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alersc
82 Posts |
 Posted - 05/18/2008 : 9:47:00 PM
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Hey Everyone:
I am trying to get a list of some of the DIRECT COMMERICAL Lenders out there. I dont need any brokers please. I've had my share of 3rd partys. My company is spending 2K on a DM campaign targeting Commerical Arms that are about to expire over 1mm. Lets get a list of all DIRECT LENDERS out there. Please include you name, contact info, and website if you have one. Also, let us know what your niches are. |
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mortgagemessiah
8003 Posts |
Posted - 05/19/2008 : 06:06:10 AM
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First, in commercial lending there is no such thing as a direct lender unless they are a hedge fund or a bank. If someone is claiming to be a direct lender they're acting as third party and selling the loan after closing. Hence acting as a glorified broker. So you are dealing with a 3rd party anyway.
It's okay to deal with 3rd parties in commercial lending. It's done all the time. However, you need to know what you are doing and know it well because the 3rd party is not looking out for your best interest, he/she is looking out for theirs. |
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lenderben
1081 Posts |
Posted - 05/19/2008 : 06:17:42 AM
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we are direct commercial hard money lenders.
$1m-$15m loan amounts
50-65% LTV
1-3 year loan terms.
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bizlender
16 Posts |
Posted - 05/19/2008 : 07:33:57 AM
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Business Lenders is a Direct Lender. (Meaning we have the final decision authority and use our own funds to close our loans). We are owned and financed by Merrill Lynch. We specialize primarily in SBA 7(a) financing where are niches are the following:
- Up to 90% LTV financing available (property must be at least 51% owner occupied.)
- DSCR as low as 1.00x.
- 25-year amortization with no balloon payments or call provisions.
- Minimal loan covenants
- 5%, 3%, 1% pre-payment penalty
- Quick turntimes - currently 3 days for a loan commitment upon receipt of full package.
Our niche is that we generally provide higher loan proceeds than most commercial lenders on properties/borrowers such as Manufacturers, C-stores, gas stations, car washes, day care centers, distributors, restaurants, retailers, wholesalers, medical/dental practices.
Our minimum loan size is $250,000 and with the 7(a) program, max loan size is $2 million.
Chris Goodrich
V.P., Business Development
Business Lenders, LLC
50 State House Square
Hartford, CT 06103
ph: 860-895-6026
cgoodrich@businesslenders.com |
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bankwalker
156 Posts |
Posted - 05/19/2008 : 07:56:27 AM
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I would also like a list of all commercial brokers
that are eager to co-broke. Some of you have already
contacted me privately and I appreciate that. I haven't
gotten back to you yet but I will.
I prefer to send prequalified leads to the commercial broker
and let them take it from there with minimal involvement
on my part. I want to spend my time hunting.
If someone like me sends a pre-qualified lead to a competent
commercial broker who then prepares and closes the loan,
how much is that worth in the current marketplace?
Are there any legal issues with working this way?
Thanks in advance.
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brad.easter
696 Posts |
Posted - 05/19/2008 : 09:07:23 AM
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quote:
Originally posted by mortgagemessiah
First, in commercial lending there is no such thing as a direct lender unless they are a hedge fund or a bank. If someone is claiming to be a direct lender they're acting as third party and selling the loan after closing. Hence acting as a glorified broker. So you are dealing with a 3rd party anyway.
It's okay to deal with 3rd parties in commercial lending. It's done all the time. However, you need to know what you are doing and know it well because the 3rd party is not looking out for your best interest, he/she is looking out for theirs.
You too simplistic. Investors are the top of the food chain and will but according to their guidelines. When I close a loan the docs are in our name and we fund the money. Almost all direct lenders sell to an investor or they are soon out of money. That is just sound lending. The risk is spread and more money is available to lend on the next deal.
I AM a direct lender with over 8100 loan programs to meet the needs of your clients. I would be honored to be on the list.
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EMScommercial
5138 Posts |
Posted - 05/19/2008 : 09:22:22 AM
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Mary,
I just sent you an email.
No, co-brokering in commercial is legal and done all the time.
***************************
As far as the original poster requesting no assistance from brokers, we wish you well in your commercial financing endeavor.
If you run out of options by just asking for help from lenders directly and would like to utilize our staff and internal database ....
** We issue a mutual NCND to protect both sides!! **
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source....
Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 300+ entries as of today (lenders, banks, private money, hedge funds, insurance companies, etc.)).
Remember... We only get paid when the thing funds!
Hyperlink to our page for submissions - very straight forward and simple - http://www.EclipseMortgageServices.com/body_contactme.php - we will receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting the process!
Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf
Thanks!
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bankwalker
156 Posts |
Posted - 05/19/2008 : 11:14:09 AM
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is there such an animal as a commercial-only net branch?
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SFPartnersLLC
58 Posts |
Posted - 05/19/2008 : 3:35:03 PM
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I am a direct commercial lender based in Miami, FL.
Website: www.sfmortgagelenders.com
All I need in order to get you a letter of intent that will include our rate and terms is a complete 1003, credit report, and rent roll if applicable.
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PinnaclePeters
1113 Posts |
Posted - 05/19/2008 : 5:23:18 PM
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We broker some deals, and others go directly to the end investor. Directly from us.
It depends on the characteristics of the loan.
Right now, nobody wants to tie up any of their own funds if they don't have to.
If there is an end-investor that will commit their funds to finance the deal (similar to the way that Fannie/Freddie does for residential loans), then that's whose guidelines we will follow and that's where the loan will end up.
In commercial, loans are underwritten to a myriad of different end-investor's guidelines.
Some of these end investors are Insurance companies like AIG, Farm Bureau, Genworth, American Fidelity, John Hancock etc...
Others are Wall Street firms that bundle these Commercial Mortgage-Backed Securities - RBS, Lehman Brothers, Deutsche Bank, ABN Amro, CIBC etc...
Still others are banks like Wachovia, Wells Fargo, WAMU...Or "Hard Money" hedge-fund lenders... Or "Government Insured" program conduits for SBA or USDA loans...
Smart "lenders" keep all these avenues available to themselves so we can fund loans with a level of confidence that we won't be stuck with these on our warehouse lines.
We saw what just happened in residential lending and we will not put ourselves into that predicament.
So if you want a list of "Direct Lenders", it will be a very short one that will allow "direct" access on a wholesale basis to just anybody that has a commercial scenario to submit. |
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KHufford
5999 Posts |
Posted - 05/19/2008 : 5:32:22 PM
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Feel Free to add us - 'MJM Capital Group' to the list of commercial firms. We currently have a solid appetite for apartment finacing and hard money in AZ.
Thanks
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Quicksilver
4630 Posts |
Posted - 05/19/2008 : 5:43:11 PM
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| I will say this, not all correspondents are bad, usually better pricing and terms as the end buyer/investor would rather have an inflow from a company prepping the loans instead of directly themselves and give incentive to the correspondents b/c of the amount they flow through. On certain projects a hedge fund, or Life Company will have its place but 99% of the time much more costly and terms not that great except they are generally niched towards tougher projects for which they can comparatively be aggressive on compared to lenders doing the same (hard equity etc), though I've gotten some to invest partly into some of my business projects but thats completely different then RE Lending. As an example I've had loans closed through "direct lenders/correspondents" that I know were being sold to Lehman, Wachovia, La Salle etc, and better pricing and terms and spread then going directly. |
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kenvphan
452 Posts |
Posted - 05/20/2008 : 11:23:59 AM
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| Everbank is a Federally Chartered; FDIC insured financial services institution and equal housing lender. |
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michellec
150 Posts |
Posted - 05/20/2008 : 11:27:45 AM
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| For small commercial check out InterBay (stated) or Silver Hill (full doc). |
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lorie
487 Posts |
Posted - 05/20/2008 : 11:38:17 AM
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Coast Investors
305-446-9125
www.CoastInvestors.com
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brad.easter
696 Posts |
Posted - 05/20/2008 : 11:49:56 AM
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[/quote]
8100 loan programs, pullleeaze.
[/quote]
CCBank- don't denigrate what you don't know. Be positive in life and you'll get much more out of it. I was stuck in the commercial bank world and got tired of the guys at CLC beating my **s! So if you can't beat...join 'em!
Best regards |
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ZoolanderMSM
213 Posts |
Posted - 05/20/2008 : 12:29:25 PM
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quote:
Originally posted by EMScommercial
Mary,
I just sent you an email.
No, co-brokering in commercial is legal and done all the time.
