Mortgage Broker Forums at Broker Outpost

Anyone is working on July 4th at all? (by: peter)

I was pleasantly surprised that one appraiser in Whittier, CA that was referred to me by a listing agent is working full-time on July 4th and is even appraising properties in Riverside. His business is terrific as he works 7 days including weekends and holidays. I didnt ask him if he works on religious holidays as well. So, there is still good business out there for FHA appraisers especially in Riverside County where flippers are roaming and buyers are multiple-bidding for homes less than $150,000 ranges. Peter - Last Post by: peter on 07/04/2009 @ 5:50 PM

Direct Hard $$$$ Lender-Quick Close!! (by: Alisa1)

Rushmore Capital Partners is a direct hard money lender (hedge fund) located in NYC. We are able to close loans quickly and smoothly. We will lend on sfr, mixed use, commercial, & multi-family properties. We do not lend on owner occupied primary residence, land, or construction deals. - Focus on NY, NJ, & Ct deals, LTVs 45-60%. - Term Sheet provided within a few hours of loan submission - Loans closed within 7-14 days from receipt of appraisal - Loans from $150k- $1mil - Cross collateralization of multiple properties - Last Post by: Alisa1 on 07/04/2009 @ 5:49 PM

4th of July (by: frank drigotas jr)

Beach - Last Post by: frank drigotas jr on 07/04/2009 @ 5:42 PM

Running For Cover! Stimulus Now Bidens Baby (by: khoiey)

Not a confidence builder. The Stimulus now belongs to Biden, the fall guy when this thing doesnt work? Unemployment rate much worse than the administration contemplated... July 02, 2009 9:44 AM ome quotes of the day...a good read before you head out of the office for the 4th... "There are now 14.7 million people unemployed. Since the start of the recession, the unemployment rate has risen 4.6 percentage points. If you account for those who have given up looking for a job but want to work or those working only part-time but want full time employment, the unemployment rate rises to 16.5%." - The ABC News Business Unit, assessing the dismal numbers in this mornings Jobs Report �The fact of the matter is that the unemployment rate is much worse than the administration contemplated or that most people expected, Economist Paul Krugman, to ABCs Jennifer Parker �My rear end is on the line, just like yours. Im the guy in charge of this deal. So if it doesnt work, its me. - Vice President Joe Biden, quoted in Time Magazine, on the success or failure of the stimulus package. http://blogs.abcnews.com/theworldnewser/2009/07/unemployment-rate-much-worse-than-the-administration-contemplated.html - Last Post by: khoiey on 07/04/2009 @ 5:22 PM

Gen. Powell Now Has Doubts About Obama Plans (by: khoiey)

Uh-Oh.... Powell airs doubts on Obama agenda By Jon Ward (Contact) Originally published 11:44 a.m., July 3, 2009, updated 11:45 a.m., July 3, 2009 Colin Powell, one of President Obamas most prominent Republican supporters, expressed concern Friday that the presidents ambitious blitz of costly initiatives may be enlarging the size of government and the federal debt too much. "Im concerned at the number of programs that are being presented, the bills associated with these programs and the additional government that will be needed to execute them," Mr. Powell said in an excerpt of an interview with CNNs John King, released by the network Friday morning. Mr. Powell, a retired U.S. army general who rose to political prominence after a long and accomplished military career, said that health care reform and many of Mr. Obamas other initiatives are "important" to Americans. But, he said, "one of the cautions that has to be given to the president -- and Ive talked to some of his people about this -- is that you cant have so many things on the table that you cant absorb it all." "And we cant pay for it all," said Mr. Powell, who was the first African-American to serve as secretary of state, under former President George W. Bush. He was also national security adviser to President Reagan, and was chairman of the Joint Chiefs of Staff under President George H.W. Bush from 1989 to 1993. http://www.washingtontimes.com/news/2009/jul/03/powell-airs-doubts-on-obama-agenda/ - Last Post by: khoiey on 07/04/2009 @ 5:17 PM

PALIN RESIGNING! (by: khoiey)

Fox News is reporting that Sarah Palin has announced that she will resign the office of Governor at the end of this month. No details on the reason for this resignation... Tsnyder - Last Post by: khoiey on 07/04/2009 @ 5:15 PM

More "Low Appraisals" (by: Annemieke Roell)

Im not big on using this argument against HVCC, in fact, it flat out stinks, but Ill take the publicity: http://www.washingtonpost.com/wp-dyn/content/article/2009/07/03/AR2009070301194.html I dont like the Washington Post, but I thank them for running this article. Dave... - Last Post by: Annemieke Roell on 07/04/2009 @ 5:04 PM

