MORTGAGE STUFF (C-Loans
Client Letter)
You are
receiving this letter because you are a commercial mortgage broker
client of either Blackburne & Sons or C-Loans, Inc. Removal
instructions are below. Today we'll talk about commercial loans on broken condo's. And as always, we have lots of great jokes, funny pics, and a nice video for you.
Joke Du Jour
At one point during a game, the coach said to one of his young players, "Do you understand what cooperation is? What a team is?" The little boy nodded in the affirmative. "Do you understand that what matters is whether we win together as a team?" The little boy nodded yes. "So," the coach continued, "when a strike is called, or you're out at first, you don't argue or curse or attack the umpire. Do you understand all that?" Again the little boy nodded. "Good," said the coach. "Now go over there and explain it to your mother."
The Siths Were the Jedi Knights of the Dark Side
Place Your Commercial Loans With C-Loans.com
Last year C-Loans.com closed an $18.5 million commercial construction loan. The broker who used C-Loans earned a $92,500 commission.
C-Loans.com is a commercial mortgage portal where you can enter a commercial loan in just four minutes and then submit it to hundreds of different commercial lenders with one click. And C-Loans is free!
Waffle House Joke
"In Florida, a drunk, half-naked woman crashed her car into a Waffle House. Just a reminder, once again Florida will likely determine who our next president is." -- Conan O'Brien
Submit Your Commercial Mortgage App Today
Blackburne & Sons continues to seek first
mortgages between $100,000 to $3.5 million on standing
commercial properties nationwide. We have tons of money right now, so we can do some of the larger loans that in the past were too large for us.
One unusual loan product that we offer is our blanket loan against a portfolio of rental homes. We will also hypothecate notes and buy commercial loans at a discount.
Please be sure to bookmark our commercial mortgage rate sheet right
now. To apply for a
private money commercial loan from Blackburne & