- A Process of Discovery - (Commercial Mortgage Brokerage Defined)
At its highest level, commercial mortgage brokerage is a collaborative process of discovery. On the borrower side, the more the broker is able to learn about the property and the borrower's needs, the more effectively he can focus his thinking and utilize his experience to assist the borrower in structuring the deal. On the lender side, a good broker carefully cultivates an effective and aggressive group of lenders. These are the kind of worthwhile relationships that can only develop over time. With each and every deal the relationship is tested and seasoned with mutual respect.
The bar is raised. The boundaries are stretched. The stakes are always high because of the faith that has been placed in the broker by the client. Therefore, if disappointed by a lender's execution, or by changes that (hopefully won't) occur from the time a lender quotes a deal to the time the lender issues a commitment letter, that lender may never have another chance to win over that broker.Part of the value, therefore, of a seasoned mortgage broker, is accumulating and honing these performance-based lender relationships to a fine edge so they can be brought to bear on an individual borrower's transaction.At a sophisticated level, commercial real estate financing requires finesse, experience and the aforementioned carefully cultivated, time-tested array of "arrows" in the broker's "quiver". Or, to state it more generically: to be effective, one needs the right tool at the right time to accomplish a particular job.What are the implications of all this for the borrower? In return for a mortgage brokerage fee, all these time-tested lender relationships and the broker's insight, judgment and advisory skills are leveraged by the borrower for a finite period of time without the need to employ such expertise on a permanent basis.
All in all, I'd say it's an amazingly efficient arrangement.So, who should you turn to when it's time to reach out to a broker? Which company should you choose? As in any endeavor, there's a pyramid of quality and expertise: plenty of mediocrity at the bottom, some decent performers in the middle and a small number of virtuosos at the top. As in choosing a doctor, a lawyer, a contractor or a vacation, nothing beats a word-of-mouth recommendation from someone you know and trust. Next there's old-fashioned due-diligence which would include doing a web search and reviewing newspaper articles (for example its easy to search the archives of the NY Times), calling accountants and lawyers active in real estate for recommendations, and asking for references from the broker's past clients. Ultimately, it will come down to a face-to-face meeting, the answers to your questions, and your gut feeling about the broker, his ethics and his company. The depth of the organization is quite important because a great broker must have top-notch administrative, analytical and processing support to be your optimal choice.When you consider that the owner of an apartment building, office property, shopping center or owner-occupied property will live with the economic consequences, restrictions and conditions of a new mortgage transaction for years, the best option for an owner is unlikely to be achieved by picking up the phone and calling one or two familiar banks.
The smart owners know this and are happy to "outsource" the mortgage brokerage function, knowing that they will get the benefit of the broker's knowledge of the current marketplace.Since the lending landscape is a constantly moving target, the "alpha" broker guides the client, mindful of the client's desired loan structure, incorporating late-breaking news and knowledge of shifting market dynamics to fine-tune his approach to best achieve the client's objective. You may be asking how, exactly, this knowledge can benefit the borrower, so here are two possible examples:Lender X recently lost two valuable employees, the shop is overwhelmed and the broker absolutely knows that even though he's closed hundreds of millions of dollars of business in the past with lender X, and the borrower likes lender X, at this moment in time lender X is not the right choice, and the broker must advise the client accordingly.Treasury rates drop significantly ? prompting a suggestion by the broker to suddenly switch from lender "A" to lender "B" because lender "A" (despite the fact that it offers a better spread than lender "B") will not be able to lock the interest rate for two more weeks. Lender "B", on the other hand, can rate-lock immediately. The borrower should employ the broker that will offer him this option when circumstances so dictate, not the broker that will sit tight knowing that the client is already signed up. The broker that is willing to disclose any problems that arise immediately and help the borrower switch to "Plan B" is (of course) infinitely more valuable than the one that doesn't want to rock the boat.Clearly, you want the broker that will dig deeper and seek to protect your interest, which brings us to the next rather important point:What to absolutely avoid in a commercial mortgage advisor: brokers who tend to utilize a small number of lenders regardless of the diminishing effect that will have upon the advice that they can offer their clients.
As efficient and convenient as this may be for them, it screams disrespect for their clients. You want a broker that enjoys going the extra mile and pushes to find the best solution in any market condition. Also to be avoided are firms without enough support staff to truly serve the borrower's needs. The phrase "the devil's in the details" must have been coined with complex commercial mortgage transactions in mind. There is a lot of work that must occur between the acceptance of a term sheet and the closing of the deal.
Make sure that the firm you put your faith in is adequately staffed to keep the paperwork flowing smoothly.Make the most of your next commercial real estate transaction by taking the time to identify the right advisor to assist you. Tap into the wellspring of knowledge and expertise as needed, knowing your broker is up to speed with all the nuances of the current lending environment. Bringing that expertise in at an early stage will almost certainly ensure that your project will go more smoothly. - PresidentWinter & Company Commercial Real Estate Finance13 East 37th Street, NYC 10016gregg@winter1.comwww.winterandcompany.com.
