MORTGAGE
STUFF (C-Loans.com Client Letter) Joke
Du Jour
An
old man was critically ill. Feeling that death was
near, he called his lawyer.
"I want to become a lawyer. How much is it for the
express degree you told
me about?" "It's
$50,000," the lawyer said. "But why? You'll be dead
soon. Why do you
want to become a lawyer?" "That's
my business! Get me the course!"
Four
days later, the old man got his law degree. His lawyer was
at his bedside, making sure his bill would be paid. Suddenly
the old man was racked with fits of coughing, and it was
clear that this would
be the end. Still curious, the lawyer leaned over
and said, "Please, before
it's too late, tell me why you wanted to get a law degree
so badly before you died?"
In
a faint whisper, as he breathed his last breath, the old
man said, "One less lawyer
..."
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a Commercial Mortgage?
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You'll find life companies, credit unions (they're great!),
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What
is Structured Finance?
Think
of structured finance as custom-made commercial loans.
The lender might go interest-only for two years and then
begin to amortize the deal over 25 years. The lender
may add an earn-out, where the
lender agrees to loan more money if the developer fills
his building. Maybe the lender thows a mezzanine loan
(sort of like a high LTV second mortgage) on top of the
first mortgage. It is these custom features that are
the hallmark of structured finance.
Frisbee
Joke
The
other day I was standing in the park wondering why Frisbees
get bigger and bigger the closer they get ... then it hit
me.
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