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Will You Add? - Understanding Large-Scale Commercial Mortgage Financing Part-03
This article sends you Chief Marketers on a scavenger hunt within your small business. Just search, for now. Discover and learn for now; we’ll apply later.We are looking for three things:1. Look for places to touch the customer. Identify those likely places you can plant a “sweet something”.2. Listen for customer phrases or comments about your service. Let her tell you those sweet somethings that you’d like her to pass on.3. Ask customers a key question—“what’s your favorite thing about our store?” Rephras
Today you will learn all about pay per click advertising and what it can do for you and your company. Pay Per click advertising is one of the easiest and fastest ways to get traffic to your website with out emptying your pockets. I am going to go over a few things today like which company you should choose to start an advertising campaign with and not waste your time or money. I will try to answer some popular questions like how do you know when to trust a ppc search engine, Should I choose a big or small pay per click search engine an
As mentioned, the commercial mortgage brokerage business is not well regulated and there are many unscrupulous and crooked operators in the market—shysters who will require up-front fees before you get a loan. And depending on the amount of financing you are seeking, these fees can be substantial, typically one percent (1%) of the loan amount. In reality, there is no value in paying a commercial mortgage “broker” any up-front fees to get a commercial mortgage for a grade-A income producing property. Why? Typically, commercial mortgage brokers do not provide financing directly to the borrower. Instead, they tend to represent mortgage “banking firms”, a much more qualified and professional level of operation, who represent life insurance companies in the market. Now, paying fees to mortgage banking firms is a different story because you are dealing with a legal representative of the insurance company providing the financing and applications fees are normally paid to these banking firms at the appropriate time (generally discussed in part 1-2).
Dishonesty, however, runs in both directions in this business and borrowers can be just as crooked as the brokers. For this reason, brokers often demand borrowers to sign non-disclosure/non-circumvention agreements (non-comps) to prevent the borrower from going around the broker directly to the lending organization. This is fair. The mortgage broker has taken time and money to develop conduit relationships with mortgage banking firms which you would not find own your own unless you are already a player with some deals under your belt.
Before you sign any agreements with a broker, make sure you get legal review, even if you think that you understand the agreement. Many non-comp agreements tend to run in perpetuity and can bind you for a long, long, time from ever seeking financing own your own without the broker. There are a variety of non-comps floating around and some are better than others. Make sure you have an attorney review them before signing. If you do sign a non-comp, makes sure you get a registered list of the broker’s lenders, in writing, so that you are limited only to their current source of lenders. This way you can deal with lenders not on the list directly.
The only time it is reasonable to pay a broker a fee, and I was in the business for quite awhile, is if they are preparing loan request packages for submission to banks (typically business and/or construction loans). Another occasion to pay fees if the broker is consulting and advising you for the assembly of legal and financial documents needed to facilitate a loan. In this case, there may be some justification for fees and it is a matter of what you are willing to pay. What’s the hourly rate worth? That’s a gut call, around $50.00 hour for every actual billable hour with per-project limits pre-set to say $250.00. When they hit the $250.00 mark, you want to see an audit trail of the billable sch
House Plans are 2D; Houses are 3DDoes this statement seem a little obvious? Of course it does, and yet it's at the root of the dissatisfaction of the buying and building experience of many house plan purchasers.The drawings that you see on house plan websites and in plan books aren't well suited to describing the design of the house to you. They're really just marketing diagrams - at a very small scale - that tell you a little bit about how big rooms are and which rooms are next to each other, and not much else.
Dishonesty, however, runs in both directions in this business and borrowers can be just as crooked as the brokers. For this reason, brokers often demand borrowers to sign non-disclosure/non-circumvention agreements (non-comps) to prevent the borrower from going around the broker directly to the lending organization. This is fair. The mortgage broker has taken time and money to develop conduit relationships with mortgage banking firms which you would not find own your own unless you are already a player with some deals under your belt.
Before you sign any agreements with a broker, make sure you get legal review, even if you think that you understand the agreement. Many non-comp agreements tend to run in perpetuity and can bind you for a long, long, time from ever seeking financing own your own without the broker. There are a variety of non-comps floating around and some are better than others. Make sure you have an attorney review them before signing. If you do sign a non-comp, makes sure you get a registered list of the broker’s lenders, in writing, so that you are limited only to their current source of lenders. This way you can deal with lenders not on the list directly.
