Page 1

Issue 016 October 2008 TheNicheReport.com

Weathering the storm.

Hard Money Lending 101 on page 7

A different kind of loan. A different kind of lender.

Your Loan Hard Money, Trying to 16 Why 21 24 Production is Easy Commercial Survive? Where it is Today

Deal

The sales industry has changed.

A hard money loan might be the only choice.

Take a lesson from Darwin.

27 Combating Loan Fallout Know when to sever the ties.


Attend Leonard Rosen’s Pitbull Mortgage School Now accepting enrollment for our Hard Money Seminar Hard Rock Hotel & Casino - Las Vegas November 13th Reserve your seat today. Always sells out! The Pitbull Mortgage School teaches you specifics not hypotheticals. Here is a sample of what you will learn:

Are you ready to prosper in the hard money lending industry?

• How to start and create a REG D 506 Federal Filing

how to become a direct hard money lender and also teach you how to create an investment mortgage pool.

• How to start and create a private placement memorandum (PPM)

With the recent credit crunch crises, conventional funding has become more difficult for borrowers to obtain financing. The real estate industry has always been dependent on the ability of lenders to source loans. We have several distinct messages that we communicate at our live event. Mortgage brokers who want to broker hard money, are introduced to direct hard money lenders from all areas of the country. There are many mortgage brokers who have an interest in becoming a hard money lender. We teach you

Marketing hard money for commercial and residential properties is a key element to your success. Quite frankly, nobody knows how to market hard money better than us. We show you a proven, time tested business model. There is nothing sold at the event. Whether you are a broker who wants to originate hard money or have a desire to become a hard money lender, I can assure you that you will be shocked at the high level of content.

This is a one day event. November 13th at the Hard Rock Hotel and Casino 4455 Paradise Road, Las Vegas, NV 89169

Room Reservations at 800-HRD-ROCK prior to the cut-off date of October 24, 2008 Individuals must identify themselves with Pitbull Seminars Inc. or PITK08B to receive the special group rate. Seminar will be held from 7:30am to 5pm. 7:30 am to 5pm followed by a Cocktail Party

Questions? Call 858-736-7788

www.PitBullMortgageSchool.com

• How to start and create a mortgage pool • How to start and create a fractional investment mortgage pool • How to broker mezzanine and conduit loans • How to start and create a hard money mortgage company • How to ask the right questions of the borrower • How to manage your borrower • Where to place your loan scenario • How to determine the real value of the property (the Pitbull Hard Money way) • How to package and sell your loan to the investor • How to broker raw land loans, hard money commercial projects, foreclosures, NOD’s and hard money real estate development projects • How to assess an appraisal that will lead to funding the loan • How to broker second mortgages and home equity lines of credit • How to become a hard money lender • How to broker commercial hard money loans • How to broker hard money rehabs • How to fund and broker home equity lines of credit (HELOC´S) • How to learn strategic technques of foreclosure training


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(2.00) 5.81% 7.65% 7.65% 7.95%

Premium Pricing

(3.00) 6.09% 7.93% 7.93% 8.23%

Par 5.25% 7.27% 7.69% 8.36%

(1.00) 5.53% 7.55% 7.97% 8.64%

(2.00) 5.81% 7.83% 8.25% 8.92%

(3.00) 6.09% 8.11% 8.53% 9.20%

Hotel

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Par 5.50% 7.27% 7.59% 8.39%

(1.00) 5.78% 7.55% 7.87% 8.67%

(2.00) 6.06% 7.83% 8.15% 8.95%

(3.00) 6.34% 8.11% 8.43% 9.23%

Par 6.00% 8.02% 8.34% N/A

Premium Pricing

(1.00) 6.28% 8.30% 8.62% N/A

(2.00) 6.56% 8.58% 8.90% N/A

(3.00) 6.84% 8.86% 9.18% N/A

4% Yield Spread Premium for Correspondents and 3% for Brokers 10% Second Trusts Available Par Lender Ask Account Rep for Details YSPloans.com Commercial loans from $250,000 to $15,000,000 Program Notes: view current Ratesto listed above are for best case scenario. Submit lightning quote or call account rep to price your loanto $30,000,000 Church loans from $50,000 10% Second Variable program is based on a margin over the WSJ Prime rate index and adjusts quarterly. Base prepay is a declining 5%...1% rates and apply Trusts Available! 5 Yr program resets the rate every 5 yrs based on theFirst initial margin over loans the index rate used tosecond calculate the base rate. loans Base prepay is 5% for 5 yrs trust and trust beresets a broker/ Visit YSPloans.com 10 yrto program the rate every 10 yrs based on the initial margin over the index rate used to calculate the base rate. Base prepay is a declining 10%...1% LTV’s up to 85% Alternate prepayment penalty options are available. A lesser prepay option is available under variable, 5 Yr, and 10 Yr programs with rate increase. Multiplefor details! correspondent! Wholesale Commercial Rate Sheet greater prepay options available under all programsCLTVs that can be used to reduce the base rate or earn premium. Up toFor 3%loan in premium earned onOption prepay. scenarios:may (800)be710-6762, 4 up to 90% Adjustment for loan size: VISIT

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For loan amounts below $1mm add 42 bps to rate or pay 1.50% fee. Email: Sales@ysploans.com For loan amounts between $1mm and $2.99mm, add 14 bps to rate or pay .50% fee Multifamily Purchase: Auto Repair Refinance Hotel Refinance RECENT Multi-Use Notes: YSP Commission: $21,450 YSPoccupied Commission: $27,000 YSP Commission: $54,844 TRANSACTIONS Max LTV of 75%. Max CLTV of 90% (owner properties under SBA 504 program) August 19, 2008 Minimum property DSCR ofCore 1.20 Program Wholesale Rate Sheet 25 Year Amort Eligible Property Types: Include but not limited to office, office condo, retail, warehouse, mixed use, light industrial, medical office *Rate Shown is for loans > $3mm Loan Rates Minimum $250,000 - Maximum $7,500,000 25 yr. Amort. Special-Use Notes: Multi-Use Owner Occ Multi-Use Investor Special-Use Hotel Max LTV of 65%. Max CLTV of 85% (owner occupied properties under SBA 504 program) Initial Fixed Premium Pricing Premium Pricing Premium Pricing Premium Pricing Minimum property Term DSCR of 1.30 Par but (1.00) (2.00) (3.00) automotive, Par (1.00) Par (1.00) (2.00) (3.00) Par (1.00) (2.00) (3.00) Eligible Property Types: Include not limited to restaurant, daycare,(2.00) assisted(3.00) living 5.25% 5.53% 5.81% 6.09% 5.25% 5.53% 5.81% 6.09% 5.50% 5.78% 6.06% 6.34% 6.00% 6.28% 6.56% 6.84% HotelVariable Notes: 7.09%possible 7.37%for7.65% 7.93% 7.27% 7.55% 7.83% 8.11% 7.27% properties 7.55% 7.83% 8.11% 8.02% 8.30% 8.58% 8.86% 3 Yr Fixed Max LTV of 65%. LTV reduction other factors such as property age, exterior corridor, or unflagged 7.65% 7.93% 7.69% 7.97% 8.25% 8.53% 7.59% 7.87% 8.15% 8.43% 8.34% 8.62% 8.90% 9.18% 5 YrofFixed Max CLTV 85% (owner 7.09% occupied7.37% properties under SBA 504 program) 10 Yr Fixed

7.39% 7.67% 7.95% 8.23%

Loan Rates

8.36% 8.64% 8.92% 9.20%

Conduit Crusher

8.39% 8.67% 8.95% 9.23%

N/A

30 Year Amort

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Loan to Values Program Notes: Premium Pricing Premium Pricing Initial Term Rates listed above are forFixed best case scenario. Submit lightning quote or call account rep to price your loan up 85% on Par (.50) (1.00) Par (.50) (1.00) Variable program is based a margin over the WSJ Prime rate6.78% index and adjusts quarterly.6.74% Base prepay is a declining 5%...1% 6.62% 7.02% 6.90% 7.14% 3 Yr on Fixed Commercial 5 Yr program resets the rateFixed every 5 yrs based on the initial margin over the index rate used to calculate the7.60% base rate. Base prepay is 5% for 5 yrs 7.32% 7.48% 7.72% 7.44% 7.84% 5 Yr Loans! 10 yr program resets 7theYrrate every 10 yrs based on7.67% the initial margin over the8.07% index rate used to calculate7.95% the base rate.8.19% Base prepay is a declining 10%...1% Fixed 7.83% 7.79% Alternate prepayment options are available. A lesser prepay option is8.41% available under variable, 58.29% Yr, and 10 Yr programs 10penalty Yr Fixed 8.01% 8.17% 8.13% 8.53% with rate increase. Multiple greater prepay options available under all programs that can be used to reduce the base rate or earn premium. Up to 3% in premium may be earned on prepay. Rates, terms, and conditions subject to change without notice. This does not represent an offer to enter into a loan with Griffin Capital Funding. Adjustment for loan size: Program Notes: For loan amounts below $1mm addand 42have bps to rate or payLTV 1.50% fee. All loans underwritten to a 30 year amortization a maximum of 80% Minimum 1.20 DSCR For loan amounts between $2.99mm, add 14 bps to end rateof oryear pay .50% 3 Yr program balloons at year three. 5, 7,$1mm and 10and year program balloon at the 10 fee Multi-Use Notes: Prepayment Penalty: LTV of 75%. Max1% CLTV of program 90% (owner occupied properties under SBA program) 3-yr programMax - Declining 5%, 3%, 5-yr - Declining prepay of 5%...1% 7-yr504 program – Declining prepay of 7%...1% property DSCR of 1.20 - Declining prepay of 10%.....1% 10-yr programMinimum Eligible Property Types: Include but medical not limited to office, office condo, retail, warehouse, mixed use,retail, light industrial, medical 1135 Heatherstone Dr,strip, Suite 102 | Fredericksburg, VA 22407 Property Types: Include office, office, R&D Flex Office, anchored or unanchored single credit tenant,office warehouse Multi-Use Eligible Special-Use Notes: Owner occupied properties require minimum loan amount of $3mm (800) 710-6762 ext 1 | www.ysploans.com LTV of 65%. CLTV 85% (owner occupied SBAover 504the program) 3 year ARM—Max beginning in yearMax 4, the rateofwill adjust quarterly at aproperties spread of under 300 bps 3 month LIBOR index with a floor rate equal to 100 bps below Minimum property 1.30 the initial 3 year fixed rate. ThereDSCR is no of prepayment penalty during the final 90 days of the fixed rate period or during the adjustable rate period. There is no Eligibleduring Property limited to restaurant, automotive, daycare, prepayment penalty theTypes: final 90Include days ofbut thenot fixed rate period or during the adjustable rate assisted period. living

Visit YSPloans.com for more information!


CONTENTS

Issue 016

October 2008

16

Why Your Loan Production is Where it is Today

NICHE REPORTS PRIME & FHA

pg 35

NONPRIME & ALT–A

pg 37

REVERSE MORTGAGES

pg 37

HARD MONEY

pg 38

CONSTRUCTION/REHAB

pg 41

COMMERCIAL

pg 42

The sales industry has changed. Tom Ninness

FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com

13

Reinstitutionalizing Equity-Based Lending, Part II

27

Marcus M. White Sr. Mortgage Banker & Manager at Dynamic Capital Mortgage Know when to sever the ties.

Lane T. BAcon managing director for Advantage Capital Equity Fund I, LLC Save borrowers from losing their property.

21

24

6

30

Hard Money, Easy Commerical Deal Andrew Bogdanoff Founder and President of THE Remington Financial Group A hard money loan might be the only choice.