THE solution to HVCC (by: Annemieke Roell)

Here it is, the be all, end all solution to HVCC.. In 2 steps 1) HVCC is abolished 2) Every appraiser is to be informed of the following logic and made aware of it... If each and every appraiser realized that if NONE of them give into brokers, then brokers will have no threat or power, nor will lenders. Problem solved! If brokers CANT take an appraisal order to another appraiser who will appease their sad request for a certain value, problem will be solved, no more cost to borrower, no more extended turn time. TA DA - Last Post by: Annemieke Roell on 07/04/2009 @ 4:58 PM

Licensing question (by: slants)

Do you need a license if you work for a broker in California. - Last Post by: slants on 07/04/2009 @ 4:40 PM

What is your outlook for the remaing half of 2009? (by: MARKJOLLIFF)

Bernake has said that we will have a recovery by the last quarter of 2009 and so are some economists that share Bernakes thinking. I dont see that happening at all and with rising unemployment rate and an unrelenting pace of foreclosures I see the opposite of what Bernake has preducted. I subscribe to the school of thought of Robert Chiller who predicts further falls in home prices that that housing recovery will still remain sluggish and it is not possible to expect the recovery in short-term. We only have 6 month left but I dont see any possible "refi boom" or "purchase boom" at all. I think at best we will be plugging along doing loans here and there just to eke out a decent living. Brokers and loan officers who can make a decent living and pay their bills without having to give up the business should be proud of themselves of being the "2009 ultimate suvivors." Anyone has a different outlook and sees good news or growths ahead that I dont see. Lets hear your input. Peter - Last Post by: MARKJOLLIFF on 07/04/2009 @ 4:27 PM

Here Are Your Talking Points (by: toddblue)

As a service to all infected with PDS here (formerly BDS sufferers), these are your talking points and guide to how to think. Alaska Democratic Party Statement: "Alaskans are dismayed yet not surprised that Governor Palin is abandoning her obligations to our great state. Sarah Palins decision to step down as governor is a shock to Alaskans, coming at a time when leadership is needed secure a gas pipeline and address rising unemployment. Palins lack of commitment to her sworn obligation to serve her term to the best of her ability is a betrayal to all Alaskans," said Patti Higgins, Chair of the Alaska Democratic Party. DNC Statement: (Brad Woodhouse Communications Director for the DNC ) "Either Sarah Palin is leaving the people of Alaska high and dry to pursue her long shot national political ambitions or she simply cant handle the job now that her popularity has dimmed and oil revenues are down. Either way - her decision to abandon her post and the people of Alaska who elected her continues a pattern of bizarre behavior that more than anything else may explain the decision she made today." Were still awaiting guidelines on how to respond when confronted with Obama didnt finish his term as Senator (some would argue never began), leaving the people of Illinois high and dry. http://hotairpundit.blogspot.com/2009/07/alaska-democratic-party-and-dnc-respond.html - Last Post by: toddblue on 07/04/2009 @ 4:22 PM

BO monthly traffic down to 13K (by: samurai)

http://www.quantcast.com/brokeroutpost.com All mortgage related sites including ml-implode and Loansafe/Loanworkout have had major reductions in traffic over the past three months. So are people just burned out and want to have nothing to do with anything related to mortgages? - Last Post by: samurai on 07/04/2009 @ 4:18 PM

Rugby on ESPN USA vs. Canada (by: fsboguy)

If you have never watched rugby(or are a fan), I suggest giving it a watch. - Last Post by: fsboguy on 07/04/2009 @ 4:16 PM

Steve McNair found dead... (by: fsboguy)

Early reports indicate possible murder/suicide... Tsnyder - Last Post by: fsboguy on 07/04/2009 @ 4:11 PM

What to do for Clients who cant RE-FI (by: crsintake)