***************************
As far as the original poster requesting no assistance from brokers, we wish you well in your commercial financing endeavor.
If you run out of options by just asking for help from lenders directly and would like to utilize our staff and internal database ....
** We issue a mutual NCND to protect both sides!! **
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source....
Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 300+ entries as of today (lenders, banks, private money, hedge funds, insurance companies, etc.)).
Remember... We only get paid when the thing funds!
Hyperlink to our page for submissions - very straight forward and simple - http://www.EclipseMortgageServices.com/body_contactme.php - we will receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting the process!
Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf
Thanks!
"We only get paid when the thing funds!"
Chris, is entirely true? Last time I sent a file over there I had to ask the client for a $600 "good faith" deposit. I was told that I had to get this and a number of EMS forms signed before I could go back to the client and ask for a second deposit that would be required by the actual lender. |
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ktucker
56 Posts |
Posted - 05/20/2008 : 2:19:10 PM
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We are experts at SBA 504 loans and fast, with a 24 hr turnaround for fully underwritten pre-approval. We have in house underwriters and construction disbursement dept.
90% Loan to Cost purchase, renovation or construction for most owner occupied buildings.
We pay up to 2 pts referral fee |
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EMScommercial
5138 Posts |
Posted - 05/20/2008 : 3:20:19 PM
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zoolander....
you sort of didn't mention that we send out a quote letter with all the quotes that we have received on that particular scenario for the borrower to choose, along with the broker contract and the gf/ncnd....
that good faith deposit is refunded at closing.... please... $600 to keep someone from kicking tires all over town and be sure they get us the documents we need??
we've tried it both ways... if we don't make the borrower commit to the process, we all lose because they typically will never get to us/the lending source what is needed to actually CLOSE the loan!
we love writing those refund checks.... it means we got paid the fees we worked for (if it was co brokered - we send the other broker their commission check) and shoot over the refund of the upfront small fee along with a small gift in many cases.....
i don't recall your scenario, but if the client wouldn't put up that small fee, it's unfortunate....
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brad.easter
696 Posts |
Posted - 05/20/2008 : 3:25:27 PM
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quote:
i don't recall your scenario, but if the client wouldn't put up that small fee, it's unfortunate....
If the client wouldn't come-up with that small fee...he didn't have a deal to begin with. Set expectations early and follow though. It costs real money to do a commercial deal. $600 is a rediculously low upfront fee. |
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Matt W.
1928 Posts |
Posted - 05/20/2008 : 11:09:16 PM
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We like the small balance commercial paper for most property types including bar / restaurants that are back on the matrix!
Loans from $100k to $5M
Min fico 600
Min DSCR 1.0
Sorry no land deals, adult entertainment, construction or blanket SFR's- other than that we welcome the scenario!
Thanks,
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Ging
154 Posts |
Posted - 05/21/2008 : 12:45:09 AM
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| now i have seen every thing some one is being refered to silverhill and interbay the residential morphs that have the worst pre payment in the industry |
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ZoolanderMSM
213 Posts |
Posted - 05/21/2008 : 4:56:50 PM
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quote:
Originally posted by EMScommercial
zoolander....
you sort of didn't mention that we send out a quote letter with all the quotes that we have received on that particular scenario for the borrower to choose, along with the broker contract and the gf/ncnd....
that good faith deposit is refunded at closing.... please... $600 to keep someone from kicking tires all over town and be sure they get us the documents we need??
we've tried it both ways... if we don't make the borrower commit to the process, we all lose because they typically will never get to us/the lending source what is needed to actually CLOSE the loan!
we love writing those refund checks.... it means we got paid the fees we worked for (if it was co brokered - we send the other broker their commission check) and shoot over the refund of the upfront small fee along with a small gift in many cases.....
i don't recall your scenario, but if the client wouldn't put up that small fee, it's unfortunate....
I'm not knocking the service, because EMS did a great job putting together a product matrix. The challenge is explaining to the client why they need to write a check to another company (who is not the lender) when they're hiring me as their broker. I was not aware that it was refundable. Perhaps I should consider a deposit for myself next time so I'm not wasting time for nothing? That's not a bad idea.