Trying to Survive? Rick Perelli Mortgage Broker with Clarion Mortgage Bruce Backer President of Loansifter Take a lesson from Darwin.

October 2008

Combating Loan Fall Out

Center Stage with LoanAce the niche report A free LOS system, find out how.

EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com sales manager Mark Moulton mark@nichereportonline.com Production Mananger Henry Suchman henry@nichereportonline.com Production Assistant Dawn Exner dawn@nichereportonline.com

DEPARTMENTS

09 10 32 44

NOTE FROM THE FOUNDER CALENDAR OF EVENTS TIP OF THE MONTH LENDER & RESOURCE DIRECTORY

ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc. COLUMNISTS Stewart Mednick CONTRIBUTING AUTHORS Bruce Backer Lane T. Bacon Andrew Bogdanoff Rick Perelli Tom Ninness Marcus M. White


Weathering the storm. Use this guide to save time, close more deals and give your client’s loan the best chance for approval. A well-organized loan summary should include the following essential information:

The Executive Summary is a concise, but thorough, overview that includes: tDescription of Property & its Estimated or Appraised Value, Square Footage, Number of Units. tLoan Amount & Use of Funds – Debt owed/Liens on the property/Cash out? tDate of Purchase & Price – How much cash has the borrower invested? tDebt Service – How will the borrower make monthly loan payments? Will it produce income or is an interest reserve needed? tLoan Term Requested – Avatar offers loan terms up to 2 years. Payments are interest only and no prepayment penalties apply. tEquity – Avatar lends up to 65-70% LTV on purchases and refinances on income producing commercial properties. Avatar requires borrowers to have a minimum of 20% equity in their projects. Some secondary financing is allowed.

Color Photos of the Property and/or Appraisal – At least three shots each of interior, exterior and the neighborhood. Avatar does not require a current appraisal to review the loan. Operating Income (P & L) – most recent 2 years on the subject property; summary of lease agreements and rent roll. If owner occupied, provide operating statement from the business. 1003 Loan Application or Personal Financial Statement on the Borrower/Guarantor. Upon receipt of the above items, Avatar can issue a Letter of Intent/Term Sheet within 24 hours. Email your submissions to loans@avatarfinancial.com. Avatar is a nationwide direct lender that funds loans from $1 million and up, with closing in as little as 2 weeks. If you have questions about a loan, please call us at 866.885.4250 or visit us online at www.avatarfinancial.com.

tExit Strategy – Refinancing? Selling? tThe Story – Why are you seeking hard money rather than conventional financing? What ‘skeletons in the closet’ or ‘bumps in the road’ does Avatar need to know about in order to provide you with a quick, reliable answer?

A different kind of loan. A different kind of lender.


Published monthly by BODA Publishing, LLC PO Box 2618, Stafford, VA 22555 Phone: 540.657.2632 Fax: 703.991.2362 Email: info@nichereportonline.com www.TheNicheReport.com

SUBSCRIPTIONS This publication is intended for real estate finance professionals. If you are a mortgage broker, lender, loan officer and you do not currently receive The Niche Report, please send your name, company name, and address to subscriptions@nichereportonline.com. To opt-out of receiving The Niche Report, please send your request, including name, company name, and address to opt-out@nichereportonline.com.

ADVERTISEMENTS To inquire about advertising in The Niche Report, please call 540.657.2632, or send an email to ads@nichereportonline.com. Visit our website, www.TheNicheReport.com to download a copy of our Media Kit.

EDITORIALS / ARTICLES To submit an article for consideration in The Niche Report, please send an email to kristen@nichereportonline.com or call 540.657.2632. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals. If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to kristen@nichereportonline.com.

THE NICHE REPORT POLICY The information and opinions expressed by contributing authors and advertisers within The Niche Report do not necessarily reflect those of BODA Publishing, LLC employees and should not be considered as endorsed or recommended by BODA Publishing, LLC.

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NOTE FROM THE FOUNDER

At the time of this writing, Fannie and Freddie have been taken over by the Feds, AIG is in deep trouble, one of the oldest investment firms in the country, Lehman Brothers, has declared bankruptcy and is being sold off to Barclays PLC, and Bush is pushing a “bail out” bill that would cost taxpayers approximately $700B. I think I’ll go out on a limb here and declare that we have hit the bottom. Yes, things seem very bad right now. BUT I would like to share a story with you about a conversation I had with a friend of mine as we hiked up a local mountain trail recently. My friend, who is in his early thirties, is from Iran and has lived in this country since the early 90’s. He works a job that has nothing to do with the mortgage industry, but he is certainly aware of our country’s current predicament. We were about half way up the mountain and the topic of the economy naturally came up. As I was bemoaning the unprecedented low of our economy, he immediately starts talking about his memories of living in Iran. He talked about “well-to-do” families who were financially stripped overnight of their life savings based on a government whim. He also talked about school mates and neighborhood friends who would one day be sitting beside him at school or outside playing in the streets and the next day they were dead from a mortar shell or killed in some facet of war. After describing these horrific events – and as I was soaking up the insanity of it all - he looked at me with unwavering confidence, his eyes swollen with pride and says “Bob, I have lived in countries all over the world, and I promise you, no matter how difficult people may think they have it here, the United States is still the greatest country in the world”. He said it with such conviction that I had no doubt he was right and it put many things into perspective. With the bottom hopefully realized, there is only one direction to go. There is still a huge need for mortgage lenders and brokers as first time homebuyers and financially stable consumers take advantage of dropping home values. Get out there and create those real estate agent relationships, find and fight for those deals and put effort into your business. I also think that this $700B bail out will be good for our industry and the economy; it will hopefully give some life to our secondary market. In my opinion there is still no better business to be in.

Keep up the fight

Robert Pegg

TheNicheReport.com

9


CALENDAR OF EVENTS

Upcoming Key Dates & Events: October & November October 2-3

November 6-7

12 13 14 15 16 17 18

MBA’s Reverse Mortgage Lending Fall Conference at the Hyatt Regency, Miami in Miami, Fl. Visit www.mbaa.org for details.

19 20 21 22 23 24 25

October 8

MBA’s Residential Underwriting Conference at the Embassy Suites Tampa - Downtown Convention Center in Tampa, FL. Visit www.mbaa.org for details.

october 2008 S M T W T 5

6

7

1 8

F

S

2 3 4 9 10 11

26 27 28 29 30 31

Housing Forecast/Pending Home Sales Index released by the NAR.

november 2008 S M T W T

F

S

October 15-17

1

2

5

6

7

8

9 10 11 12 13

Virginia Association of Mortgage Brokers 20th Annual Convention in Virginia Beach, Virginia. Visit www.vamb.org for details.

3

4

14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

October 1-3 New Jersey Association of Mortgage Brokers 16th Annual Conference at the New Trump Taj Mahal in Atlantic City, NJ. Visit www.njamb.org for details.

Continue to receive The Niche Report monthly In an effort to maintain a healthy circulation we will be deleting many aged subscribers. If you haven’t already gone to our website and subscribed, do it now! ree! It’s f

10

October 2008

October 19-22 MBA’s 95th Annual Convention & Expo at The Moscone West in San Francisco, CA. Visit www.mbaa.org for details.

October 24 September Existing Home Sales released by the NAR.

November 7 Housing Forecast/Pending Home Sales Index released by the NAR.

November 9-11 MBA of Pennsylvania's 2008 Conference at the Hershey Lodge in Hershey, PA. Visit www.mba-pa.org for details.

November 14 MBA of Metropolitan Washington's Mid-Atlantic Lender/Broker Conference at the Fairview Park Marriott in Falls Church, VA. Visit www.mbamw.org for details.

November 15-18 NAMB/West 2008 Conference at the MGM Grand in Las Vegas, NV. Visit www.namb.org for details.

November 18 3rd Quarter Metro Home Prices/State Resales released by the NAR.

November 20 Commercial Leading Indicator released by the NAR.

November 24 October Existing-Home Sales released by the NAR.


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REINSTITUTIONALIZING EQUITY-BASED LENDING, PART II Save many borrowers from losing their property. BY LANE T. BACON

This is the second part of our two-part series which was originally published in our September 2008 issue of TNR.

Solution Part 1 – Loan Origination An efficient wholesale equity based loan origination platform must be created and designed to source loans from a multitude of viable markets, targeting those which are densely populated. The loan origination platform (“Company”) must be dedicated to the principles of EBL. These principles are: 1) conservative valuation of the collateral with an independent third party review; 2) substantial equity remaining in the property after the new loan is funded (typically a minimum of 30% and preferably at least 40%); 3) a tangible net benefit to the borrower; 4) diversification geographically, by collateral type, and by borrower; 5) proactive, high-touch loan servicing that tries to help the borrower re-establish credit and refinance; and 6) a lack of prepayment penalties, so that the borrower is free to transition to a new, lower rate loan. Benefits • Wholesale model allows for faster dissemination of information to the marketplace. • Creates diversification, to limit exposure to a particular market, market segment (asset/collateral type), and borrower. • Third party independent valuation reviews is a best practice designed to ensure accurate and conservative valuations as well as reduce the risk of appraisal fraud. • 40% remaining equity in the collateral ensures the borrower retains a vested interest in the asset and the performance of the loan. • Proactive servicing and loan counseling helps communication and increases the likelihood of an early

loan repayment. • A lack of a prepayment penalty increases the probability of the borrower quickly refinancing and realizing a lower payment and increased savings sooner.

Solution Part 2 – Investment Vehicle In order to satisfy the need of equity based lenders to offload production, an investment vehicle must be created with sufficient capacity to purchase up to $100 Million of product inflow per month. This would mean the development of an investment vehicle with an Assets Under Management (AUM) of nearly $3 Billion. The investment vehicle or hedge fund (“Fund”) must be able to effectively manage performing and nonperforming assets and maintain the ability to acquire Real Estate Owned (REO) properties from other institutions. The above strategy creates a twofold revenue stream to investors; 1) the generation of income through monthly interest payments and loan origination fees, and 2) significant capital appreciation created through gain on sale due to the conservative loan to value (LTV) limitations. If properly managed, the Fund should realize annual gains, net of fees, greater than 15%. Benefits • Creates liquidity for Equity Based Lenders. • Creates opportunities for companies and individuals to tap equity during the Credit Crunch. • Saves many borrowers from losing their property. • Generates substantial gains for investors in the Fund. • Constant deal flow. Both the hedge fund and loan origination platform must be managed by the same General Partner, thus TheNicheReport.com

13


ensuring proper quality controls and the performance of the loans.

Implementation Implementation of the solution is not easy as Equity Based Lending professionals are rare, and one must gather a significant number of them to effectively implement the solutions. Implementation Step 1- Obtain startup capital so the proper loan origination licensing and infrastructure may be created. Implementation Step 2 - Establish and license the loan origination company. This process takes a minimum of 3 months and may take as long as 12 months, depending on the state licensing entity. Also, the loan origination company must employ several licensed persons to act as a “Designated Broker” or “Responsible Individual” as required by various states. Implementation Step 3 - Create the “Fund.” This is an arduous process and involves many attorneys and experts, as there are many different ways to structure a fund. Typically, this process takes up to 6 months and may cost

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between $50,000 and $250,000. There are many firms that specialize in the formation of hedge funds. Implementation Step 4 - Raise capital into the fund. Be careful, as you cannot advertise this investment. Failure to abide by Securities and Exchange Commission regulations can result in penalties including fines and in the case of egregious or deliberate violations, incarceration. Raising capital is not undedicated. Be prepared to give away a sizeable equity piece of the General Partner (GP) for seed investors. In order to properly launch any fund, you will need initial funding that covers your anticipated monthly production levels and a procedure to source and secure new investors on a consistent basis. It is important to match fund raising capabilities to loan origination levels to ensure efficient cash utilization. Implementation Step 5 - Begin loan origination operations, so that all entities may establish a track record. Implementation Summary - The creation of the entities is difficult and time consuming. Typically it takes one year or more to get the ball rolling. The learning curve is steep, and most people and companies fall off prior to completion.

