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.
Phil Grossfield's Blog 