Also, in this case I had been working with another intermediary for a month. They weren't getting anything done so I turned to EMS. The client was already battle weary by that point, however I was sending EMS a very thorough package. |
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nancy.mortgage
121 Posts |
Posted - 05/22/2008 : 06:23:52 AM
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I recently joined CU Lending Partners, a direct lender with make sense underwriting and reserve requirements. We do a wide variety of commercial/super jumbo residential . I'd appreciate it if you went through myself to get signed up, I was a subprime AE and I need the loans . I am very impressed with the company so far. |
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hardmoneyfunds
58 Posts |
Posted - 05/26/2008 : 11:53:15 AM
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If property is in the Washington DC Metropolitan area (DC, Maryland, Virginia) and private money is an option, we can assist you.
We are private hard money lenders. We offer true equity-based lending for commercial properties (office buildings, strip malls, warehouses, apartment buildings, mixed-used buildings and more). No 1003, no credit report, no tax returns and no bank documents are required. Purchasing or refinancing (unlimited cash out / no use of funds letter necessary).
Our loans are short-term (six months to a year). No upfront application fee, no prepayment penalty, and in most cases no appraisal is required.
For more information contact:
Georges Franco
(202) 595-5472 Tel
(877) 720-7409 Fax
gfranco@applyforhardmoney.com
www.applyforhardmoney.com
Hard Money Loans for Real Estate Investors
Residential / Commercial / Land / New Construction
DC Metro area (VA, MD, DC) |
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Gregg Wood
7 Posts |
Posted - 05/26/2008 : 8:06:42 PM
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| Stay away from Metro Funding |
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swmsn
4205 Posts |
Posted - 05/27/2008 : 12:14:39 AM
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What EMS is asking for is very common. ( and as I have mentioned to him in the past very cheap avg. in the industry is $1400 ) Many times this fee is not 100% refundable. Chris decided he would make his that way.
The best way to explain to your would be by having EMS doing so. Typically the lead broker should have contact with the borrower. They can sell the product, cut through any questions, and explain a LOI perfectly. I usually have the brokers that use me to introduce me as their strategic partner, commercial division partner whatever. I have never had a problem with the explanation. We also do not ask for a fee until and LOI is given. ( The LOI will already be done by the LENDER/UW so its not like the LOI/Term Sheet is not real, as sometimes happens out there )
Zoo: ( great name by the way ) you had mentioned maybe you should charge a fee as well. I agree 100%, but you must charge for your worth into the deal to that point. You can't ( or shouldn't ) gouge a borrower, not got mention of they were already burned they should not of went that direction anyway. Sometimes I know your not sure where to go and have to be bitten first. BUT one should also know when to step aside and admit that they can not help the individual.
ALER:As you can see there are many options. The best thing for you to do while learning is to post your scenario and get responses that way, as well as find someone you can trust to work with. That way you will not waste time, lose deals, learn how to structure and the lingo etc...etc...
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ComLender
1266 Posts |
Posted - 05/27/2008 : 11:39:58 AM
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| Feel free to call or e-mail me to discuss our programs. |
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alersc
82 Posts |
Posted - 05/27/2008 : 11:47:01 AM
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Ryan:
What would you say your NICHE is? For example can you do deals that are 6.8mm with a 6.5 credit score at 76% LTV? |
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velecico
3991 Posts |
Posted - 05/27/2008 : 12:26:50 PM
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Does the Swami do commercial ? |
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rocky007
360 Posts |
Posted - 05/31/2008 : 06:17:52 AM
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| still kickin here |
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edgmtgs
334 Posts |
Posted - 05/31/2008 : 07:30:01 AM
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| Scottsman guide? hows that list? |
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waynepbright
3678 Posts |
Posted - 05/31/2008 : 10:40:19 PM
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Check in Scotsman Guide .... The Commercial Edition seems to be updated regularly. |
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stbmortgage
70 Posts |
Posted - 05/31/2008 : 10:45:25 PM
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quote:
Originally posted by alersc
Hey Everyone:
I am trying to get a list of some of the DIRECT COMMERICAL Lenders out there. I dont need any brokers please. I've had my share of 3rd partys. My company is spending 2K on a DM campaign targeting Commerical Arms that are about to expire over 1mm. Lets get a list of all DIRECT LENDERS out there. Please include you name, contact info, and website if you have one. Also, let us know what your niches are.
Contact Paola Sanchez- Velocity Commercial Capital.They are a direct lender.
www.velocitycommercial.com
203-964-9400
Please tell her that I referred you if you make contact. |
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