Summary The Re-institutionalization of Equity Based Lending (hard money lending) will satisfy a grossly underserved niche and help protect property owners and those dependent upon them. Many businesses and homeowners would be able to avoid losing their prized assets. “Best Practices” must be adhered to, so that we do not experience failure like so many others did during the Credit Crunch. The re-institutionalization process will take time; however with the experts and professionals at Advantage Capital Equity Solutions, the timeline to implement the solution can be shortened. Lane T. Bacon is the founder of Advantage Capital Equity Solutions, Inc. and managing director for Advantage Capital Equity Fund I, LLC, a private equity fund, and Advantage Capital Equity Fund II, LP, a hedge fund. Having originated over $1 Billion in equity based loans, managed private investment funds, and managed several warehouse lines of credit, Mr. Bacon proves to be a veteran of asset based and hard money lending. Mr. Bacon is a graduate of University of Colorado, Boulder, Leeds School of Business, and is a former US Navy sailor. lbacon@adcapfunds.com, 800-985-0341


Why Your Loan Production is Where it is Today The sales industry has changed by tom ninness

T

he sales industry has changed. The sales professional will only be successful by building a business based on integrity, hard work and an understanding of business relationships. Real estate, like any investment market, rotates through business cycles on a regular basis. Being successful in this industry is more about staying on top of your game rather than making excuses for the downfalls. Albert Einstein said “Imagination is more important than knowledge�. In times of difficult selling, it takes imagination and determination to become successful in your field. Often sales professionals allow certain myths to

impair their ability to sell. Let’s explore a few of the more common objections and related myths: I am new in the business. Congratulations!! There are no bad habits to overcome! With a clean slate you can absorb training, mentoring, coaching, and reading material. You are a fresh page waiting to have experience fill your book. Seek out the best in your business and ask questions. As with any business, planning is essential. Not just an outline in your mind, but a written down, step by step, plan of action to success. Use your business plan as a guide; a work in progress that helps you focus on your goals. Understand that there is no power in the past, but only in the present. Whatever your experience has been, your determination in the present is what will make you successful.


I don’t have the experience or training. If your company offers training, take advantage of every opportunity. If they don’t, it’s up to you. The opportunities are out there, now more than ever. Search the internet. Sign up for classes. Read books. Every day should be a training day. Build a business plan. Talk to the successful agents or loan officers within your company and absorb their secrets for success. Learn who are the time wasters and stay away from them. Prospecting is often neglected. Don’t wait for the phone to ring. Action planning is more than an open house. It takes perseverance, planning, marketing and creativity. An open house, a balloon and an Open House sign is not a marketing plan. Everything has to be perfect. The perfect flyer, the perfect script, and the perfect presentation, everything has to be “right” before they do anything. Nothing gets done. Instead, form a daily action plan. Plan your phone calls, your meetings, your appointments, prospecting time and paper work. Leave nothing to chance. The more organized your time the more you will accomplish, even if it’s not perfect! You are your own business; invest in yourself. I haven’t figured out my niche. If you are new to the sales business, your niche is everybody. Don’t wait for the lightening bolt to hit on what you are supposed to be doing. As you gain experience, your niche will start to reveal itself. Top Producers are unapproachable. There is sometimes an awe and respect that Top Producers have, almost like movie star status. More often than not, they appreciate a new person’s struggles and are more than happy to share. A rookie agent friend of mine knew that she needed to learn from top producers. She sought out the top four female agents in her area and sent them a blank cassette tape, a check for $50.00 and a note. The note mentioned that she was new in the business and asked if they would share some ideas on what she needed to do to become a top producer. The $50.00 check was a thank you for their time and she also supplied a pre-paid envelope. All four agents responded, refusing the check and set up a time to have lunch. Each of these successful agents mentored the rookie agent to becoming one of the top agents in the Denver area.

I don’t like to prospect. Sales success results from successful prospecting. This is the number one reason why people do not achieve success in sales. It could be from past experience, improper training, lack of confidence, or any number of things that the sales person uses as excuses. Prospect your sphere. Share your information. Create a network that encourages referrals from your past clients, professional referral sources and direct spheres of influence.

What sets Top Producers apart from the others? Top Producers invest in themselves. Critical to building their business is investing 10 to 20 percent of their income back into their business. They use the money to continually improve their knowledge as well as the efficiency of their business. Imagination, information, and knowledge improve their success percentages. Systems that reduce interruptions are significant for success. Arriving at the office an hour or so before everyone else allows you to accomplish a tremendous amount of miscellaneous work before anyone shows up. By 8:30am, when the office starts to fill up, you are free to be out the door prospecting. Look for ways to reduce your interruptions. Check email twice a day instead of being reactive every time the email bell goes off. Schedule specific times throughout the day to return all phone calls. Use your voice mail to update callers when they can expect return calls and a brief outline of your schedule. Note in your voice mail if there is someone else who will be able to help them immediately. Terminate unprofitable relationships. Get rid of the “time robbers” as wasted time is lost revenue. Are the relationships, activities, and time investments giving you the rate of return that you desire? If not, consider eliminating them. Top Producers react to all situations in a responsible, positive and consistent manner. They face problems head on and keep customer service as a priority. Business is important but so are the “life priorities”. Carefully plan your time around your faith, family, physical and financial needs. These are more important than a commission. Envision your business plans three years, five years and ten years out, and how it will affect your family. Use that business plan to create a plan designed for TheNicheReport.com

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success by including IT systems, marketing plans, budgets, prospecting, and data base management. Top Producers understand that prospecting, sales and marketing are the key actions in bringing in the business, but they must also have a system of responding to customer service in place as well. There is no quick fix to successful sales. Every action and reaction must be carefully considered, time must be planned, and prospecting cultivated. Family is as important as business relationships. In essence, sales success isn’t easy work. Be conscious of the under achievers and look to the Top Producers as a model. You will see great results by thinking your way to the top. Tom Ninness is Vice President/Regional Production Manager for Cherry Creek Mortgage. Ninness is also the President of Summit Champions, a company dedicated to providing tools, software, and opportunities for the Real Estate and Mortgage Professional. You can contact Tom at 303270-9600, or email Tom at tninness@ccmc-net.com. Go to www.summitchampions.com to learn more about Summit Champions.

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HARD MONEY, EASY COMMERCIAL DEAL A hard money loan might be the only choice. BY ANDREW BOGDANOFF

Y

ou hear the term all the time, but most people don’t know exactly what a “hard money” loan is. The truth of the matter, is that a bit of time should be invested in understanding this unique loan type since it is an effective tool in a broker’s arsenal of possible commercial lending types. Brokers that have a strong relationship with a hard money lender simply make themselves available to assist their clients and earn a fee that they ordinarily would not. But what exactly is a hard money loan? Let’s look at the attributes of this loan, review some examples of how and why it’s used and further explore how lenders make these unique loans happen.

Why Hard Money? A hard money loan is most easily recognized by its distinguishing characteristics including a low loan to value, high rates and high fees. But it is best known for its ability to close quickly; often times hard money loans can move from start to close in 30 short days. So, why would someone need to close a loan in 30 days? It turns out there are many reasons that a quick turn around might be necessary. For instance, consider a woman who is aware of a piece of available property that is near the site of a soon-to-be-built shopping center. The land owner will sell the property at a lower cost, but only if the deal can close in the next 30 days. If the borrower were to go the traditional borrowing route,

closing would take 60 to 90 days meaning she would lose the opportunity to secure the land at the reduced rate. By securing a hard money loan, the borrower will pay higher rates and fees, but can close quickly knowing that she will earn a significant return in a year when the shopping center’s construction is complete and the land’s value has increased. Despite the high fees and rates, a hard money loan might be the only choice to help borrowers out of a sticky spot. For example, consider the individual who’s lender is about to foreclose on his property unless he can repay a certain amount within a short time period. The property is worth $10 million and the borrower owes $1 million against it. If the property is foreclosed upon, all of the property’s equity will be lost. Although a hard money loan carries high fees and rates, it enables the borrower to meet the aggressive repayment timeframe and save the equity in the property.

How Hard Money Works A lender that specializes in hard money loans is equipped to handle the expedited closings of 30 days or less, which makes them unique in the lending space. These firms do so by preparing themselves with all of the necessary underwriting resources (attorneys, appraisers, etc.) to review and approve a loan very quickly. Hard money lenders employ a lower loan to value ratio than a traditional lender might. For instance, a commercial loan to value might range from 70 to 95 percent. A hard money lender, however, will lend at no more than 50 percent loan to value, which allows the firm to recover its investment should the need arise. TheNicheReport.com

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Also, most times a hard money lender will skip traditional underwriting steps, such as evaluating a borrower’s credit rating or examining his experience level, as a means to progress the loan more quickly. One step the hard money lender will never skip is a water tight appraisal of the property. By ensuring the property’s value in advance of making a loan, the lender can tolerate the high risk it takes because it can liquidate the asset for enough money to recover the loan if necessary. Just as important as a rock solid appraisal is an appropriate exit strategy. If a borrower cannot share how the loan will be repaid, in reasonable terms, a lender will not make the deal. There is a derogatory expression that hard money lenders are “loan to own” lenders, meaning that they would be happy to take possession of a property because they can get it at such a low cost. This is the last thing that a hard money lender wants. Taking over a property and trying to manage it while they want to sell it is not what the lender is in business to do. Foreclosure, therefore, is not a suitable exit strategy for a hard money lender.

No Pre-payment Penalties It’s important for a broker’s client to understand that a typical hard money loan does not have a pre-payment penalty associated with it. So, if the borrower is in a position to repay the loan early the lender will not impose an extra fee. Because the loan fees for a hard money loan are already high, lenders are able to enhance their yield and, therefore, do not need to impose pre-payment fines. Consider this example: A lender makes a loan for $1 million at 14 percent interest and 10 points. The lender collects $100,000 up front. He is only exposed for $900,000 but is collecting a high rate of interest for the full $1 million. Not only did the lender collect a whole year’s worth of interest in the $100,000 paid up front, but his loan is repaid in a short period of time which allows him to loan it out again very quickly and increases his yield for that loan amount. In short, a hard money loan allows the lender to continually re-lend dollars numerous times each year, so there is no need to collect a prepayment fee.


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Offering More than Before In the course of a commercial broker’s career, the need for a hard money loan will most definitely arise. By forging a solid relationship with a hard money lender, a broker now has a resource to serve clients in need of a fast-closing loan. Keep in mind that most hard money lenders are broker friendly also. Because their fees and rates are higher than the typical loan, many hard money lenders will actually funnel some of their fees back to the broker.