If your clients dont qualify for a Re-Finance because they are stated income, upside down or dont have enough equity in their current property or their DTI is to high then we have the solution for your business and your clients. HUGE MARKET OPPORTUNITY! The housing crisis is at the heart of the economic meltdown America faces today. Every 13 seconds a foreclosure is filed against another family. Another 8 Million Homeowners are at risk of foreclosure over the next 2 years WHO ARE WE? As one of the nations leading providers of Business Process Outsourcing Services (BPO) to the loss mitigation industry, our firm is authorized to perform Intake and Audit services for struggling homeowners on behalf of attorneys nationwide. Represent a Premier Company with Unmatched Credibility: - 5,000+ Successful Loan Resolution Plans to Date - Approved for HUD & FHA programs - Facilitate Attorney-Client Relationships - Legal Representation in all 50 states - Web Based CRM -Online File Tracking and Toll Free Client Support - Unblemished Track record - �A Rating with Better Business Bureau WHY US? Our Attorneys understand the dire financial situation facing American homeowners today, and realize retaining an attorney to engage in the entire front-end process of discovery, data collection, document retrieval and preparation would be impossible to afford at their usual hourly rates. Therefore to reach the masses they have selected and certified our firm and its Agents to perform all functions outside of the actual �practice of law thereby limiting the Attorneys touch points to the most important aspects of the loss mitigation process such as case evaluation, lender negotiation and when necessary foreclosure litigation. DO WHAT YOU DO BEST AND WELL DO THE REST! Our firm has developed a turn key web-based Client Relationship Management (CRM) system to automate the entire Intake process. This is provided at absolutely no cost to you so you can focus on what you do best, business development and relationship management. Americas Premier Law Firm Certified BPO Offers the Following: - Proprietary Referral System that grows exponentially - Millions of prospects with a burning sense of urgency are ready to buy from you - Industrys Most Lucrative Compensation Plan - Full Training and Support from a Staff - Daily Training and Support Calls - Leads Available for Top Performers - Lifetime Commissions on Clients for Add On Services CREATE CUSTOMERS FOR LIFE! Times are tough for all of us right now, but consider the big picture. By helping a homeowner in crisis avoid foreclosure and make their home more affordable, you are creating a relationship that will last a lifetime. Our primary goal is to help people save their homes. Can you think of a better or more natural way to supplement your income and feel good knowing youre helping your clients keep their home and you will win a client for life! JOIN THE TEAM TODAY! Dont wait another minute come aboard now. If you are an experienced real estate or mortgage professional looking for a full time business opportunity or a way to supplement your income you have found the right partner at the right time. MAKE A DIFFERENCE WHILE YOU MAKE A FABULOUS INCOME Be a part of the solution while earning a substantial amount of money. Training classes are held almost daily and you can be up an running right away! Call Joe Gordon today at 1-805-409-3590 Or email resumes@crsintake.com - Last Post by: crsintake on 07/04/2009 @ 4:04 PM

Great oppurtunity for brokers (by: nation mortgage)

Hi As per today survey in the united states refinance and loan modification is running suessfully lot of peoples are ready to do a loan modification there homes but they are unable to find good brokers we have centers and we are genreating leads of loan modification and transfer to our brokers and we doing all states and we can provide leads of all states of united states and we can transfer 7-8 leads in a day and all the leads will be real time so intersted brokers mail us before closing the states Thanks - Last Post by: nation mortgage on 07/04/2009 @ 4:00 PM

Fico Scores. A change may be needed. (by: ZF)

Have you ever wondered why the very best pricing you see if for scores over 720, and when the avg score in the US is 642. It has to make you wonder. With Chase Credit Card Servicing, asking consumers to pay 5% of there balnce starting Aug 1st 2009, how many of those people with default?, not to mention how mant more borrowers will we lose in the system to offer loans to. what will become of their Fico scores. It may be time to rid the Fico system as it clearly is not working, and has borrower(s) paying thousands more in mortgages, car loans, credit cards, and school loans. Any thoughts out there. Its insane to think once a 620 would fly through Fannie/Frddie, and a 640 score was considered a decent score. Today, there is now way a true Fico score can be offered, its not working. The systems that put us here, need to change or we will end up back here. - Last Post by: ZF on 07/04/2009 @ 3:59 PM

New CA Advertising Law (by: homebroker@sbcglobal.net)

For Realtors in CA you now need to have your DRE license number on everything. Flyers, Notepads, Mailers, Business Cards. Everything with your name on it must have your license number. If you guys want to get a gift for your favorite Realtor go buy 1k business cards for $30. I dont think there are many people who have done anything to comply with this new law. - Last Post by: homebroker@sbcglobal.net on 07/04/2009 @ 3:49 PM

A Realtor calls me this morning... (by: slants)

...and tells me that he just got the appraisal back. He said he has some bad news. They are still within the time for the appraisal contingency, and needed to cancel the deal. In this market Im fully prepared for this conversation. Every freaking appraisal keeps getting cut. Listing price was 300k, and he was the high bidder at 325k. So I asked him, how bad is it? What did the appraisal come in at? He told me it came in at 340k. They were hoping that the appraisal was going to come in at 275k and they would get the house cheaper. Unbelievable! Can the appraisal contingency work this way? - Last Post by: slants on 07/04/2009 @ 3:29 PM

Taylor Bean funding nightmare (by: BAHMN)

I closed an FHA streamline refi with Taylor Bean on the 22nd of June. Was supposed to fund on the 26th. Funder first says they are 48 hours behind on funding then she says they are 72 hours behind. Well here I sit, no wire, the funder has no answers and says there is no one I can call about status. My account rep wont return my emails or phone calls. Does anyone have any clue of who I can contact about this? The funder said the wire should be coming out of Florida. With the long holiday weekend coming up, Im concerned that I am going to have to tell my borrower that he needs to make another payment. I have also heard the Taylor Bean is on the FDIC watch list...making me wonder if they HAVE to funds to wire. Any ideas? Kinda freaking out a bit here. - Last Post by: BAHMN on 07/04/2009 @ 3:17 PM

HVCC Put on Hold (by: AlbertSmythe48)

I have been hearing rumors about HVCC being placed on hold for the next 18 months, any have some up to date news regarding this?? I lost my last 4 out of last 5 refis cause the appraisals either did not provide evidence to support the value or came in at an unrealistically low market value. The appraisal management companies only pay appraisers about $175 for every order, before HVCC most of them earned $350 per order. When you pay ****, you get **** in return, HVCC needs to be cancelled. - Last Post by: AlbertSmythe48 on 07/04/2009 @ 3:06 PM

ARE YOU A TICKING "TIME BOMB"? (by: frank drigotas jr)

A number of you are aware that a significant part of my professional activities involve providing business development, marketing consulting and debt/equity capital-raising services primarily to owners and Principals of businesses with a product or service that has "dynamic" potential. One such client is a NJ based Company by the name of Health Care Providers Direct, Inc who are primarily engaged in R&D of innovative diagnostic tests for in-practice use by physicians and clinicians. Very recently, HCPD Inc received all-important FDA clearance on two Tests that enable those "Life-Essential" products to be sold directly to consumers. How many of you have been directly or indirectly impacted by COLON CANCER? How many of you are even aware that Colon Cancer has become the 3rd ranked cancer killer in the USA? Most of you cannot have avoided the growing number of medical media-advocates urging those aged 40+ to undergo an annual colon screening. The simple fact is that MOST of "us" do not seek out a colon exam. Even among those covered by health insurance, fewer than 30% will "volunteer" for that examination for the following reasons: 1: A SENSE OF AWKWARD EMBARASSMENT ASSOCIATED WITH A COLON EXAM 2: A RELUCTANCE TO UNDERGO A COLONOSCOPY WITH ITS PERCEIVED DISCOMFORT 3: "IGNORANCE IS BLISS!" Best explained by the fact that early stage colon cancer is "silent" and without symptoms. Translated: "I feel great so, why bother?" Put the above factors together and little wonder that colon cancer has become an increasing medical menace both in terms of the numbers of folks falling victim of mid-to-late stage cancer and the cost of treatment. Detected in its early stages, colon cancer can be effectively treated with 90% success. Mid-to-later stage colon cancer requires aggressive surgical treatment which in many cases leads to radically changed lifestyle changes which are also "inconvenient". Left too late and the result is a painful death. HCPD INCS "COLON HEALTH CHECK" is a fast-response AT HOME SELF-TEST which is NON-INVASIVE and 98.3% accurate. In less than 5- minutes the test will show either a negative or positive result.If "positive", users are highly motivated to seek appropriate medical investigation because symptoms have been detected that indicate the presence of POLYPS in the colon that may be benign or cancerous. At $39.95 the COLON HEALTH CHECK is not only highly convenient and EASY-TO-USE it costs way less than a doctors office visit plus the added cost of a colonoscopy. Once thought to be a disease that commonly affects adults aged 45+ the FACTS now indicate that adults aged 25+ are increasingly being diagnosed with colon cancer. COLON CANCER IS AN EQUAL OPPORTUNITY DISEASE albeit the incidence among the African American population is significantly higher. Many of you on B/O are under aged 35 with a sense of "immortality". Think again! In any event you have loved ones, parents and relatives who are aged 45+ and you need to make them aware of the need for an ANNUAL colon health check. HCPD have established an informational website which features a video presented by Brett Bernstein, MD who is Head of the Department of Endoscopic & Gastrointestinal Medicine at New Yorks Beth Israel Hospital. (colonhealthcheck.com) The other "Life Esential" Test that has been FDA cleared for consumer distribution is the CHOLESTEROL LEVEL TEST. Again, very easy to use with results in 5-minutes that indicate both your HDL (good) and LDL (bad) cholesterol levels. Make no mistake about it, sustained elevated levels of LDL cholesterol WILL lead to cardio-vascular problems not the least of which will be high blood pressure caused by the build up of plaque deposits attached the walls of arteries. Adults aged 25+ are encouraged to have a cholesterol level check-up every three months and again, at $39.95 for a single use Test, way less expensive than a dioctors office visit. FDA clearance on the Cholesterol level Test was received within the past couple of weeks and HCPD, Inc have yet to develop a consumer website for that product. So, if you want to order it you might want to send me an email inquiry and I will forward it to the Company who will contact you with "How to Order" information. DO NOT SEND ME YOUR CREDIT CARD INFORMATION - I DONT NEED IT - I DONT PROCESS ORDERS - AND NORMAL EMAIL TRANSMISSIONS DO NOT PROVIDE YOU WITH SECURITY. Some of you may be sufficiently interested in either or both products for business reasons especially if you have a spouse or a friend who is a "Health & Wellness" practitioner or a Certified Nutritionist or ND in private practice. "YES" HCPD, Inc have volume pricing available for purchase by such professionals. In addition, I have just introduced a special program whereby Non-Profit Health Foundations, Chapters of Philanthropic Organizations (Eastern Star, Freemasons etc) and Churches will receive special pricing on multiple unit orders for their Health Awareness Events. Just email me with brief details, name of Church/Organisation and quantity required. SOME OF YOU WILL DOUBTLESS COMPLAIN THAT I HAVE POSTED AN "OUT-OF-CONTEXT" PRODUCT ANNOUNCEMENT! Get over it! It just so happens that persons engaged in most sectors of the financial services industry - particularly those whos incomes are RESULTS BASED - are at higher risk of both colon cancer AND elevated levels of LDL cholesterol than the general population. WHY? Higher stress levels, irregular hours, diet/nutritional deficiencies, and a greater reliance on "snack foods" and other fast-foods. My email address is: coopercash@earthlink.net - Last Post by: frank drigotas jr on 07/04/2009 @ 2:02 PM

... (by: Boulderco)

... - Last Post by: Boulderco on 07/04/2009 @ 1:41 PM

Wells Retail - leaving foreign property off 1003 (by: jfrederick)

Had a client that owns 2 properties in France; both income generating. They also receive other forms of income from France. I told them we need to list everything, as it all shows up on their tax returns. They were lazy and didnt want to get it together, as they dont file their returns until sept. to coincide w/ France tax filing. They went to Wells retail and the LO and branch manager told them to not list any of it. Wont the UW or eventual investor see this when they execute a 4506? Isnt this illegal? I have a feeling the borrower is going to get screwed somewhere down the line. - Last Post by: jfrederick on 07/04/2009 @ 1:16 PM

Wholesale or Retail for myself (by: jmiller13)

Trying to figure out which is the best way to go for myself. I dont want to go through my broker because knowing him hell want to make something. Basically its a pretty solid deal 720 O/O 368k loan amount 80% LTV CA. Best Offer 4.5% on a 5/1 full amortized paying 0.25 plus 1300 lender fees. It seems pretty competitive to wholesale besides the 1300 lender fees. What do you guys think? i think the 5/1 at wells is 4.625% paying close to an 1/8. - Last Post by: jmiller13 on 07/04/2009 @ 1:13 PM

Do More Loans! RE Agent Marketing Program! (by: clarenceworley)

I have been using a website generation service/software/subscription to create websites for real estate agents listings. The pages get submitted to Craigs List every 4 days, as well as several other real estate listing sites such as Trulia, etc. I solicit agents who have listings to help them do marketing by creating websites, and all I ask for in return is mortgage financing referrals and to develop a business relationship. Many agents currently pay good money for sites that are not as high quality as these. I have found this service to be a win-win program to use to go out and establish real estate agent referrals: I am not just asking them for business but rather helping us both generate business. This is a great way to get your foot in the door with top listing agents. It also makes me feel more confident when cold calling agents. The service is relatively inexpensive monthly and allows for unlimited websites(up to 150) to be created. I loan a year pays for the service. I average 25-35 hits a weeks and have 9 agents signed up and 63 sites going. Check it out: http://www.domoreloans.com/e_testimonials.htm?refid=naitch6203 - Last Post by: clarenceworley on 07/04/2009 @ 1:12 PM

DEVELOPER A & D + CONSTRUCTION - UPDATED! (by: coopercash)

The past 20-months has seen a severe contraction in the number of banks and conventional financing institutions willing to finance developers of commercial, mixed use and master planned community projects. Numerous national and regional banks have gone so far as to literally "pull the plug" on established developers with potentially successful projects under way, on schedule and on budget. Reason? Banks are under pressure to improve their liquidity and are simply refusing to provide further draws to developers with a written notice that they want the current loan balance to be paid off ASAP. In addition, most conventional banks are basically "sitting on their hands" as they attempt to cope with resolving prior development and asset backed loans that have now become problems. However, since March 09, a small but growing number of private non-bank commercial lenders and investment groups are cautiously getting active in the development sector. Currently, 98% of conventional commercial bank-owned lenders are "allergic" to funding real estate development projects commercial or residential. Two of my main commercial funding sources qualify developers against the following key criteria: 1- Proven track record of development success; 2- Meet acceptable CASH LIQUIDITY levels; 3- Maintains a strong balance sheet; and 4- Exit strategy whether via lease-out or end sales MUST be viable within current and projected market conditions. In other words, if the developer is close to "broke" and the project is a "dog" dont even bother to send me an email inquiry! Minimum funding is $15-million and projects of up to $125-million will be considered. Larger funding requests may be possible if the "lead" lender has the ability to syndicate (share) the total amount with other lenders/investors A couple of these private investment groups will offer funding on a debt/equity basis which means that the investor will require 15% - 35% equity participation in the project and a "seat on the Board". Board representation is not to cause interference but to provide assurance their capital is being used properly and that progress timetable tables are adhered to on a cost-efficient basis. Cost of debt provided? Depends on a number of factors among which are financial market conditions. AT THIS TIME, deals are being confirmed at between 6.15 and 9.75 on a term of up to 60-months. Expect the investor to charge anywhere from 1.5 up to 6-Points. Front end costs and procedures will be fully explained to the client prior to and during the conference call that will be scheduled by the Program Manager assuming that there is true merit to the project and the developer. A significant amount of time and effort is required in developing the client file and to reduce the possibility of the client engaging with multiple brokers = "loan shopping" I require a formal Engagement Agreement with a retainer of $4,500. The referring broker will receive $1,500 of that retainer fee if they elect to work with me in putting the package together. The $4,500 retainer is ultimately deducted from the "Success Fee" agreed with the client and paid at closing. I will only accept clients and projects which, based on preliminary information provided by the client, appear to have at least a 70% chance of attracting a lender within a reasonable timeframe. A key component at this early stage is a review of the clients Personal and Business financial statements and an analysis of the Feasibility Study. A typical loan development process is as follows: 1: Preliminary conference call is scheduled with one or more potentially interested investors. Assuming that client and the lender achieve a mutual level of comfort, an outline of terms and conditions will be discussed. 2:A LOI and Terms Sheet will follow the conference call at which point the client signs the LOI and Agreement and returns with whatever amount of due diligence, discovery and project analysis fees are required. 3: Assuming a satisfactory outcome of the discovery process a LOC will be issued by the lender and the "countdown" to closing commences. As a general rule, the client MUST be able to evidence the ability to invest a minimum of 35% of total project cost into the project. If the client already owns the land, then the equity available in that land (based on an MAI Certified Quick Sale value)can be regarded as a part of that 35% cash contribution. If you have a project that would like me to consider heres what I need: Please email me a well presented EXECUTIVE SUMMARY of not more than 12-pages accompanied by the developers resume. If the developer has a project website then please provide the address. If you are not sure about how to prepare an Executive Summary please request an example format. If I believe that the project is worth pursuing I will then request the developers corporate and personal financial statements prior to securing my Engagement Agreement and "Success Fee" Agreement. The "Success Fee Agreement" contains an Addendum which specifies the basis on which Pts earned at closing will be shared with the referring broker...typically a 50/50 split. B/O MEMBERS: If you have questions regarding the program PLEASE EMAIL ME DIRECTLY rather than posting on this "Announcement". My email address is: coopercash@earthlink.net and please be sure to include your company/business name and contact phone #s. - Last Post by: coopercash on 07/04/2009 @ 12:56 PM

COMMERCIAL LENDING - PANNING FOR GOLD! (by: coopercash)

