commercial loans
In those moments, often mortgage brokers are charging borrowers / developers prepayment before accepting your loan file. Brokers use several reasons for these costs, but as a developer, you should see this as a red flag.
Mortgage experience relevant actors should be able to determine whether or can not finance his project about 30 minutes reviewing your package. This of course assumes that you have all the essential elements necessary for the broker to make decisions, intelligent informed.
His agent 'll need an executive summary, assessment, feasibility study, business plan, the use of funds, establish schedules, pro forma and a list of how much money has been invested in the project. That's all. It's that simple. Often, you will fill out a form that puts all this information in a universal format for information that is favorable to business. It should not take more than 10 minutes to complete.
If a broker has to charge a fee for advance, probably because he or she is less successful and that is the real profit center for your business. So, who run their business in the costs of collection, not closing loans.
What is reasonable is that you sign a non-circumvention and / or service contract and give the agent within 30-45 days to give a letter of good faith for a legitimate lender. This is very important is to ask your agent if he already has a funding source that is directly.
The donor must also be able to run and finance the transaction, provided that the information is correct. The last thing you want is to give value to your project to a stockbroker then spent 30 days to find a donor. If it was not one that can finance your project should not accept it. Unfortunately, this does not happen.
To protect of this and ensure that the broker does not refer to another agent, you must specify in the contract that has to pay the agent a recommendation from the Commission to 10-25% for the connection. This saves the payment of a chain of brokers.
Yes, it's a jungle, hopefully this will save time and money.
-Brian W. Walker-
Walker Commercial Funding
http://www.walkercf.com
brian@walkercf.com
(281) 852-8298
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