The only time it is reasonable to pay a broker a fee, and I was in the business for quite awhile, is if they are preparing loan request packages for submission to banks (typically business and/or construction loans). Another occasion to pay fees if the broker is consulting and advising you for the assembly of legal and financial documents needed to facilitate a loan. In this case, there may be some justification for fees and it is a matter of what you are willing to pay. What’s the hourly rate worth? That’s a gut call, around $50.00 hour for every actual billable hour with per-project limits pre-set to say $250.00. When they hit the $250.00 mark, you want to see an audit trail of the billable sc
Shipping containers are basically used for temporary storage of goods while it is being transported from one place to another. These containers are made out of different materials and are designed differently to fit different usages. These come in different sizes and weights as well.Dimensions: The different lengths of shipping containers are – 10 feet, 20 feet, 30 feet, and 40 feet. The width is 8 feet. Heights are either 8.5 feet or 9.5 feet.It is important that one understands the terms when talking about shipping con
Dishonesty, however, runs in both directions in this business and borrowers can be just as crooked as the brokers. For this reason, brokers often demand borrowers to sign non-disclosure/non-circumvention agreements (non-comps) to prevent the borrower from going around the broker directly to the lending organization. This is fair. The mortgage broker has taken time and money to develop conduit relationships with mortgage banking firms which you would not find own your own unless you are already a player with some deals under your belt.
Before you sign any agreements with a broker, make sure you get legal review, even if you think that you understand the agreement. Many non-comp agreements tend to run in perpetuity and can bind you for a long, long, time from ever seeking financing own your own without the broker. There are a variety of non-comps floating around and some are better than others. Make sure you have an attorney review them before signing. If you do sign a non-comp, makes sure you get a registered list of the broker’s lenders, in writing, so that you are limited only to their current source of lenders. This way you can deal with lenders not on the list directly.
The only time it is reasonable to pay a broker a fee, and I was in the business for quite awhile, is if they are preparing loan request packages for submission to banks (typically business and/or construction loans). Another occasion to pay fees if the broker is consulting and advising you for the assembly of legal and financial documents needed to facilitate a loan. In this case, there may be some justification for fees and it is a matter of what you are willing to pay. What’s the hourly rate worth? That’s a gut call, around $50.00 hour for every actual billable hour with per-project limits pre-set to say $250.00. When they hit the $250.00 mark, you want to see an audit trail of the billable sc
Income TaxesIf you are excited at the prospect of doing your taxes, you are one of the few lucky ones. For most of us mere mortals, our taxes are an incredibly intimidating and complex beast. Needless to say, the U.S. tax code does not make for a light read. Nonetheless, you are still obliged to file and pay your taxes, no matter how daunting the task may be.Fortunately, help may just be a phone call away. This article will discuss various methods you can use to make filing your taxes as stress-free as possible.broker, make sure you get legal review, even if you think that you understand the agreement. Many non-comp agreements tend to run in perpetuity and can bind you for a long, long, time from ever seeking financing own your own without the broker. There are a variety of non-comps floating around and some are better than others. Make sure you have an attorney review them before signing. If you do sign a non-comp, makes sure you get a registered list of the broker’s lenders, in writing, so that you are limited only to their current source of lenders. This way you can deal with lenders not on the list directly.
The only time it is reasonable to pay a broker a fee, and I was in the business for quite awhile, is if they are preparing loan request packages for submission to banks (typically business and/or construction loans). Another occasion to pay fees if the broker is consulting and advising you for the assembly of legal and financial documents needed to facilitate a loan. In this case, there may be some justification for fees and it is a matter of what you are willing to pay. What’s the hourly rate worth? That’s a gut call, around $50.00 hour for every actual billable hour with per-project limits pre-set to say $250.00. When they hit the $250.00 mark, you want to see an audit trail of the billable sc
Everywhere we look automation is impacting our lives. Technology allows us to automate just about everything. I marvel at the little floor sweeping robot that automatically sweeps the floor. It is amazing that we will spend so much time on a tool that improves the broom when businesses spend so little time on improving the most important aspect of their business.What I don’t understand is the hesitation of business to automate the sales process. Is there a special rule that says, salespeople can’t or shouldn’t automate sales? Cu
As with any business relationship in which you find yourself pressed to sign legal documentation it is always a good idea to get legal review first. I have repeated this many times throughout these articles because many people ignore this advice until they sign a document, and them it is to late.
To your success!
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Copyright © 2006 James W. Hart, IV All Rights reserved
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