Over the past 2-3 months I have seen limited if welcome evidence that a number of commercial non-bank lenders are cautiously regaining their appetites for the RIGHT deal. With regard to NEW commercial project construction, "State, zip code and location" are important keys. An independent Feasibility Study will be usually be requested on retail, office, hospitality and on Assisted Living projects as will an MAI Appraisal from a "Hallmark" provider. Multi-family housing and student living projects are also of interest. The game changer is that in todays environment the client needs to have at least 30% and sometimes as much as 40% of TOTAL PROJECT COST available in invest in their project. Mezz and equity "kickers" MAY be available for 5% of total cost. Many developers are now having to "round up" private investors to come in with any equity deficiency and this has created a need for the developer to create a Private Placement Memorandum which in turn will be the subject of a Private Placement Offering. One of my associates is a FL based SEC Registered Asset Management Company that can be commissioned to handle both the PPM and the PPO. Success in commercial lending can be boiled down to three essential components: 1)A viable client; 2) A viable project or collateral; 3)As a broker/lo you need to have "control" over your client. VIABLE CLIENT: In todays environment your clients personal credit history and ***et strength are vitally important. While a sub 600 mid FICO is not necessarily a major problem a lack of cash liquidity and reserves is a deal killer. In most cases, commercial lenders will be limiting their exposure to somewhere between 60% and 70% of project cost (if new construction or a development)and up to 75% LTV if a purchase or a refi. VIABLE PROJECT/COLLATERAL: In the present uncertain economy ALL new "ground-up" projects whether a residential subdivision/master planned community, mixed use, commercial, retail, hospitality or resorts will be subject to intensive due diligence and our investment managers will be looking for a very solid Exit Strategy that is based on REALITY. The prospects for lender support for sub-division and master planned community projects in 2009 will remain bleak until such time as the stringent home buyer mortgage lending guidelines are relaxed and certainly until consumers can regain sure-footed confidence that their jobs/incomes are not at immediate risk. Once considered a "prime" sector... Senior LifeStyle Communities. The demand potential is there but a growing number of folks are unable to participate because they are unable to sell their present homes or are reconsidering their finances in the wake of major losses in the value of their stocks or 401K investments. EXIT STRATEGY: This can be considered in one of three ways... 1)Sale of completed "units" (houses, offices, retail spaces etc)which will enable the client to fully pay-off the development/construction loan within an acceptable timeframe; 2) Leasing contracts or pre-lease L o Is for completed construction which will produce an income sufficient to meet all overhead costs and debt service plus an adequate margin; 3)Operating income in cases where the property will occupied by the client at completion as might be the case with a professional/medical center, or an automotive repair facility. Multi-family projects (new development, purchase or refi of existing property) are evidencing strength given the fact that many victims of foreclosure will be seeking rental accommodation... in addition, to those folks who, 18+ months ago, would have been candidate for a sub-prime mortgage, are now resigning themselves to continue as renters unless they can qualify for a FHA or State Community HOusing Finance Program. ENERGY related projects that make sense are also of interest provided that the fundamentals are solid and not based on "wishful thinking". In addition, clients need to understand that projects requiring DEBT financing must be backed by at least 20-25% cash invested by client. In certain circumstances, UP TO 100% Project Financing can be provided for RENEWABLE ENERGY PRODUCTION and "Clean Tech" projects. CONTROL OVER YOUR CLIENT: Without securing a commited relationship with your client your chances of achieving a successfully closed loan are dramatically reduced. YOU are the professional and you must be able to inspire and convince your client that YOU can secure their financing... ***uming of course that the client and their project is viable. You need to secure a FEE AGREEMENT with your client BEFORE you start the search for funding. Your Fee needs to be reasonable because you will be seeking cooperation from the lender/investor in making your Fee Agreement a part of closing conditions. Believe me, if the lender is charging 1 - 3 Points you will NOT be able to charge your client 3, 4, or 5+ Pts and expect the lender to go along with that arrangement. On a loan for $10-million or more be thinking in terms of 0.25% - 0.50% of loan amount! Lenders do NOT like dealing with broker "daisy chains"! They will only communicate with their authorized "gatekeeper" who is the person ***igned to handle, review and present the initial intake information. If your most appropriate source of financing is an Investment Bank, a Hedge Funder or a Hard Money Lender you will need to EDUCATE your client with regard to the need for them to pay DUE DILIGENCE fees to the investor. Normal course of events is that if the investor expresses interest in the opportunity a conference call with the client will go in depth on the project. The investor may well be prepared to issue a provisional Term Sheet and a conditional L o I following that conference call. The L o I is 48-hours time-sensitive and requires that the client sign and return along with wiring their Due Diligence Fee. Those Due Diligence fees cover the investors costs for appraisal (or appraisal review), environmental and geologic reports, Title research, and in most cases travel costs because the investor will want to physically "kick the tires" and meet the client. Those Due Diligence fees are NOT refundable to client if the investor declines the loan as a result of negative discoveries. In some cases the deal may be "saved" if the client agrees to changed loan terms. Deals can also be considered in Mexico, Costa Rica, Panama, Belize, USVI, Dominican Republic and the Western Caribbean. HARD MONEY APPRAISED VALUES: While HMLs will advertise lending "Up to 70% LTV" it is absolutely essential that you explain to your client that does NOT mean actual appraised fair market value! The appraisal will be "adjusted" by the HML underwriter to a price that the lender believes a buyer could be found within 90-120 days if the loan goes into foreclosure. The HML will then base their loan on a percentage of that REDUCED value. Example: Property appraises at $1-million. "90-120 day" sales price 20% LESS = $800,000. 65% LTV = loan amount of $520,000. I am available to review your deals and I will give you some insights as to which of our investors would have interest. If the client and the deal make sense, well get it done! My contact information provided below. - Last Post by: coopercash on 07/04/2009 @ 12:55 PM

