Posted 18 November 2004 - 02:04 AM
Posted 19 November 2004 - 09:31 AM
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.
Posted 25 November 2004 - 09:49 PM
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
Posted 22 December 2004 - 07:41 PM
1) Enter basic property details: type of building, rent roll, historic or
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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