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TRYING TO SURVIVE? Take a lesson from Darwin. by rick pelleriti and bruce backer

S

ixty million years ago, dinosaurs roamed the world. Then their environment changed. They could not adapt, and they did not make it. Just a short year ago, the mortgage industry offered a friendly environment. Lenders’ guidelines were more relaxed and loan prospects plentiful. Low FICOs and high LTV combinations weren’t an issue. There were plenty of lenders to choose from, rates were good, refinances were easy and money was to be made. Needless to say, the lending environment has changed dramatically. FICO requirements have been raised, LTV limits have been lowered, HELOCs are nearly nonexistent, and it is much more difficult to qualify for stated income loans. In general, the pool of qualified borrowers has shrunk considerably. Consequently, loan volume is way down, and of course, income has dropped significantly for thousands of loan officers forcing many out of the business. Like the dinosaur, many loan officers could not adapt, and did not make it. What can the average loan professional do to survive? Adapt. Darwin was right – it’s survival of the fittest. The business has become much more competitive. Banks and lenders have written off billions, and many institutions have closed their doors. Everyone is scrambling for a share of a shrinking pie. The savvy borrower knows this, so they can afford to become more selective. When it is a buyer’s market, prices drop. Rather than worry about how much money you are not making, you’d better start adapting and doing what is best for the customer. While we all may have that general intent, in practice it is a much more difficult task. Loan professionals try their best to find the lowest rate for their client; but until

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October 2008

now, there just has not been an easy way to do that. Since lenders have been tightening their guidelines continuously over the past year, it’s been nearly impossible to keep up with the changes. Price changes have occurred with ever-increasing frequency, and lenders emphasize and de-emphasize their loan products so often that what is true today is not true tomorrow. As Darwin discovered, nature selects. And only those loan officers who can adapt to such rapid change will remain standing. So the question becomes, exactly how can the loan officer adapt to such rapid change? How can you canvass more lenders? How can you research faster? How can you absorb more information? How can you aquire updated pricing as soon as it happens? In a word, technology. In a market that’s riddled with dismal information, it’s refreshing to know there’s a technology that can do everything you need. It’s called a Product Pricing Engine, or PPE. With a state-of-the-art PPE, imagine these scenarios: • Finding the best rate among all your lenders for any given scenario • Staying on top of your lender who changes prices three times in a day • Finding the best lender who has the best rate for any given desired rebate • Not having to scour rate sheets • Knowing the best wholesale rates in seconds for the most popular products • Cutting your research time from two hours to two minutes • Saving countless hours each month, allowing you to spend more time on marketing and servicing your clients


PPE technology has come in the nick of time for those who recognize the need to adapt. With the marketplace in constant flux, the need to be competitive is paramount. Having a PPE is vital for differentiation. But it’s not just having the technology that’s important, it’s using it to rebuild trust. Loan professionals need to tell – and show – their clients they have this competitive advantage and they’re using it to the consumers’ advantage. This will go a long way to convince the borrower that shopping rates may be a waste of their time. Imagine a PPE that can place the very best wholesale rates (or retail rates with any YSP you choose) from all your approved lenders right on your website. You do not have to worry about changing the rates – it happens automatically. Your prospects can now empower themselves and know that you are keeping them up-to-date automatically. As your lenders make any changes, there is a live feed right to the rates table on your site. Now that’s a good use of technology! Here is a bonus. It seems whenever your heart is in the right place, other good things tend to happen. How would you like to make more money with this technology? Here is a good example. In the past, you may have quoted a rate from your favorite lender. Let’s say it was 6.0% at a price of 100.00, or “par.” Perhaps you looked at a handful of lenders, spending quite a bit of time actually, but not the kind of time if you had wanted to check ALL your lenders – because as we all know, no one has that kind of time. You may or may not have won that deal, because your competition probably looked at that same handful of lenders. However, what if one of your approved lenders, whom you had never used before, all of a sudden decided to aggressively price the 30-year fixed to win more business? With PPE technology, their better price will now show up

automatically. Their price could easily be 100.35 for that same 6.0% scenario. On a conforming loan amount of $400,000, that equates to an extra savings to the customer of $1,400! Depending on your business practice, you can either pass that savings on to your client, thus ensuring you win the deal, or retain the additional YSP. Either way, you win. But better yet, you have adapted. You are using technology to differentiate yourself. You re on top of the market, the lenders, rates, and prices. All in minutes, if not seconds. You are a better loan professional, and you will undoubtedly survive. Darwin would be proud. Rick Pelleriti is a mortgage broker with Clarion Mortgage, (www.CashRewardsforLoans.com) and specializes in technology and creative programs to benefit his clients, and shares this with fellow loan officers. Bruce Backer is president of LoanSifter (www.loansifter.com), which provides web-based product and pricing engines for the Prime/Alt-A market. He can be reached at 920-687-1222.

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Combating Loan Fallout Know when to sever the ties. BY Marcus M. white

I

n the lending industry we spend a great deal of time building business relationships and performing product analyses for our client’s financing needs. The last thing we want to occur after spending months researching funding options, getting approvals, gathering supporting documentation and submitting packages to underwriters is for the deal to fall through; also, commonly known as “fall out.” Many times loan officers find themselves bewildered because the loan scenario makes sense. Why can’t it be closed? What could have been done to preempt the fall out? How could expectations have been managed better? How will the fall out affect the relationship with the borrower(s)? It is very important to know when to sever the ties with these flailing loans. Understand when you have truly exhausted all reasonable avenues and move on to the next loan scenario. Otherwise, you will create a “blockage” in your profit pipeline and possibly frustrate your client even more. Spending too much time on any one deal will ultimately hinder your marketing efforts and bring your hourly rate way down. Communication - The number one reason that many deals fall out is lack of proper communication between the lender and client. Where exactly the breakdown occurs is a moot point if the deal goes sour. Learn to be attentive to the borrower’s needs. Maintain contact 2-3 times per week initially and at least once per day in the two weeks preceding the close date. Reiterate the client's needs back to them and ask them why they are pursuing one particular option if others are available to them. Sometimes borrowers request certain loan products because they are familiar with them, or someone they know recently received a similar deal. Demonstrate why you are the loan expert by outlining all the pros and cons to every option and why they should

consider one over the other based upon their specific financial goals. "Often times applicant's walk into the loan process with unrealistic expectations." says Charles Kapur, Assistant Vice President, Virginia Commerce Bank. "It's up to the loan officer to counsel a client and draw a map of the process.” Additionally, everything that may be required in order to reach the end product should be disclosed up front.

Lender Fees - Loan officers should always present lender fees in a timely fashion and prepare the borrower for the possibility of unforeseen costs associated with things such as special appraisals, broker charges, title liens, etc. If you’re dealing with “hard money”, bridge or mezzanine loans, the fees are typically higher and sometimes require an equity position as a condition of financing. If a client is not aware of these features, the loan could very likely fall out. Again, managing expectations early on will prevent many delays in the process. Fair and honest fee structures will make asking for repeat business and referrals much easier. In order for the borrower to make a clear determination as to whether or not a particular financing option is suitable for their situation, they must be aware of all the specifics of the respective funding program. Credit - A credit report is generally requested early in the pre-approval process of an application. However, the time from the pre-approval stage to the close date may span from 30 to 45 days or even more in some cases. Therefore, it is critical that you advise your clients to monitor their spending habits, payment histories, etc. A loan program may require certain debt service coverage ratios (DSCR) and any new debts could cause the deal to fall out. Explain the importance of maintaining debt ratios with the borrower from a loan perspective as well as from a financial planning perspective. You should also advise clients to keep their revolving lines of credit below 50 percent of their available lines. They may TheNicheReport.com

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actually see an increase in their credit rating before the loan closes which could subsequently result in a lower interest rate. Appraisal - How many times do we happen upon a property owner who sees more value in his/her property holding than the actual true value? Generally, their perceived value is based on intangible items, such as sweat equity, the length of time the business has been in the family or comparison of the sales price with the business “across the street.” The commercial appraisal is extremely comprehensive, expensive and can take upwards of a month to complete. An uneducated borrower may not understand the timeline if it is not articulated well and early on in the process. Rarely are any two commercial buildings the same and the property’s income is a major factor in determining its overall value. Prepare the client for the likelihood of lower than expected values. Additionally, construct alternative plans that incorporate higher loan to values (LTV) in addition to the plans for the optimal return on the appraised value. Being able to present options despite the actual appraised value not only demonstrates a value added service and benefit, but will give you other opportunities to engage your client during the tedious appraisal inspection process. Conclusion - There are never any “sure things” when dealing with loan scenarios. Even a “clean cut” residential, Fannie Mae loan could fall out. The best anyone can do to preempt as many problems as possible is to be prepared for the worst case scenario. More importantly, prepare the client for the worst case scenario. Ultimately, everything reverts back to proper and frequent communication, management of expectations, full disclosure and due diligence. Although fall out is a bitter pill for both you and the client to swallow, they will respect you more and value your efforts if you take them on the journey with you versus meeting them at the finish line. Marcus M. White is a Sr. Mortgage Banker & Manager at Dynamic Capital Mortgage (formerly Pinnacle Financial Corp.), a national residential and commercial lender in Vienna, Va. White is a published author and featured speaker in various media outlets and classrooms. White is a Certified Mortgage Planning Specialist TM, financial counselor and former institutional investor, representing clients in complex financial matters. White has significant expertise in sophisticated financing transactions, retirement and investment planning. Contact White at mwhite@dyncap.com or (202) 210-0089.


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CENTER STAGE WITH LOANACE A Free LOS System, find out how. BY THE NICHE REPORT

L

oanAce, initially released in August 2006, is loan origination software (LOS) developed by Teravendo, Inc. LoanAce was designed for ease of use, simple navigation and provides every feature and function that a processor or loan officer would need. Most industry professionals pay a sigJennifer Glenn president nificant amount of money each year for their LOS, but LoanAce delivers its quality LOS solution to mortgage originators FREE of charge. How was LoanAce originated? LoanAce was originally the idea of a wholesale lender; it was primarily to offer a free LOS as a means to advertise. At first, it was intended to be a “bare-bones” functional LOS – I believe the developer quoted a cost of $65K. During development, we knew it wouldn’t matter what we thought the industry should want; success would ultimately be determined by the market – so we gave originators what they wanted. Before deciding what would be integrated, we polled originators about what was important and truly valuable to them. $2 million dollars later, LoanAce turned out to be a fully-functional LOS with many robust features – everything loan officers and processors would need. There are even a few luxuries many wouldn’t have thought of. How were you able to gain market share so quickly? Actually, when we first released LoanAce in 2006, gaining traction in the market was a challenge. Despite our marketing efforts, many people had not yet heard of LoanAce. Additionally, it seemed those we did reach were waiting for everybody else to adopt the idea first and then perhaps would follow if there was no bad news. Unfamiliarity was our biggest obstacle.

