Thank you for sending in your leads for me to screen. It helps me out too! Many financial institutions are finding themselves in an economic meltdown and are asking their commercial borrowers to pay off loans early. This is obviously putting those borrowers in a desperate situation. It is also causing relationship problems between loan officers and those borrowers who have come to trust them. There are options to help you out of this type of situation.
Watch my video and I'll explain in more detail. And have a blessed week!
Wednesday, March 10, 2010
Monday, February 8, 2010
Commercial Mortgage Tip of the Week
Are you growing your commercial business? Check out today’s video tip for some of the hottest loan programs that you can easily market. And don’t worry, you don’t have to sacrifice your residential business to do it.
What if you could offer a commercial loan that could close in 10 days with no credit report or income verification? And the interest rates were 5% or less? Or, how about letting your medical community know you can finance 100% for their medical facilities? There’s money out there for the taking! Pick up that phone or send an email and let them know what we have to offer. And I’ll help you get it to the closing table!
Security Based Loans at Incredibly Low Rates Read More
What if you could offer a commercial loan that could close in 10 days with no credit report or income verification? And the interest rates were 5% or less? Or, how about letting your medical community know you can finance 100% for their medical facilities? There’s money out there for the taking! Pick up that phone or send an email and let them know what we have to offer. And I’ll help you get it to the closing table!
Security Based Loans at Incredibly Low Rates Read More
Wednesday, January 13, 2010
Jamie Challenges You To Consider Commercial Investing and Add Revenue to Your 2010 Income
It's a new year and a great time to consider commercial investing. Jamie offers a challenge for you to "attack your database" and explains the benefits of doing so. Watch and take advantage of these commercial investing tips.
Sunday, December 20, 2009
2010 May Be the Best Opportunity for Commercial Mortgages
Are you considering the commercial mortgage business
but not sure what to do or where to start?
Perhaps you are already involved but are wondering
if you should ramp up your efforts.
2010 may be the best opportunity ever to get involved with
commercial mortgages. Check out the video and see why.
We’re here to help you.
Friday, December 11, 2009
Do You Know the Property You are Financing?
Why You Want to Learn All You Can About the Property BEFORE the Lender Does!
My husband Lanny and I recently went to Myrtle Beach, South Carolina for a long weekend over the Thanksgiving holiday. While I was there I had the opportunity to visit a multi-family project that I'm doing a rate and term refinance on. I had been talking to the property owner for a while now but I really wanted to meet him and see the property for myself.
You might wonder why would I want to interrupt a short three day vacation when I didn't really need to? After all, the borrower would have never known that I was in town. And, why would I want to see it? Well, I had an experience with an out of state property several months ago. It was a multifamily project, purchase transaction, low occupancy and discounted price. My borrower was experienced at buying distressed properties, similar to this one. He had purchased multiple properties with similar terms and would raise the occupancy percentage, make improvements and turn an ugly property into a cash cow. So the terms of the deal were no surprise.
I had not seen the property. I had seen photos of the project and they looked pretty good. We have appraisers and inspectors to report on the condition of the project and it was definitely too far away for me to travel. Normally, that works fine. But not this time! Sometimes the pictures don’t always tell the story. Apparently, we had some uninvited guests on the premises. Let’s see, was it the Bloods or the Crypts? I'm not sure which one it was but I do know there were some unsavory characters that had claimed this housing project as their own. There were ‘unlicensed pharmacists’ on every corner. Anything immoral or illegal could have been purchased on this property. Not what a lender wants to hear!
So when the inspectors reported this news directly to the lender, what do you think they did? They backed out! Now, had I known this information in advance I could have told the lender straight up what to expect and how we planned to remedy the situation. I could have documented how my borrower was accustomed to purchasing similar properties, his strategy for bringing in security companies and off duty law enforcement and provide evidence of his results. I don't know that it would have been approved but we know a fast no is always better than a slow one. The lender immediately lost interest. There's such a demand that if a lender gets an uneasy feeling about a project, they'll just walk away because there's always someone else in line.
So, I decided from that point on that I either will see the property for myself or gather information about the property other than financial information. If I can’t travel, there are things that I can do. One is to call local law enforcement and ask about the neighborhood. Do they have a lot of calls and if so what types of calls are they? I can contact local realtors and get their opinion of the neighborhood and the property. I can also call the appraisers and the inspectors in the area and see if they will give me a general feel for the community before the borrower pays due diligence fees which are non-refundable.
