danielle9
992 Posts |
 Posted - 04/25/2008 : 9:30:39 PM
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Not Doing Commercial Loans? Why Not?
You are currently losing out on more and larger commission checks that could be gained by simply sending me five items necessary to start the submission process:
1)Our submittal form. Please make sure this is complete, this is where you tell me your revenue expectations, so I can get the loan priced to meet your requests!
2)A 1003 (fully completed and all pages signed by the borrower(s))
3)Pictures of the property so that we can accurately determine classification
4)A current credit report for the borrower(s) that is dated within 30 days.
5)A purchase agreement(purchase) or current mortgage statement (refinance) and rent rolls (multi tenant properties).
Sounds too hard? Then consider the fact that we will process, underwrite, and fund your loan. We will do 90% of the work for you! Without these five items, odds are there is no loan anyways. Most residential loan officers are looking for alternative means of income and I welcome you to our side of the business. However, commercial loans are a much more complicated loan as a whole, than any residential loan. Whatever you know from the residential market, forget it. If you so choose, you are making the leap from foot surgery to brain surgery. We are here to help assist you in this transaction and to show you that the commercial market can be a very lucrative alternative in today’s lending world. We take the difficulty of funding these loans away by processing, underwriting, and funding your loans in a quick and efficient manner. Our motto is “We make commercial loans simple.”
Yes, that is correct. We process your loans. We order appraisal from a third party to ensure that the appraisal process is completed in a timely manner, accurate, and completed by an approved MAI appraiser. Title, escrow and insurance is also completed by us making the process easy and painless for you. Processing our own files ensures the best quality control on the file. We also underwrite the file to ensure that the rate, program, and LTV are maximized at all the potential possible for that specific scenario. Please understand that a commercial loan is not as simple as can the homeowner afford the mortgage. The commercial world is a labyrinth of loan specifics that can alter the direction that the loan will travel down.
The question that most brokers have at this point is, are you a third party broker? No, we are not. We are a direct lender. We have our own lending programs as well as access to other banks. We fund all our loans on our warehouse lines. We are not a servicer. We do not charge third party broker fees, in fact the only fees we charge up front are the fees that are incurred through the closing of the loan, and all those fees will show up as credit on the HUD.
So I ask you again. Why are you not doing commercial loans? Next time, do not pass up a commission check! Get the basic info and send the deal in!
Any questions, please do not hesitate to call.
Sincerely,
*´¨ )
¸.*•´¸.•*´¨)
(¸.•´ (*¸.Danielle Edwards-Lowndes
Business Development Manager
daniellelowndes@sbcglobal.net
www.clcnationwide.com
tel: 951.823.9135/fax: 888-792-5492 |
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