Q. I have been in the business for about 4 years now and have been co-brokering my commercial deals so far. All I really do right now is call my commercial contact with the scenario, he tells me what docs to collect and if it can be done we split the commission. Do you recommend someone like me trying to contact commercial lenders myself and trying to originate them or is it best to continue working with my commercial contact and just split the money?
Q. I have a deal pre-qualified..... a doctor of general medicine who is buying a condo office here in Miami.. its in a rental building that is been converted to condo offices..of course this is commercial..I did call already your commerical side but they only offered a 25% commission split of 1 or 2 points you charge..that is not what I am looking for...however, I will still fax them the loan summary and see what they offer him.
My question is where can I place this loan???...the scenario is the following:
He has a 660 middle credit score, no mortgages..he is putting down 10% as down payment..the seller is willing to give him a second ballon loan for 10%..so I need 80 % financing...the thing is he has only 2 years in practice and 5 months ago he opened his own corporation.so ifi for full doc...i was thinking of doing him stated...his gross monthly income is$16,000.00 out of that he pays his quaterly tax ..the purchase price is $203,000.00...Brian can you tell me who can give him a first mortgage for 80%...he wants to get it done ASAP
Q. RE: Stated Commercial Products
* Funding Ratios?
* Assets, Build-Out, & Lease
Pmnts as downpayment?
I have borrower's who are requesting a Stated Commercial Loan Product to purchase the building in which their business
has been in for the past 18 months.
(New commercial building.
They are the 1st and only tenants)
(The Borrower's have a lease with an option to purchase,
along with a completed and signed purchase contract.)
The problem that I foresee is that the Borrower's are requesting 100% - 90% funding. Ouch!
($623,000 sales price)
($48,000 in lease paid to date,
lease/purchase contract states
lease payments will be credited toward their Downpayment)
(scores are 726 - 781.
Quite simply; Does a Stated Commercial product exist
with funding ratios that high!?
Also, can the cost to "build-out" the new building
($60K in this case) or inventory ($100K)
have any validity, or count toward the required downpayment?
Any input or guidance would greatly be appreciated.
Thank you in advance for your time.
It is very much appreciated!
PS....Enjoy your holiday!
Q. I HAVE A PASTOR LOOKING AT A BUILDING FOR 900,000 , HE HAS 200,000 CASH TO PUT DOWN. HE ALSO HAS A CHURCH BUILDING, NOW OWES 100,000 WORTH 500,000 WOULD LIKE TO REFI, CURRENT RATE IS 12%
Q. Brian, I read your article on understanding com. mort. and thought it was very informative. When I reached the end of the ar
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