Lesson learned? Either check out the property for yourself or pick up the phone and call professionals in the area. Do some research and find out if there's anything that you want to present to your lender on the very front of the transaction that could possibly be a problem if it came up later.
Even though things will happen on occasion, I hope you will consider the commercial mortgage industry. It's a great time to add commercial loans to your product line. We have tools on the website to download. Go to www.commercialmarketinganimals.com and check them out. You will find some of my marketing materials and strategies as well as forms that you can download. Or if you want more information or if you'd like to get in touch with me, send an email to unitedcarolinagroup@gmail.com . We'll be glad to co-broker a commercial deal with you or help in any way we can. Don't miss this opportunity!
Jamie H. Harrington
United Carolina Group-Mortgage Planners
340 NC Highway 16 South
Taylorsville, NC 28681
unitedcarolinagroup@gmail.com
www.UnitedCarolingGroup.com
My husband Lanny and I recently went to Myrtle Beach, South Carolina for a long weekend over the Thanksgiving holiday. While I was there I had the opportunity to visit a multi-family project that I'm doing a rate and term refinance on. I had been talking to the property owner for a while now but I really wanted to meet him and see the property for myself.
You might wonder why would I want to interrupt a short three day vacation when I didn't really need to? After all, the borrower would have never known that I was in town. And, why would I want to see it? Well, I had an experience with an out of state property several months ago. It was a multifamily project, purchase transaction, low occupancy and discounted price. My borrower was experienced at buying distressed properties, similar to this one. He had purchased multiple properties with similar terms and would raise the occupancy percentage, make improvements and turn an ugly property into a cash cow. So the terms of the deal were no surprise.
I had not seen the property. I had seen photos of the project and they looked pretty good. We have appraisers and inspectors to report on the condition of the project and it was definitely too far away for me to travel. Normally, that works fine. But not this time! Sometimes the pictures don’t always tell the story. Apparently, we had some uninvited guests on the premises. Let’s see, was it the Bloods or the Crypts? I'm not sure which one it was but I do know there were some unsavory characters that had claimed this housing project as their own. There were ‘unlicensed pharmacists’ on every corner. Anything immoral or illegal could have been purchased on this property. Not what a lender wants to hear!
So when the inspectors reported this news directly to the lender, what do you think they did? They backed out! Now, had I known this information in advance I could have told the lender straight up what to expect and how we planned to remedy the situation. I could have documented how my borrower was accustomed to purchasing similar properties, his strategy for bringing in security companies and off duty law enforcement and provide evidence of his results. I don't know that it would have been approved but we know a fast no is always better than a slow one. The lender immediately lost interest. There's such a demand that if a lender gets an uneasy feeling about a project, they'll just walk away because there's always someone else in line.
So, I decided from that point on that I either will see the property for myself or gather information about the property other than financial information. If I can’t travel, there are things that I can do. One is to call local law enforcement and ask about the neighborhood. Do they have a lot of calls and if so what types of calls are they? I can contact local realtors and get their opinion of the neighborhood and the property. I can also call the appraisers and the inspectors in the area and see if they will give me a general feel for the community before the borrower pays due diligence fees which are non-refundable.
Lesson learned? Either check out the property for yourself or pick up the phone and call professionals in the area. Do some research and find out if there's anything that you want to present to your lender on the very front of the transaction that could possibly be a problem if it came up later.
Even though things will happen on occasion, I hope you will consider the commercial mortgage industry. It's a great time to add commercial loans to your product line. We have tools on the website to download. Go to www.commercialmarketinganimals.com and check them out. You will find some of my marketing materials and strategies as well as forms that you can download. Or if you want more information or if you'd like to get in touch with me, send an email to unitedcarolinagroup@gmail.com . We'll be glad to co-broker a commercial deal with you or help in any way we can. Don't miss this opportunity!
Jamie H. Harrington
United Carolina Group-Mortgage Planners
340 NC Highway 16 South
Taylorsville, NC 28681
unitedcarolinagroup@gmail.com
www.UnitedCarolingGroup.com
Tuesday, December 8, 2009
Do You Know the Property You’re Financing?
Why you want to learn all you can about the property BEFORE the lender does.
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