the deal with someone that you referred them to.

Be advised that some of the bank lenders dislike working with brokers so developing good relationships is a must in order to be successful.

#3 Commercial Lender

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Posted 25 November 2004 - 09:49 PM

Many glorified brokers get residential banking lic's and are table funded. For example most residentail brokers sit for a rather simple exam in FL and get a bankers lic. Getting setup as a residential Banker/Lender is not that hard.

Commercial is a different ball game. You have buyback requirements. I.e if say you are a lender without true funds originate and close a loan....if it goes bad you HAVE to buy the loan back. i.e plunk down $500K within 30 days to buy back the loan that you closed 3 months ago. Two bad loans in 14 months alone can sink you. Warehouse lines are NOT as easy as some brokers are led to belive. You have min networth req, min volume req, you have to have people who know what they are doing etc etc. In commercial its not really a big deal if you are dealing with preternders rather than lenders AS LONG AS they get the job done and you get paid. You may have to fork over a point or two but as long as you sign a non circumvent agreement and they handle all the work for you, you should be ok. If you have been overpromised than there is problem with the people that you are dealing with. I have many super brokers that handle commercial for other brokers and these brokers are ok with it since they do right by them. The symbiotic relationship works. Fell free to give me a buzz if u would like some info! Thanks Naj

#4 UnderwriterJen

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Posted 22 December 2004 - 07:41 PM

Tony: I may have the virtual panacea you've been looking for. It’s called LendingApps BrokerPro software. It’s the only automated commercial underwriting program available that automatically connects you automatically with about 90 direct lenders. You don’t have to be approved by the lenders, the software serves as your introduction. All you have to do is:

1) Enter basic property details: type of building, rent roll, historic or
proforma operations
2) Press the “Submit” button

And off your loan goes to nationally recognized lenders. A response and term sheet is typically generated within 48 hours.

There is no middleman, no broker in between. It’s just you and the lender.

And if you’re unfamiliar with the commercial mortgage industry, LendingApps offers training materials and a support line too.

You can look more into the program and view a list of participating lenders at their website: lendingapps.com

I don’t know of an easier way to get a loan closed.

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