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hmetcalf
326 Posts |
 Posted - 05/15/2008 : 6:59:24 PM
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I am trying to get into the commercial side. I have come across a few companies that want me to sign the non-circumvention and non-disclsure fee agreements.
I need help in structuring the deals. I have turned down well over $6MM in the past year on commercial deals. I want to know how to do it.
I am very close to doing it with a broker that is all over this forum.
I would like your thoughts. I do not have any time to spare. I have a $1.8MM deal and a $4.8MM deal in the works. But I do not want to screw the next 2 years of this up. Please give me your thoughts. |
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KHufford
6515 Posts |
Posted - 05/15/2008 : 7:01:41 PM
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Sounds like you already scrwed up the last year by turing down those deals....maybe that should tell you something. Do it!
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NobleHouse
357 Posts |
Posted - 05/15/2008 : 7:04:35 PM
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| Depends on the NCND, see if you can insert a closing date clause on there that releases you from commitment. |
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velecico
4209 Posts |
Posted - 05/15/2008 : 7:06:51 PM
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Do you have a copy of the NCND , I want one but I am too cheap to pay for an attorney |
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KHufford
6515 Posts |
Posted - 05/15/2008 : 7:09:29 PM
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quote:
Originally posted by velecico
Do you have a copy of the NCND , I want one but I am too cheap to pay for an attorney
Email me Ill send you one with my info deleted you can use.
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hmetcalf
326 Posts |
Posted - 05/15/2008 : 7:10:29 PM
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You dont need an attorney to get one. There are a few on here who, if you express interest, they will give you one to sign. If you are the lender who wants to orchestrate it, then you should buck up and get it worded the way you want.
Email me and I will send you the one that I have in fron of me. |
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hmetcalf
326 Posts |
Posted - 05/15/2008 : 7:11:08 PM
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| Kyle, What exactly do you do? |
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KHufford
6515 Posts |
Posted - 05/15/2008 : 7:15:29 PM
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quote:
Originally posted by hmetcalf
Kyle, What exactly do you do?
As far as what? RE Biz? One of my main outlets is a boutique commercial firm in AZ that I work with/for, MJM capital Group, that would be the reason for my use of NCND's with clients/ brokers if thats what you mean.
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hmetcalf
326 Posts |
Posted - 05/15/2008 : 7:26:05 PM
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| Are you in the business of helping people like me out or do you not bother with stuff like this? As far as executing NCND with people like myself? |
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Sasha
150 Posts |
Posted - 05/15/2008 : 7:37:47 PM
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| Hi do commercial loans and not all deals require NCND if you a going directly to the lender. IF you need some help call me I can give you some free tips. That will save you time and money. 757-320-4178 |
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KHufford
6515 Posts |
Posted - 05/15/2008 : 7:44:31 PM
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quote:
Originally posted by hmetcalf
Are you in the business of helping people like me out or do you not bother with stuff like this? As far as executing NCND with people like myself?
Dang it! I just typed up about 3 paragraphs of thoughtfull response to this and my computer crashed! So now Im pissed, long story short. Yes, sure. If we like a particular deal/project of yours we will work with you and you can be very involved and learn.
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mortgagemessiah
8003 Posts |
Posted - 05/15/2008 : 8:05:56 PM
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| Most NCNDs are garbage and are unenforeable. You need to have the client sign a fee agreement with an exclusivity clause. If you do that you don't need to worry about the funding source or controlling broker paying you. If the client signs a fee agreement and exclusivity agreement with you and closes it with someone else, he still has to pay you. |
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Managing Prime
2804 Posts |
Posted - 05/15/2008 : 8:38:33 PM
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quote:
Originally posted by mortgagemessiah
Most NCNDs are garbage and are unenforeable. You need to have the client sign a fee agreement with an exclusivity clause. If you do that you don't need to worry about the funding source or controlling broker paying you. If the client signs a fee agreement and exclusivity agreement with you and closes it with someone else, he still has to pay you.
+1 |
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velecico
4209 Posts |
Posted - 05/18/2008 : 10:57:22 PM
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quote:
Originally posted by KHufford
quote:
Originally posted by velecico
Do you have a copy of the NCND , I want one but I am too cheap to pay for an attorney
Email me Ill send you one with my info deleted you can use.
Thank you , just did |
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velecico
4209 Posts |
Posted - 05/18/2008 : 10:59:26 PM
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quote:
Originally posted by mortgagemessiah
Most NCNDs are garbage and are unenforeable. You need to have the client sign a fee agreement with an exclusivity clause. If you do that you don't need to worry about the funding source or controlling broker paying you. If the client signs a fee agreement and exclusivity agreement with you and closes it with someone else, he still has to pay you.
Thats sweet , do you have a copy of the ones you use ? |
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mortgagemessiah
8003 Posts |
Posted - 05/19/2008 : 05:56:14 AM
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| Send me a deal and you'll get one. |
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velecico
4209 Posts |
Posted - 05/19/2008 : 3:16:45 PM
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I just sent you a lead , can you now send it ? |
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EMScommercial
5141 Posts |
Posted - 05/19/2008 : 3:33:57 PM
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| We use them on every deal. |
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samwillsonbiz
194 Posts |
Posted - 05/20/2008 : 09:28:41 AM
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| We use NCND, as well as a Fee Agreement. |
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velecico
4209 Posts |
Posted - 05/22/2008 : 4:07:31 PM
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The new question is , have you ever collected on a fee agreement ? i would think a judge would not be very sympathethic to a broker trying to collect a fee on something like this , lets take the extreme , your client signs fee agreement and you give letter of intent $10,000 review fee , 12% 4 pts , 3 year hard money , they refuse , they get a line of credit at Wells Fargo at PRIME with no points , now you are owed a fee ? I would wipe my ass with the fee agreement and have you take me to court LOL
I actually have this scenario happening right now |
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EMScommercial
5141 Posts |
Posted - 05/27/2008 : 1:41:12 PM
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| our fee agreement (broker contract) states that we will only be paid our broker points at the time of closing/funding.... typical.... |
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