NoneNon Exclusive Mortgage Leads
When borrowers supply their forms of request for a mortgage loan, lead providers generate leads from the data supplied by borrowers and mail them to several brokers or lenders.
Very often these leads get recycled, as they move from one broker or loan officer to the other. Such leads are known as Non Exclusive Mortgage Leads.
Though Non Exclusive Mortgage Leads have a downside related to confidentiality and speed of transfer, they are less expensive than Exclusive Mortgage Leads.
More importantly, they can offer the best deal to the borrower.
Let's take an example.
Maggie applies for a Non-Exclusive Mortgage Loan at a mortgage lead providing company.
As hers is a Non Exclusive Mortgage Lead, the lead provider sends her lead to several loan officers and these people get in touch with her. As the loan officers increase, competition becomes stiffer.
It is much like the difference between one person spending ...
Mortgage calculator > Non Exclusive Mortgage Leads
Las Vegas Home Appraisal Firm Captures Number One Ranking for Third Year
Appraisers of Las Vegas.com was ranked the number one Las Vegas home appraisal company in the latest real estate appraisal issue of ?In Business Las Vegas'.
The title, earned by the company for three years in a row, reflects its rapid growth, fast turnaround times, and the hot Vegas real estate market."Our Las Vegas, Nevada real estate appraisal business has increased about 50 percent in each of the past three years. We've increased the number of real estate appraisers in our office by about 50 percent each year and the number of employees by 150 percent last year," said Don Foster Scoggins, president of Appraisal of Las Vegas.com.
"It's clearly booming here but it's the quality and speed of our Las Vegas home appraisal work, as well as the over-the-top customer service,...
Mortgage calculator > Las Vegas Home Appraisal Firm Captures Number One Ranking for Third Year
mybusinessfeed.com Launches Online
(ContentDesk) August 15, 2005 -- mybusinessfeed.com is an online service that allows professionals to create, maintain and promote multiple RSS feeds through a simple web interface.RSS stands for Really Simple Syndication. It's a technology that lets publishers "push" content out to interested readers. RSS is published in feeds and is read using software called news readers or aggregators, which continually updates and shows unread material. RSS feeds can be used for a number of purposes, such...
mybusinessfeed.com Launches Online Mortgage calculator - A Process of Discovery - (Commercial Mortgage Brokerage Defined)
Mortgage calculator > mybusinessfeed.com Launches Online
America’s Smiles Are Drying Up Dentists Offer Solution for Symptoms Such as Bad Breath
ATLANTA, GA (ContentDesk) March 23, 2006 -- Across the nation, people are experiencing dry mouth caused by over 400 commonly used medications such as Lipitor, Zoloft, Prilosec, Paxil and Detrol, and anti-anxiety medications, such as Atarax, Valium, or Xanax just to name a few. In addition, people with diabetes and cancer (having undergone chemical and radiation treatments) also experience recurring dry mouth. Reductions in the quantity and quality of the saliva can result in bad breath, loss...
Mortgage calculator - A Process of Discovery - (Commercial Mortgage Brokerage Defined)
Mortgage calculator > America’s Smiles Are Drying Up Dentists Offer Solution for Symptoms Such as Bad Breath
An Illumination In Your Dark Days- Bad Credit Cash Payday Loans
Nowadays, tremendous increase in the spending habits has made an individual expend beyond his means. At the end of the month you comprehend that you are left with little savings or no saving at all. You default in the payment of your bills which in turn becomes a bad debt. This bad debt adversely affects your credit score and you acquire a bad credit. What would you do now? Bad credit cash payday loans are like an illumination in your dark days of financial crisis.
Bad credit cash...
Mortgage calculator > An Illumination In Your Dark Days- Bad Credit Cash Payday Loans
Make Your Own Gourmet Gift Baskets
Everyone loves to receive a gift basket. Corporate gift baskets are often given by businesses to their customers as a token of their appreciation. However, most gift baskets are person to person expressions of love and friendship.You can find a great selection of online gift baskets from the very expensive to the cheap. Or, you can come up with your own unique gift basket idea and surprise a cherished friend or loved one.It's not difficult to make your own personalized gift baskets. Most gift...
Make Your Own Gourmet Gift Baskets
Mortgage calculator > Make Your Own Gourmet Gift Baskets
Marriage counseling: perfect way to save your marriage
Some years ago, everything looked so wonderful ? both of you felt in love and decided to get married, because none of you could imagine its life without being together. Now something has changed ? endless quarrels, harassments, and tears, you feel misunderstood and deeply hurt ? it looks to be a part of your daily routine. Sometimes you think that there is only one solution to stop this mess ? to divorce. However, you are not right; marriage counseling...
Mortgage calculator Marriage counseling: perfect way to save your marriage
Mortgage calculator > Marriage counseling: perfect way to save your marriage