100 adverse credit mortgage

100 adverse credit mortgage
When is the best time to ask your borrower to sign your commercial mortgage fee agreement? There is some debate over this. Although all are agreed that before the borrower sees a term sheets that you have . This may be a small detail, which is one of those kids who have a major impact on your wallet.

If you ever heard a borrower say, after reviewing a LOI you delivered, "" Oh, I know this bank. I have worked with them in the past. Well, why do I need you? "" When you know what I'm talking about. If you do not hold as brokering loans, and you will.

Some brokers charge a fee to get signed, while they collect documentation. Others recommend that the borrower "moving first, start the verification and qualification of the proposed deal, as if they are confident there is something to work, then for an agreement. Others will be a step further, and only to the agreement signed when they were built with an ignition loss of a lender / bank.

Which is best? I do not know, and I think it depends on which, the borrower and your style.

Some commercial mortgage brokers as a combination of a broker and an hourly consultant. This is more of a traditional approach and it requires more steps and a thorough distribution to the borrower to agree. Often, commercial brokers, that transactions of this nature will only work on an exclusive basis and essentially require that they organize and implement the entire shopping and no matter what, will be paid. This strategy has its draw backs, however, as "stuck" working on us, which is unlikely to finance. And, it can be a very difficult system to sell to the borrower to give that much control.

The other strategies are really about the borrower, "" pregnancy "" first, meaning that they regarded as "slippage" in the agreement at the appropriate time. There are some disagreements over the appropriate period, within that, too. For example, have They present the Letter of Intent "from the lender and your fee agreement at the same time, ie the whole lot at the same time?

Others would say that you are in a difficult situation, and that you should the borrower to agree on the fee agreement first, as after the signing of the LOI. This strategy would probably be more suitable if it is a general mistrust of the state or just a beginning relationship.

Whatever you decide, is not confined to mere words or by e-mail to protect your fee. Get it in writing or do not be surprised if you have any questions, paid.

Jeff Rauth is President of Commercial Finance Advisors, Inc. A nationwide broker and lender. Loan of $ 400,000 - $ 5,000,000. 248 885 8797. Do you have a commercial mortgage broker business training books, legal documents, spreadsheets, etc., the broker must. Prices start at only $ 4.95! Check it out. commercial real estate loans or loans gas.