STOP USING TBW (by: MarkIFC)

Im getting tired of all of the threads on BO about TBW not funding. They are not the GOOD OLE" TAYLOR BEAN of old. Its not their computer system. They have had this issue since late last year. It is not getting better, its getting worse. They are stretching out UW turn times to buy time. They are re-stipping over and over to buy time. ---- I had a pre-approved 5/1 FHA that took 5 weeks just to clear some simple conditions. Yes they have a good rate on some products, IF YOU CAN GET THEM TO FUND IT. I dont know why LOs put themselves through hell. You have been warned. - Last Post by: MarkIFC on 07/04/2009 @ 12:34 PM

The Fed Is The Creature From Jeckyll Island (by: homer5)

I stumbled on a video series that spans 42 minutes on youtube. Its about the fed and how it affects our lives, how and who formed it, how it works, how it creates money and inflation, who controls it and what must be done about it. The video was created by G Edward Griffin who authored the book "The Creature From Jeckyll Island". Jeckyll Island was the birth place of our Federal Reserve System. You wont regret investing 42 minutes watching these videos. Youll walk away with a basic understanding of the fed and knowledge that will surpass that of many, many people on this subject. Here is a little about the producer and author...

quote:
Griffin enrolled in the College for Financial Planning in Denver, Colorado,[23] became a Certified Financial Planner in 1989, and described the U.S. money system in his 1993 movie and 1994 book on the Federal Reserve System, The Creature from Jekyll Island.[1] This popular book[24][25] has been a business bestseller;[26][27] it has been reprinted in Japanese, 2005, and German, 2006. The book also influenced Ron Paul during the writing of a chapter on money and the Federal Reserve in Pauls New York Times number-one bestseller, The Revolution: A Manifesto, which recommended Griffins book on its "Reading List for a Free and Prosperous America".[28] The title refers to the November 1910 meeting at Jekyll Island, Georgia, of seven bankers and economic policymakers, who represented the financial elite of the Western world.[29][30] The meeting was recounted by Forbes founder B. C. Forbes in 1916,[31] and recalled by participant Frank Vanderlip as "the actual conception of what eventually became the Federal Reserve System".[32] Griffin states that participant Paul Warburg describes the Jekyll Island meeting as "this most interesting conference concerning which Senator Aldrich pledged all participants to secrecy".[33] Griffins work stresses[34] the point which Federal Reserve chair Marriner Eccles made in Congressional testimony in 1941: "If there were no debts in our money system, there wouldnt be any money."[29] Griffin advocates against the debt-based fiat money system on several grounds, stating that it devours individual prosperity through inflation and it is used to perpetuate war. He also described a framework of central bankers underwriting both sides of an ongoing war or revolution.

Here are the video links. http://www.youtube.com/watch?v=hIs4ckyKSDA&feature=channel_page http://www.youtube.com/watch?v=ZJvgfEqYifI&feature=channel_page http://www.youtube.com/watch?v=RXUFSnAURVg&feature=channel_page http://www.youtube.com/watch?v=yknwT5LAWiA&feature=channel_page http://www.youtube.com/watch?v=2Yj7wdSdBuY&feature=channel_page - Last Post by: homer5 on 07/04/2009 @ 12:29 PM