My Dad was a couple weeks shy of 80 years before he passed last week. He battled Alzheimer’s for the better of 20 years…the last 5 years were extremely challenging. His unyielding positive attitude was Dad’s best characteristic and he never lost it despite the efforts of the viscous disease. He was (and remains) my moral compass and set an example of the highest work ethic which is what made him the #1 salesperson for 40 years with Champion Products sportswear. With his guidance I became a record-setting salesperson myself and came to appreciate the dedication required to achieve that level of success.
I feel like I joined a club for those who have lost a parent, and it’s the worst club in the world. I was lucky to have him in my life for as long as I did.
WBL Products…My Guidance & Highlights
NO PAYMENT & SUBSIDIZED PAYMENT LOANS. We make loans with no payments for a period of time or for the entire term of the loan. We also have subsidy programs to reduce the loan payments to ease the pressure on a growing business. Given equity in real estate as collateral, we can structure a loan that makes sense for the current and future economics of the Merchant/Borrower.
Always Ask Merchant/Borrower If They Have Real Estate. If your Merchant Borrower has equity in real estate, then WBL should be your first call as a potential business lender. July 25, 2022.
What Real Estate Will Be Acceptable As Collateral? WBL will accept virtually ANY real estate type…and, we can use multiple properties together for one loan by cross-collateralizing to max the lendable equity. July 25, 2022
To Qualify For A Business Loan. (1) Equity in Real Estate – we’ll utilize virtually any type and combination of real estate in any condition, and (2) Revenues – sufficient to support/afford the loan payments – we’ll need 3-6 months of business bank statements to see what revenues are deposited. If we have these two, we can overcome just about any hurdle…
The Market…My Take
How Does Raising Fed Interest Rates Battle Inflation? Simply put, the Fed raises rates to slow consumer spending so prices will fall…let me explain. The Fed controls the Fed Funds Rate which they have been raising in the hopes of indirectly changing consumers’ spending behavior…your spending behavior. By increasing the Fed Funds rate, they directly impact banks by making it more expensive for them to borrower money…yes, banks borrow money from each other all the time (but that’s another topic). If it costs more for a bank to borrow, guess who they pass that added expense to? Yep, it’s you! That makes it more expensive for us regular hard-working folks to borrow money. If it’s more expensive for us to borrow money, then we’ll borrow less, and when we borrow less, we spend less. That makes sense, right? So when we spend less as a community, then demand will fall. When demand falls, prices will fall to encourage more spending. Stores will start putting goods on sale, and so on. Simple.
Email the Loan Opportunity To Me. Send (1) an Application with all the Merchant/Borrower’s information including their mobile number and email address, (2) a full description of the real estate or download this Excel REO Schedule , and (3) a minimum 3-months business bank statements (6 months is better if you have it).
Process. After I send the loan opportunity to our Intake Department (see above), I’ll receive preliminary feedback on the real estate collateral, affordability, and any other considerations. On the same day or next, I’ll present to our Market Clearance team for loan structure guidance. Then you and I will discuss and decide what to Offer the Merchant Borrower. If accepted, then we’ll send the Borrower Merchant an authorization form and formally submit the loan.
What I’ve been trying to figure out all this time is why she would agree to marry me in the first place…and no, I wasn’t rich. A few days ago I celebrated my 21st wedding anniversary. We’ve made it work but not without challenges along the way…it definitely takes commitment…and now we’re stronger than ever. Anyway, to celebrate we went to a great place here in Scottsdale called Postino’s. Unbeknownst to us, my soon to be 86-year old mother called ahead and arranged to pay our bill…how nice was that?! And, our 17-year old daughter picked us up. Yeah, I got it pretty good, and I know it…
The Market…My Take
Good Time To Hire Salespersons. In case you hadn’t noticed, the residential mortgage industry is in a free-fall. This is the direct result of the Fed’s recent rate hikes to battle inflation which has pushed residential mortgage rates from <3% into the 6% range. Residential mortgage lenders and brokers have been dropping like flies and with it comes an influx of talented and experienced mortgage salespersons looking for work. So, if you were looking to expand your business, this is an excellent time to find salespersons with a background in real estate secured originations. I recommend advertising on Rob Chrisman’s Daily Commentary or Lender News.
WBL Products…My Guidance & Highlights
Always Ask The Merchant/Borrower If They Have Real Estate. If the Merchant Borrower has equity in real estate, then I should be your first call as a potential business lender. The real estate doesn’t even need to be owned by your Merchant/Borrower…it could be their family’s property or even a friends. Just understand that anyone putting up their property as collateral for the loan must sign as a guarantor.
What Real Estate Will Be Acceptable? WBL will accept virtually ANY real estate type whether it be raw land or a lot, industrial property, or a commercial property including office buildings, malls, hospitals, golf courses…even gas stations. In addition, WBL will accept all residential properties – houses, condos, townhomes, vacation homes…even a primary residence in most states. Moreover, the property can be in any condition…even mid-construction. It all comes down to the lendable equity. And don’t forget, we can use multiple properties together for one loan by cross-collateralizing to max the lendable equity.
To Qualify For A Business Loan. (1) Equity in Real Estate – we’ll utilize virtually any type and combination of real estate in any condition, and (2) Revenues – sufficient to support/afford the loan payments – we’ll need 3-6 months of business bank statements to see what revenues are deposited. If we have these two, we can overcome just about any hurdle…
Email the Loan Opportunity To Me. Send (1) an Application with all the Merchant/Borrower’s information, (2) a full description of the real estate or download this Excel REO Schedule , and (3) a minimum 3-months business bank statements (6 months is better if you have it).
Process. After I send the loan opportunity to our Intake Department (see above), I’ll receive preliminary feedback on the real estate collateral, affordability, and any other considerations. Then you and I will discuss and decide what to Offer the Merchant Borrower. If accepted, then we’ll send the Borrower Merchant an authorization form and formally submit the loan.
My Dad was a couple weeks shy of 80 years before he passed last week. He battled Alzheimer’s for the better of 20 years…the last 5 years were extremely challenging. His unyielding positive attitude was Dad’s best characteristic and he never lost it despite the efforts of the viscous disease. He was (and remains) my moral compass and set an example of the highest work ethic which is what made him the #1 salesperson for 40 years with Champion Products sportswear. With his guidance I became a record-setting salesperson myself and came to appreciate the dedication required to achieve that level of success.
Phil Grossfield's Blog 