|
| | Commercial
Mortgage Brokers - Continued...
Selecting a commercial mortgage broker to fund your commercial real estate
development project is fraught with dangers. If you are seeking a
successful outcome using the commercial mortgage broker route, then make the
best of it. Here are some of our tips:
 |
Ask for the last 10 deals the broker has completed and funded. If
the broker won't provide the information, then move on to another broker
without further discussion. |
|
Investigate the list. Make sure it isn't a "salted"
list of related companies or worse. |
|
Ask the broker which institutions they have a correspondent agreement
with. If they say they don't have one or won't let you see it, you are
dealing with the wrong broker. |
|
Some brokers are just connected to more brokers. Every one of
them wants to be paid a point, so you end up with too many points on a deal
that won't get funded. |
|
Some brokers "shot-gun" applications to a multitude of
institutional investors with whom they have no more of a relationship than
you do. Shot-gun blasts should be avoided at all costs. |
Ask the questions. Listen to the answers. If you aren't sure,
call Rainmaker Marketing Corporation and seek the answers.
| |
|
|
Do
You Know The Secret?
When it comes to commercial real
estate development finance, it doesn't matter whether you need to raise
$5 million or $50 million, the out-of-pocket costs, advance fees and
project due diligence costs will always require the same relative
investment dollars the promoters have to fund. Do you know what
that amount is? Do you know the Secret? |
|