Needless to say, initial industry adoption was disappointing. We thought most people would be inclined to switch to a fully functional FREE LOS. It was apparent that aside from price, or what LoanAce offered, getting the word out to the masses was mission-critical. So in addition to advertising, we forged business relationships with industry leaders. It was assumed some would be hesitant to change simply because they were used to their LOS – I think its human nature. But we also knew people would consider switching if we made it easy. LoanAce is a great LOS solution. You can import all of your files from another system and it is offered for free – switching is simple. Over time, we have started to see the network effect. The more people that downloaded and used LoanAce, the more familiar the name became to the market and in turn, the number of people downloading and using LoanAce has grown exponentially. We are very excited to see so many new users adopting LoanAce daily! Early this year, an industry resource estimated over 10% of loan officers not employed by large banks use LoanAce. Interestingly, the adoption rate varies by region – we imagine this could be attributed to what has proven to be our most powerful marketing tool – word of mouth. At our current pace, we think 50% of originators could be using LoanAce by 2011. There will always be some that prefer another LOS just like some people prefer vanilla ice cream over chocolate. Why is LoanAce FREE? Here’s some food for thought: There has never been any other LOS that was free. Mortgage companies and loan officers spend hundreds, if not thousands on their LOS every year; however LoanAce allows them to save those dollars. I think the real value in our software is offering services loan officers truly need in a convenient TheNicheReport.com

29


CENTER STAGE

way. Nobody likes their intelligence insulted with being sold on unnecessary services. And in today’s market, every penny counts. Surprisingly, I think free is somewhat of an obstacle because it can tend to devalue the software in peoples’ minds. Although now that we have gained acceptance by a substantial percentage of the industry, credibility as a quality LOS only arises for the few that haven’t heard much about LoanAce yet. Okay, let’s talk revenue. What is the strategy for profitability if you aren’t charging users a fee? First, and luckily for us, those financially backing the development work were willing to continue investing without return; they believed it was only a matter of time before LoanAce would start to corner the market. It’s looking like they were right. Second, we have integrated vendors that help us generate revenue. Through a patent-pending process, EZORDER matches the zip code of the user or borrower, depending on preference, with a vendor in the system. Originators can order title, insurance and appraisal using EZORDER. A “Secure Electronic Courier Fee” is generated that the vendor pays us each time an order is submitted. Are there any specific features that you want to talk about? We have all the standard LOS features, but EZORDER is the newest unique feature and it was immediately popular! When users need to order title for example, they can send the order electronically to their vendor's local office. EZORDER provides users with the agents’ company information next to their smiling face. The borrower data is auto-populated and sent electronically with a single

click. Users can even select a vendor that is local to the borrower if they are working with a borrower in a region where they aren’t familiar with vendors. In turn, using EZORDER as the primary revenue source enables us to keep LoanAce free to loan officers which seems to be a great incentive when we ask them to start use it! We have very loyal LoanAce users and we are grateful for their support. Can you tell me about TEAM? Yes. TEAM provides a pipeline management view solution that allows brokers to view all loans in process throughout their company – which we offer free of charge. Files can be audited for compliance and quality control prior to the loans funding. TEAM has already been adopted by many mortgage companies with a number of loan officers because they want to be able to review all files at anytime during the origination process. Moreover, regulatory agencies want to know that brokers are managing their loans from start to finish, rather than just trying to put out fires after the damage is done. Our competitors offer similar products, but they are extremely expensive. Why do you think LoanAce is the best LOS on the market? In my personal opinion, some of our competitors seem to continually invent new bells and whistles that may or may not be applicable to everyday business to justify their license fees. The problem with doing this is vital features eventually get lost beneath features that are of very little use in practice. We keep it simple. We provide everything needed to originate loans without the distracting or confusing features. According to our latest user survey, 82% of everyone that downloads LoanAce continues to use it. Because it’s free, we thought many would download out of curiosity. But given these results we are definitely on the right track. Why do some choose to pay for their LOS rather than switch? I remember receiving a call from a phone company that promised better service and pricing with an offer to switch that I couldn’t refuse. It seemed to make sense and I made the plunge....into 3 weeks of phone hell until I was able to switch back. We have all had those “too good to be true” experiences and they make us fearful to change even when


CENTER STAGE

everything appears make sense on the surface. I imagine there is a similar natural reluctance when people look at our LOS for the first time and may wonder: â€œâ€Śso what’s the catch?â€? But, [more] food for thought: We’ve also all experienced paying too much on our cell phone or insurance plan for years and find out switching to another, better option would’ve saved hundreds or thousands. Hind-sight is 20/20 – we tally up what we could’ve used that money for “if only we could get it backâ€?! Sometimes we are right, but we often end up spending more money than we should have. What can a new user expect when they download LoanAce for the first time? Like anything new, LoanAce will look a little different the first time but, once you are familiar with it, your previous LOS will soon look foreign to you. While I don’t want to sound overly presumptive, I think we do have the best program to offer and a business model that would be hard to beat. We have consistently been adding thousands of users and it would appear we are on our way to becoming the standard in the industry.

I have to ask – do you have a prediction for the industry? I am no economist but, as most know, the market is cyclical. I think hysteria is causing buyers to be uncertain, keeping them away from buying now, further pushing prices down. I think values will be artificially deflated below the real value because of housing market pessimism. When buyers realize that prices are not going to drop any farther, I think buyer competition will cause the market to pick up. Stability in the value of the collateral will cause lenders to feel more comfortable with reasonable risk. If I was to guess, I think things will be tolerable by the second quarter of next year and return to a good market again in 2010. Where can I find LoanAce? To download LoanAce for FREE, go to www.LoanAce.com and you can start using LoanAce immediately! The Web site has a lot of great information about LoanAce and TEAM – including a few short demos to help users get started.

Tellus Capital is a direct private money lending company specializing in commercial properties. Loan amounts from 200K to 5MM. • Lending Territory includes CA, AZ, WA, NV, OR, AZ and UT. • No Minimum FICO • No Seasoning • 24hr turning time on approvals. • 7 day funding time with completed loan package. Please email a summary request to daniel@tellus-capital.com or check out our website at www.tellus-capital.com. 4&BTUFSO"WFOVF -BT7FHBT /7tUFMtGBY


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First Mount Vernon is a privately-owned, equity-based lender which specializes in lending to borrowers who can’t secure funding from traditional financing sources. Loans typically funded within two business days upon receipt of completed package. First Mount Vernon does not make consumer loans. Financing is for business or investment purposes only, secured by real property.

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TIP OF THE MONTH

TIP OF THE MONTH The Elevator Speech BY STEWART MEDNICK

P

eople. Our business is all about people. Your success is all about satisfying these people. Their satisfaction starts with your meeting them. If you do not impress people with your initial contact, you may not have a second chance to impress, and then satisfy these people. Ultimately, not developing a reputation of being successful by creating a list of people you served to their satisfaction and beyond will be the consequence. None of us can afford this. So how do you meet, impress and capture the attention of people at first contact? The “elevator speech.” There are four key elements to the elevator speech as I see it. The first is the purpose. So, what is an elevator speech? My definition: It is a semi-scripted verbal presentation that describes who you are, what you do, how you are ‘unique’ and it is recited inside of the time it takes to ride an elevator to a designated floor; thus, the name: elevator speech. With this in mind, when you set foot in an elevator, you are with another person or a few other people, start a conversation with your elevator speech. When the door is opening, you will state you would like to finish the conversation later and can you call the person. The exchange of contact information is the goal. The elevator speech is the device to obtain the goal. The second element is the ‘hook’ to describe why you are unique. Develop a phrase or slogan that rhymes, is a pun, or is a catchy saying that is memorable. Mnemonics is a powerful tool for humans to remember things; it is the memory tool. According to Wikipedia,

(www.wikipedia.org): “A mnemonic device (pronounced /numonik/) is a memory aid. Commonly met mnemonics are often verbal, something such as a very short poem or a special word used to help a person remember something…. Mnemonics rely on associations between easy-toremember constructs which can be related back to the data that is to be remembered. This is based on the principle that the human mind much more easily remembers spatial, personal, surprising, sexual or humorous, or otherwise meaningful information than otherwise meaningless sequences…..”

You have a short time so make every word count and with a hook, you will be remembered. The third element is attributes or contents. Attributes are the important characteristics of who you are. Two attributes are about all you can fit in the short time of the elevator speech. Contents, I define as the use of each word carefully and succinctly so no time is wasted in your presentation. The contents of your elevator speech support the purpose. Include your job, what makes you unique and include an open ended question to engage the audience and to start a conversation or a reason to contact the person in the near future. The fourth element is timing. Be able to recite your elevator speech within anywhere from 17 seconds to 30 seconds. If you know you have dedicated attention from your audience, you may be able to squeeze out one minute. So, you can have a short, medium and long version. The short version is the core; has all four elements at the minimum. The medium version has two more sentences to describe more attributes to add value

TheNicheReport.com

33


TIP OF THE MONTH

to your minimal core speech. The long version can add embellishing information that is not necessarily vital, but can specialize your speech to the specific audience. Put it all together, and you have an elevator speech that may be similar to this: “Hello, I am Stewart, I write for The Niche Report on topics that enhance relationship development, sales, and personal empowerment of mortgage professionals. ‘From Contact to Contract’ is how I can help you. What mortgage magazines do you read?”

Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, personal empowerment, customer satisfaction, marketing and sales techniques. Stewart is available for marketing consulting, personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or smednick1@netzero.net.

My speech will take about fifteen seconds. I state who I am, what I do, for whom I do it, a mnemonic device is used as a hook and explains why I am unique, and I end with a question to engage the listener. I stated in the onset of this column, that the elevator speech is “semi-scripted.” This means that you should have key words, a hook and the basis for final question memorized. The rest will or can be altered every time you recite your elevator speech. You never want to come across as a telemarketer by sounding mechanical with a totally memorized script that you repeat to everyone the same way. I know that 17 seconds leaves little time for adlibbing. However, you may have 30 seconds more frequently. Adding two sentences can give you much needed latitude for variation. How can you remember what are the elements of an elevator speech so you can ensure you have all of them in yours? P-H-A-C-Ts (Purpose, Hook, Attributes or Content, Timing) or as Sergeant Friday would say on the old TV show, Dragnet, “…just the phacts, Ma’am…just the facts….” That’s my mnemonic device for you. Contact me if you would like an opinion or coaching on your elevator speech.

LENDERLAB SEARCH POWER

MORE Lenders, MORE Programs, & MORE Ways to Search

LENDERLAB.COM (800) 339-1863

Niche . Alt-A . Non-Prime . Commercial . DPA . High LTV . Hard Money . Commercial


NICHE REPORTS

PRIME & FHA Premium Listings

AHEDIRECT.COM/ Freddie: The RainMaker

Fannie, Freddie, FHA, 24-48 Hour Turn Times

949-861-0911

Alternative Mortgage Express 801-671-2397

Greystone Financial Group

Common sense underwriting for FHA, Conforming, Jumbo, Jumbo FHA/ Conforming, and manufactured housing. CONFORMING, FHA VA, USDA, SISA, COMBO LOANS, LP LEVELS 1,2 & 3

954-557-2457

JMAC Lending Inc

Same day doc and 24 our funding, 1 day off the market refinance

877-841-0776

Mid Island Mortgage Corp.

Low/No Score FHA manual underwrites. Tough FHA deals OK. No min. Score Jumbo loan amounts. Common sense underwriting w/good turn times.

703-754-9643 - Tim Dooley

Titan Wholesale

Wendy Edwards (775) 303-3838 cell; 866-922-6943 fax, wedwards@titanwholesale.com

877-90-Titan ex. 225

United Wholesale Mortgage 800-981-8898 x5638

Wall Street Wholesale

FHA 24-48 Hours on Approve/Eligible Loans. 24 Hours on Conditions. 24 Hours to Prepare Closing Docs. Close Your Loan in 5-6 Business Days. Collections do not have to be paid. 95% Cashout on Manufactured Homes. FREE DU on our Website. Conventional/Agency Jumbo, FHA/FHA Jumbo, 203k, Manual UW, 48 hr turntime UW. 5 Points of Contact with Inside Team!

248-361-1908 PRIME Lender Listings Powered by TheLoanPost.com Alternative Mortgage Express

800-552-5263

www.amxloans.com

Bank of Ann Arbor (Fannie/Freddie only) 800-807-6337

www.boaawholesale.com

AME Financial Corp

770-406-2138

www.american-mortgage.info

Bank United

www.bankunitedwholesale.com

Ameribank Mortgage (FHA only)

516-833-8834

www.ameribanksolutions.com

Century Lending (Fannie/Freddie only) 407-252-7979

American BancShares

305-817-2165

www.americanbancshares.com

Chase Home Finance

800-338-0487

www.chaseb2b.com

American Financial Resources (FHA only) 973-588-8530

www.afrwholesale.com

Chase Rural Housing

954-422-1232

www.chaseb2b.com

American Home Equity

714-661-5836

www.ahedirect.com

Chevy Chase Bank (Fannie/Freddie only) 866-591-4355

www.chevychasewholesale.com

American Partners Bank

954-465-8595

www.apbwholesale.com

Citi Mortgage (Fannie/Freddie only)

888-248-4123

broker.citimortgage.com/Broker/

American Sterling Bank

801-208-5454

http://asbloan.com

CMG Mortgage

714-357-3325

www.acceleratedcmg.com

Amtrust Bank (Fannie/Freddie only)

888-321-6446

www.amtrustgemstone.com

CNB National Lending, LLC

815-412-9305

www.cnbnationallending.com

Assurity Financial (FHA only)

866-841-7863

www.assuritywholesale.com

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

412-292-8511

secure.pricemyloan.com/custom/cfb/

BAC Florida Bank (Fannie/Freddie only) 305-789-8064

www.bacflorida.com/ratesheet

Banco Popular

www.bpnawholesale.com

303-725-2169

772-240-2550

www.centurylending.net

(Fannie/Freddie only)

Community First Bank Loan (Fannie/Freddie only)

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

35


NICHE REPORTS

PRIME Lender Listings continued‌ Continental Home Loans

631-393-3800 x 114

www.chlmortgagebankers.com

Mountain West Financial

909-793-1500 x 255

www.mwfinc.com

Countrywide

904-245-8008

www.cwbc.com

National Direct Funding

970-672-0805

www.ndfcorporation.com

Direct Mortgage Wholesale

801-924-1880

www.directmortgagewholesale.com

(Fannie/Freddie only)

Downey Savings and Loan

888-868-9116

www.downeywholesale.com

National Home Lenders

888-344-0520 x 4

www.nationalhomelenders.com

Nations Direct Mortgage

949-270-7974

www.brokerFHA.com

www.easternsavingsbank.com

NetMore America

509-526-4007

www.netmoreamerica.com

(Fannie/Freddie only)

Eastern Savings Bank

800-981-7114 x 6250

Epix Funding (Fannie/Freddie only)

813-654-7515 x 223

http://epixfunding.com/

NorthStar Lending (Fannie/Freddie only) 954-843-7018 x 7018

www.mynorthstarlending.com/

Equifirst (FHA only)

856-979-9545

www.equifirst.com

Ovation7

561-746-7858

www.ovation7.com/broker

Federal Trust Mortgage

407-323-1833 x 153

www.federaltrust.com/brokers

Pacific Banc Mortgage

571-340-5593

www.pacificbanc.com/

Fifth Third

866-492-0072

www.53.com/wholesalemortgage

Pacific National Bank

305-539-7675

www.pnb.com

First Bank Mortgage

305-577-6000 x 116

www.firstbank.com

Paramount Residential (FHA only) 866-966-8989 x 300

First Cal

818-793-6650

www.firstcalwholesale.net

Perfect FHA (FHA only)

800-201-2317

www.perfectfha.com

First Federal Bank of CA

310-630-7792

www.firstfedwholesale.com

Phoenix Funding

877-562-6414 x 230

www.phoenix-funding.com

First Horizon Home Loans

702-822-4102

www.firsthorizonwholesale.com

First Mutual Bank

971-645-9140

www.washingtonfederal.com/wholesale/

Plaza Home Mortgage

949-910-1055 x 450

www.plazahomemortgage.com

First National Bank of Nassau

678-942-2160

hwww.fnbwholesale.com/

PMC Bancorp

626-964-4040 x 8199

www.pmcmtg.com

First Northern Bank

707-423-9330

http://www.thatsmybank.com/

Polaris Funding (FL, IN, MI, OH)

616-667-9000

www.polarishfc.com/

Popular Direct

800-692-3447 x 202

www.populardirect.com

Poulsen Mortgage

http://WeFundFHA.com

(Fannie/Freddie only)

Flagstar Bank

800-897-7222

www.wholesale.flagstar.com

Florida Capital Bank Mtg

866-295-0014

www.flcb.com

Fort Knox Lending

323-330-1362

www.FortKnoxLending.Com

Fortes Residential

866-571-8201

www.forteswholesale.com/

Franklin American

606-519-4165

www.franklinamerican.com

Franklin Bank

936-681-8181

www.prmglending.net

Preferred Capital (Fannie/Freddie only) 727-418-4189

www.prefercapital.com

Premier Mortgage Capital, Inc.

786-243-3101 x 2

www.premierwholesale.com

Presidents First

877-773-7178

www.presidentsfirst.com/

Primary Capital

678-308-0257

www.primarycapital.com

www.franklinbank.com/

Proto Fund

813-436-6803

www.protofund.com

800-733-3657 x 1712

https://pfloans.provident.com/

Freedom Mortgage

800-843-3753

www.freedomwholesale.com

Provident Funding

Gateway Bank, F.S.B.

415-831-1288

www.gatewayfsb.com/mort_wholesale.asp

Reliant Funding

412-942-1010 x 18

www.reliantfunding.us

Gateway Funding

800-355-5626

https://wholesale.gateway-funding.com/

Residential Lending Network

800-749-5363 x 5276

www.reslend.com

Gateway Mortgage Group

817-799-0804

www.jerrylair.com

GB Mortgage

602-791-8950

https://www.gbmortgagelending.com

Reunion Mortgage

559.476.0937

www.reunionwholesale.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

Royal Crown Bancorp

877-507-6925

www.crownloan.com

Greystone Financial

602-574-0100

www.greystonefinancialonline.com

Security Atlantic (FHA only)

800-956-3863

www.fhaland.com

GSF Funding

262-373-0790

https://www.gsfsales.com/

Security Mortgage Funding

619-249-9166

www.smfcloans.com/brokers/

Guaranteed Rate

866-755-0989

www.griwholesale.com

Hollander Financial

661-476-4668

www.hollanderfinancial.com

Home Savings of America

972-235-7366

www.myhsoa.com

HSBC

877-433-4722

https://webloan.us.hsbc.com

(Fannie/Freddie only)

(Fannie/Freddie only)

Security National Mortgage

619-857-2700

www.securitynational.com

Senderra Funding

704-831-3600

www.senderra.com

Sierra Pacific

661-713-6564

www.spm1.com

SouthPoint Financial

239-949-1406

www.spfs.com

Stearns

925-628-0704

www.stearnswholesale.com

SunTrust Wholesale

913-982-2150

www.stmpartners.com

SWC Financial Corp.

714-680-7050 x 113

www.swcfinancial.com

Taylor, Bean & Whitaker

888-678-8547

www.taylorbeandirect.com

The Jumbo Lender

800-826-0360

www.TheJumboLender.com

The Money Store

818-326-2217

www.themoneystore.com

Titan Wholesale

775-852-6888 x 225

www.titan-wholesale.com

Trust One Mortgage

949-450-1888 x 2430

www.trustone.com

U.S. Bank Consumer Finance

941-539-1603

www.usbank.com www.unitedinternational.us

ICON Residential Capital

888-639-5641

www.iconwholesale.com

ING Mortgage

877-464-0555

www.ingloans.com/wholesale/index.html

JMAC Lending

877-841-0776

www.jmaclending.com

Just Mortgage, Inc.

714-860-8867

www.justmtg.com

Lenders Advantage

818-669-0974 x 0

www.lenderinc.com

Liberty Lending Inc

800-808-5591

www.libertylendingwholesale.com

Liberty Mortgage

800-986-2499

www.bbt.com/libertymortgage

Liberty Savings Bank

941-735-7890

www.libertysavingsbank.com

Lime Financial

407-923-3700

limefinancial.com/index.shtml

Loan Link Financial

714-234-7685

wholesale.loanlink.com/index.html

M&T Bank Mortgage

804-380-7465

http://wholesalemortgage.mtb.com/

United International Bank

313-903-2082

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

United Residential Lending

404-661-4632

Mega Capital Funding

818-657-2600

www.megacapitalfunding.net

United Wholesale Mortgage (FHA only) 800-981-8898 x 5590

www.usmwholesale.com

Vertice

925-570-0777

https://www.verticelending.com/

Merit Mortgage

310-650-0773

http://meritwholesale.com/

Village Capital and Investment

856-252-1825

www.villagewholesalelending.com

MetLife Home Loans

www.wholesale.metlifehomeloans.com

(FHA only)

Mortgage Bank of California

714-423-3295

(Fannie/Freddie only)

(Fannie/Freddie only)

(Fannie/Freddie only)

www.urlending.com

Wall Street Wholesale Lending

856-446-2998

http://www.wallstreetwholesale.com

Mortgage Close (Fannie/Freddie only) 714-453-0220

https://b2b.mortgageclose.com

WCS Lending (FHA only)

561-241-5200

http://www.wcslending.com

MortgageIT

https://wld.mortgageit.com/Default.aspx

Wells Fargo

310-283-8411

www.brokersfirst.com

503-716-1206

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

36

October 2008


NICHE REPORTS

NON PRIME & ALT–A Premium Listings

Capital Management

Chattel loans for manufactured homes in communities, purchase or refinance

480-575-1782

Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA

Gregory Funding LLC 888-324-3578

Mid Island Mortgage Corp.

Low/No Score FHA manual underwrites. Tough FHA deals OK. No min. Score Jumbo loan amounts. Common sense underwriting w/good turn times.

703-754-9643 - Tim Dooley

NON PRIME & ALT-A Lender Listings Powered by TheLoanPost.com NorthStar Lending

954-843-7018 x 7018 www.mynorthstarlending.com/

Royal Crown Bancorp

877-507-6925

Online Financial Group

703-307-7006

www.ofglending.com

Security Mortgage Funding Corp

619-249-9166

www.smfcloans.com/brokers/

Pacific Banc Mortgage

571-340-5593

www.pacificbanc.com/

SouthTrust Funding

813-363-2768

http://southtrustfunding.com

Paramount Residential

866-966-8989 x 300 www.prmglending.net

SWC Financial Corp.

714-680-7050 x 113

www.swcfinancial.com

Phoenix Funding

877-562-6414 x 230 www.phoenix-funding.com

The Jumbo Lender

800-826-0360

www.TheJumboLender.com

Plaza Home Mortgage

949-910-1055 x 450 www.plazahomemortgage.com

Trust One Mortgage

949-450-1888 x 2430 www.trustone.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

United International Bank

313-903-2082

Preferred Capital

727-418-4189

www.prefercapital.com

United Residential Lending

404-661-4632

www.urlending.com

Proto Fund

813-436-6803

www.protofund.com

US Bank

702-630-0770

www.usbank.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

US Equity Broker Direct

901-239-3339

www.usequitybroker.com

Rehab Funding

610-645-9939 x 310 http://rehabfunding.com/

Vertice

925-570-0777

https://www.verticelending.com

Right Start Mortgage

800-520-5626

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

www.rightstartmortgage.com

www.crownloan.com

www.unitedinternational.us

REVERSE MORTGAGES Premium Listings

Reverse It! A division of Urban Financial Group, Inc

Reverse Mortgages, fastest turn times in the industry. Training and lead support available.

888-777-3311

World Alliance Financial

Reverse Mortgage opportunity for non-FHA licensed brokers

877-692-7762 x 404 Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

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NICHE REPORTS

REVERSE MORTGAGES Lender Listings Powered by TheLoanPost.com American BancShares

305-817-2165

www.americanbancshares.com

GotMortgage.com

760-802-9630

www.gotmortgage.com

Arlington Capital Mortgage Corp

800-814-9432

www.acmcwholesale.com

Liberty Reverse Mortgage

866-871-1353

libertyreversebroker.com

Circle Mortgage Corporation (Fl only)

800-576-1338

www.circlemortgage.com

NetMore America

509-526-4007

www.netmoreamerica.com

Continental Home Loans

631-393-3800 x 114 www.chlmortgagebankers.com

Pacific Banc Mortgage

571-340-5593

hwww.pacificbanc.com/

Countrywide Bank

866-212-4378

www.cwbc.com

Quality Life Reverse Mortgage

800-955-7919

qualityliferm.com/

Essex Mortgage

702-893-9200

www.essexwholesale.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

Financial Freedom

800-500-5150

www.financialfreedom.com

Silvergate Bank (cml)

858-362-6300

www.silvergatebank.com

Financial Heritage

800-895-2209

www.financialheritage.com

SouthPoint Financial Services

239-949-1406

www.spfs.com

First Horizon

888-553-8929

www.firsthorizonwholesale.com

Wells Fargo Reverse Mortgage

800-336-7359

www.wellsfargo.com

Fortes Residential

866-571-8201

www.forteswholesale.com/

World Alliance Financial Corp.

800-562-6755

www.worldalliancefinancial.com

Generation Mortgage

866-733-6089

www.generationmortgage.com

HARD MONEY Premium Listings

All California Home Loans 877-462-3422

Commercial and Residential hard money, California properties, max LTV 65%

Ambit Funding

Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land

800-823-7101

Asset Funding Group 866-398-8916

Avatar Financial Group 888-896-0083

BRT Realty Trust 516-466-3100 or 800-450-5816

Continuum Funding Group 703-564-1659

Fairview Commercial Lending 866-634-1270

Direct lender - up to 70% LTV: Bridge loans, purchase & rehab, construction financing, raw land, no minimum credit score requirments. Nationwide lending from $300k to $3 million, 24 hour commitment as fast as 5 days to close. HARD MONEY- MADE EASY Bridge loans for improved commercial real estate from $1 million, terms up to two years with no prepayment penalties. We are a direct lender and brokers are protected. Apply online at www.avatarfinancial.com or simply give us a call A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees Specializing in hard money loans of $300,000 to $5,000,000 in DC, Virginia, and Maryland. We customize our lending program to fit your needs on a deal by deal basis No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

38

October 2008


NICHE REPORTS

HARD MONEY premium niches continued…

First Mount Vernon 866-908-FMV1 (3681)

No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400

First Mount Vernon

Minimal documentation required, Combined Loan-to-Values to 105%

866-908-FMV1 (3681)

Gregory Funding LLC 888-324-3578

Kennedy Funding, Inc. 800-342-8500

LJL Funding

Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.

888-456-0246

FC Bailouts - No FICO requirements. Focused strictly on the residential market. Tech oriented direct hard money lender. Consistent Guidelines Great Service!

Manaseh, Epharim & Associates

Private hard money financing for commercial real estate investments

678-387-3230

Metro Funding Corp 866-302-6360

Miner Capital Funding, LLC

Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

702-466-8952

Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million

Remington Financial Group, Inc

Up to 65% of valued collateral, fast closing

480-905-3239

Seasoned Funds Company & Aster Capital 877-226-6260

Stonecrest Financial 888-884-6518

TrustCapital Investments, LLC 301-503-2231

Use our funds & close your deal. Seasoned proof of funds and soft escrow deposits. Brokers protected worldwide. Low rates. Apply online: www.AsterCapital.com We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit Local direct lender (DC, MD and VA) specializing in bridge, construction, rehab and business loans. Loans are based on “subject to value”, 50% LTV, minimal documentation, EQUITY DRIVEN not FICO sensitive. Brokers are protected.

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

39


NICHE REPORTS

HARD MONEY premium niches continued‌

Direct lender specializing in HELOC 1st and 2nd position loans between 25k to 250k.

Unifund Financial Group, Inc. 619-987-1083

All property types, any condition. Including construction, re-hab, land, development. LTV based underwriting. No prepayment penalties, discounted pricing for short term. Fast approvals and closings. Direct Lender in WA, OR, ID only

WADOT Capital, Inc. 206-362-4444

HARD MONEY Lender Listings Powered by TheLoanPost.com A The Loan Doctors, Inc

954-647-7679

www.regd506.com

HMC Funding

800-273-7001 x 343 www.hmcfunding.com

Advantage Capital Equity Solutions

800-223-3019

www.adcapequity.com

Investor Funding

864-213-3951

AFC Hardmoney

813-387-3800 x 311 www.afchardmoney.com/

J & J Financial

714-256-4416

www.10dayloan.com

AgriCap Financial Corporation

213-542-5232

www.agricap.com

Kennedy Funding

201-342-8500

www.kennedyfunding.com

All California Home Loans

877-462-3422

www.aboutcaliforniahomeloans.

Lakeside Financial Inc.

949-297-4180

www.nofico.net

Lib Properties, LTD.

404-256-8600

www.libloans.com

LNB Commercial Capital

321-214-0585

www.lnbcapital.com

com/hard-money.html Alliance Financial, Inc.

866-603-5999

www.afiloans.com

www.4investorfunding.com

Ameribank Mortgage

516-833-8834

www.ameribanksolutions.com

Mager Capital

310-760-6290

www.magercapital.brokerca.com

American Acceptance (cml)

800-452-9287

www.aamcap.com

Magnolia Financial Consultants

601-428-1005

www.hardmoneymortgages.com

Assurity Financial

866-841-7863

www.assuritywholesale.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

Avant Capital Partners, LLC. (cml)

212-219-9419

www.avcapital.net

Meridian Group

800-901-9301

www.meridiangroupinc.com www.mistarfinancial.com

Axiom Commercial Funding

866-637-3014 x 10 www.acfsonline.com

MiStar Financial (cml)

720-200-2600

Bay Equity

800-229-3703

www.bayeq.com

Multicorp Financial

925-275-8111 x 222 www.11multicorpfinancial.com/

BFS Capital, LLC. (cml)

510-381-1930

www.bfscapital.com

Normandy Mortgage

760-220-4330

www.normandy.com/

BlueWater Funding, LLC

866-551-2583

www.bluewaterfundingllc.com

Overland Financial

818-342-2477

www.overlandfinancial.com/

Pacific Mortgage Funding Corporation

562-864-4006

www.pacificmortgage.com

Brookview Financial

877-734-2211 x 316 www.brookviewfinancial.com/

California Equity Lenders

818-584-2320

www.calequitylenders.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

CFA Capital Partners (cml)

914-967-5780

www.cfacap.com

Commercial Bridge Loan Funding

305-852-2569

www.cblfg.com

Commercial Hard Capital, LLC (cml)

832-607-6778

www.commercialhardcapital.com

Commercial Loan Capital (cml)

877-473-6984

www.clcloans.net

Commercial Mortgages 101

800-763-3036

www.commercialmortgages101.com

Crawford Park Financial

626-796-7979

www.crawfordparkfinancial.com

Cushman Rexrode Capital Corporation

925-988-7200

www.cushrex.com

Diamond Bay Investments, Inc.

702-254-9303

Eastern Savings Bank (cml)

800-787-8187

(cml)

PB Financial Group Corp.

310-289-0900

www.pbfinancialgrp.com

Piedmont Capital Lending, LLC.

678-292-6984

www.piedmontcapitallending.com

Porter Bridge Loan Company (cml)

866-725-1777

www.porterbridgeloan.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

Rehab Funding

610-645-9939 x 310 rehabfunding.com/

Remington Financial Group

480-905-3239

www.remingtonfg.com

Right Start Mortgage

800-520-5626

www.rightstartmortgage.com

SBB Financial

866-358-7238

www.sbbfinancial.com/

www.diamondbayinvestments.com

SDI Funding

864-233-3337 x 3220 www.sdifunding.com

www.easternsavingsbank.com

SmartServ Solutions

888-633-4778

714-680-7050 x 113 www.swcfinancial.com

(cml)

www.bronxhardmoney.com

Emerald Financial

714-965-6688

www.eprivatemoney.com

SWC Financial Corp.

Exeter Holding Ltd.

516-338-7500

http://exeterholding.com

Swift Funding

727-521-6633

http://swiftfundingcorp.com

First Credit Commercial Capital Corp.

407-843-6262

www.fchardmoney.com

TCRM Commercial Corp. (cml)

212-371-3933

www.tcrmcommercial.com www.regd506.com

The Loan Doctors, Inc. (cml)

954-647-7679

First Mount Vernon Industrial Loan Asso. 703-823-6800

www.fmv1.com

The Money Source, LLC. (cml)

480-946-4000

www.themoneysourcellc.com

First Select Capital

540-908-2205

www.firstselectloans.com

Titan Hard Money

323-377-0979

www.titanhardmoney.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

Trust Deed Investments, Inc

415-760-2338

www.hardmoney.ning.com

GMC Mortgage Capital

954-332-3567

www.gmcmortgagecapital.com

Unifund Financial Group, Inc.

619-573-0289

www.unifundinc.com

Grand National Investments

760-802-9630

www.300GNI.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

HARDDMONEYLOANS.COM

813-516-5210

www.HARDDMONEYLOANS.COM

WexTrust Capital, LLC

212-643-6190

www.wextrust.com

Hawkins Capital

208-908-5596

www.hawkinscap.com

WholesaleLending.com (cml)

866-303-6301

www.wholesalelending.com

(cml)

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

40

October 2008


NICHE REPORTS

CONSTRUCTION Premium Listings

Kennedy Funding, Inc.

Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.

1-800-342-8500

Manaseh, Epharim & Associates 678-387-3230

Private lender specializing in commercial real estate loans nationwide and internationally Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

Metro Funding Corp 866-302-6360

Loan portfolio financing and warehouse lines of credit from $2MM $20MM for hard money lenders and investor rehab lenders. Reduce your local bank and private investor hassles with stable and consistent financing

RBA Capital 610-293-8008

Remington Financial Group, Inc 480-905-3239

Up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only

CONSTRUCTION / REHAB Lender Listings Powered by TheLoanPost.com Ameribank Mortgage

516-833-8834

www.ameribanksolutions.com

First Northern Bank

707-423-9330

Assurity Financial

866-841-7863

www.assuritywholesale.com

Hawkins Capital

208-908-5596

www.thatsmybank.com/ www.hawkinscap.com/

Axiom Commercial Funding

866-637-3014 x 10 www.acfsonline.com/

Kennedy Funding

201-342-8500

www.kennedyfunding.com

Broker Capital Funding

408-438-6939

www.brokercap.com/

M&T Bank Mortgage

804-380-7465

http://wholesalemortgage.mtb.com/

Chase Home Finance

813-601-2530

www.chaseb2b.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

Mission Oaks National Bank

805-889-0301

www.missionoaksbank.com

Everbank

415-595-3968

www.everbankwholesale.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

Excelsion Mortgage

888-578-5441 x 1

www.ExcelsionBrokers.com

SWC Financial Corp.

714-680-7050 x 113 www.swcfinancial.com

Federal Trust Mortgage

407-323-1833 x 153 www.federaltrust.com/brokers

United Midwest Savings Bank

614-255-3534

www.umwsb.com

First Mutual Bank

971-645-9140

www.washingtonfederal.com/ wholesale/

Unity Bank

904-727-7535

www.unitybank.com

Vertice

925-570-0777

https://www.verticelending.com

First National Bank of Nassau

404-218-3335

www.fnbwholesale.com/

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

41


NICHE REPORTS

COMMERCIAL Premium Listings

AcuPen Financial

High LTVs, and low debt coverage ratio requirements

305-666-1879

Avatar Financial Group 888-896-0083

Colorado FSB Commercial Division 303-771-1031

Fairview Commercial Lending 866-634-1270

Gregory Funding LLC 888.324.3578

Griffin Capital Funding 540-548-1001

Kennedy Funding, Inc. 1-800-342-8500

Manaseh, Epharim & Associates

Great rates on commercial real estate loans, fully amortizing up to 25 years. Most property types considered including hotels, multi-family and special-use. Full doc is required for these competitive rates. Please call to request a rate sheet Bridge/Construction $2 million + and perm loans for 18 commercial property types nationwide from $250K+

No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA Church Loans from $75,000 to $30 million. Purchase, refinance, renovation and construction. No personal guarantees needed, no tax returns or audited financial statements Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment. Fast, flexible funding for all your commercial financing needs

678-387-3230

Metro Funding Corp

Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

866-302-6360

Mission Oaks National Bank

All owner/user/investor commercial real estate

805-889-0301

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

42

October 2008


NICHE REPORTS

Remington Financial Group, Inc 480-905-3239

Tellus Capital

Senior financing on existing real estate all property types, competive rates

Direct lender specializing in first and second loans on income producing commercial properties

619-818-6248

Specializing in Full and Simple Doc small balance commerical loans up to $5 M. Our unique Commercial Automated Underwriting System allows for instant approvals, including pricing options. No upfront fees! Experience ease of execution – call today.

Trilogy Commercial Lending 888-875-5055

COMMERCIAL Lender Listings Powered by TheLoanPost.com 21st Mortgage 800-955-0021 x 1219 Acupen Financial 503-516-5823 Affinity Bank 877- 862-7245 AgriCap Financial Corporation 213-542-5232 American Acceptance 800-452-9287 Arlington Richfield 248-613-7423 Avant Capital Partners, LLC. 212-219-9419 Axiom Commercial Funding 866-637-3014 x 10 Berkshire Capital Financial, Ltd. 212-986-9890 Blue Sky Commercial Funding 888-500-2583 Brownstone Mortgage Capital 800-547-1285 Capital Alliance 415-288-9575 CFA Capital Partners 914-967-5780 Ciena Capital 800-722-5626 CIT Small Business Lending Corp. 404-244-4592 Coast Investors Capital 305-446-9125 Commercial Bridge Loan Funding 305-852-2569 Commercial Funding Corp 904-885-9977 Commercial Hard Capital, LLC 832-607-6778 Commercial Lending Capital 714-656-3943 Commercial Loan Capital 877-473-6984 Commercial Mortgage City 954-854-6853 Commercial Mortgages 101 800-763-3036 Community Commerce Bank 916-648-2680 Cushman Rexrode Capital Corporation 925-988-7200 Eastern Savings Bank 800-787-8187 Equity One Commercial 407-370-7843 Excelsion Mortgage 888-578-5441 First California Bank 818-670-7688 Griffin Capital Funding 800-710-6762 Hawkins Capital 208-908-5596 HMC Funding 800-273-7001 x 327 Integrity Financial Group 916-343-7559 Interbay Funding, LLC 877-207-6099 Kennedy Funding 201-342-8500 Lib Properties, LTD. 404-256-8600 Lighthouse Commercial 614-340-3894 LNB Commercial Capital 321-214-0585 Magnolia Financial Consultants 601-428-1005 Mango Bay Mortgage 561-347-9811 Met-West Commercial 866-766-4000

https://www.21stmortgage.com www.Acupenfinancial.com www.affinitybank.com www.agricap.com www.aamcap.com www.arlingtonrichfield.com www.avcapital.net www.acfsonline.com/ www.berkshirecapital.net www.bscfloans.com/ www.brownstoneloans.com www.calliance.com/index.php www.cfacap.com www.cienacapital.com www.smallbizlending.com www.coastinvestors.com www.cblfg.com www.commercialfundingcorp.com www.commercialhardcapital.com www.clcnationwide.com www.clcloans.net www.commercialmortgagecity.com www.commercialmortgages101.com www.ccombank.com www.cushrex.com www.easternsavingsbank.com www.equity1commercial.com www.excelsionbrokers.com www.fcbank.com www.ysploans.com www.hawkinscap.com/ www.hmcfunding.com www.ifgloans.com www.interbay.com www.kennedyfunding.com www.libloans.com www.Lighthouse-Commercial.com www.lnbcapital.com www.hardmoneymortgages.com www.mangobayinc.com www.met-west.com

Midwest Financial Capital Minvest Financial Mission Oaks National Bank MiStar Financial MJM Capital Group Multicorp Financial National Business Finance Nationwide Commercial Lenders New World Commercial Lender Ovation7 Overland Financial Pacific Mortgage Funding Corporation Pacific National Bank PFA Capital, LLC. Phoenix Funding PNC ARCS Presidential Bank Pribank Provident Prudential Mortgage Capital Co. Quik Fund Inc. Reliant Funding REM Capital SF Partners Mortgage Silver Hill Financial Small Business Loan Source, LLC. St. Cloud Mortgage STA Capital Group & Advisors Strongtower Financial SWC Financial Corp. TCRM Commercial Corp. Terrace Capital The Money Source, LLC. Trilogy Commercial Lending, LLC. Union Bank of California Wachovia Bank Washington Mutual Wells Fargo West One Mortgage Corporation WholesaleLending.com World Capital Bancorp, Inc.

317-844-7776 www.midwestfinancialcapital.com 877-317-0260 www.minvestfinancial.com 951-719-1200 www.missionoaksbank.com 720-200-2600 www.mistarfinancial.com 480-628-1943 www.mjmcapitalgroup.com 925-275-8111 x 222 www.11multicorpfinancial.com www.nationalbusinessfinance.com 954-495-4791 800-830-5940 x 1 www.NationwideCommercialLenders.com 561-628-2069 www.nwclender.com 561-746-7858 www.ovation7.com/broker 818-342-2477 www.overlandfinancial.com/ 562-864-4006 www.pacificmortgage.com 305-539-7675 www.pnb.com 800-531-4589 www.picconefinancial.com 877-562-6414 www.phoenix-funding.com 800-275-2727 www.askARCS.com 301-652-1616 www.presidential.com 866-811-9217 www.pribank.com 800-733-3657 x 1712 https://pfloans.provident.com/ 888-263-6800 www.prumortgagecapital.com 813-671-0712 hwww.quikfund.com 412-942-1010 x 18 www.reliantfunding.us 877-774-4240 www.remcapitalgroup.com 305-774-0456 sfmortgagelenders.com/ 877-813-4685 www.silverhillfinancial.com 512-215-2727 www.adelinerem.com 877- 653-3276 www.farmerloan.com 866-610-4141 www.c-loandivision.com 800-333-9893 www.strongtowerfinancial.com 714-680-7050 x113 www.swcfinancial.com 212-371-3933 www.tcrmcommercial.com 212-671-1031 www.terracecapital.com 480-946-4000 www.themoneysourcellc.com 877-726-9433 www.trilogycl.com 877-945-2265 www.uboc.com 916-787-9401 trevor.deng@wachovia.com 916-825-5432 james.wiegandt@wamu.net 800-840-5822 www.wellsfargo.com www.westonemortgagecorp.com 818-921-7602 866-303-6301 www.wholesalelending.com 888-922-3003 www.worldcapitalbanc.com

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

43


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LENDER & RESOURCE DIRECTORY

AcuPen Financial, LLC The Premier One-Stop Commercial Mortgage HUB www.acupenfinancial.com

a la mode, inc. www.alamode.com

Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email: loans@ambitfunding.com

America One Finance www.americaonefinance.net Contact: Matt Simmons Phone: 425.641.4658 x117 Email: matt@americaonefinance.com

Asset Funding Group www.assetfundinggroup.com Contact: Loan Submission Phone: 866-398-8916 Email: Loans@assetfundinggroup.com

Avatar Financial Group www.avatarfinancial.com Contact: Allison Payne, Loan Analyst Phone: 888.896.0083 Email: loans@avatarfinancial.com

BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516.773.2712 Email: mitch@brtrealty.com Capital Management www.CapitalManagementAZ.com Contact: Louis Lantz Phone: 480.575.1782 Email: info@capitalmanagementaz.com

CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301 info@citylightsfinancial.com

Continuum Funding Group www.continuumfunding.com Contact: Evan Kaplan Phone: 703-564-1659 Email: ekaplan@continuumfunding.com

Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.com Direct Marketing Associates www.DMALeads.com Phone: 888.312.9594 Email: info@DMALeads.com

DocMagic www.docmagic.com Phone: 800.649.1362

Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319

First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499

Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Fax: 503.226.4699 Email: info@gregoryfunding.com Hard Money Funding www.HardMoneyFunding.com Phone: 208-772-7334 Email: rob@hardmoneyfunding.com

KENNEDY FUNDING, INC. www.kennedyfunding.com Contact: Jonathan Weiner, Chief Loan Officer Phone: 800-342-8500 Email: info@kennedyfunding.com

TheNicheReport.com

45


LENDER & RESOURCE DIRECTORY

LJL Funding www.LJLFunding.com Contact: Phil Jemmett Phone: 888-456-0246 Email: PJemmett@LJLFunding.com

Pittbull Mortgage School www.pitbullmortgageschool.com Contact: Leonard Rosen Phone: 858-736-7788 Email: PitbullMortgageSchool@gmail. com

LoanAce www.loanace.com info@teravendo.com M & J Loans, LLC www.gcfunding.com Contact: John Berardino Phone: (540) 548-1001 ext 104 Fax: (540) 548-1117

Madison Credit Management Services LLC www.madisoncredit.com Contact: Roger Castile Phone: 856-866-9878 x4320 Email: info@madisoncredit.com Manaseh, Epharim & Associates www.meandassociates.com Contact: R.D. Walker Email: info@meandassociates.com Phone: 678-387-3230

Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Smith Email: jennifer@metrofundingcorp.com Phone: 866-302-6360

Nationwide Home Relief Phone: 877.368.7266 Miner Capital Funding, LLC Orlando@minercapitalfunding.com www.Minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092

46

October 2008

Precision Loan Processing www.PrecisionLoanPro.com Phone: 703.743.9739 Email: Kristen@precisionloanpro.com

Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email: Bill@stonecrest.net Tellus Capital www.tellus-capital.com Contact: Daniel Singer Phone: 619.818.6248 Email: Daniel@tellus-capital.com

Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Fax: 407-523-6946 Email: info@trilogycl.com RBA Capital www.RBACapital.com Andy Niesen or Dan Murphy 610.293.8008 aniesen@RBACapital.com or dmurphy@ rbacapital.com

Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email: apply@remingtonfg.com Urban Financial Group, Inc. www.reverseit.com Contact: Matt Klaus Phone: 888.777.3311 Email: info@reverseit.com Seasoned Funds Company Inc. www.pofsos.com Contact: Dr. Mitch Holland Phone: (877) 226-6260 Email: info@pofsos.com www.settlementbiz.com 877 392 4940

TrustCapital Investments LLC Craig Severson 301-503-2231 trustcapital@frontiernet.net

Unifund Financial Group Inc. www.unifundinc.com Contact: Tyson Hempel Phone: 619-987-1083 Email: tyson@unifundloan.com

WADOT Capital, Inc. www.wadotcapital.com Erik Egger or Craig Halpin Phone: 206.362.4444 Email: ee@wadotcapital.com OR ch@ wadotcapital.com


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Lending in Washington, Oregon, and Idaho


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Bryan Clay 2008 Olympic Decathlon Gold Medalist

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TNR - October 2008  

Feature Article "Why Your Loan Production is Where it is Today"

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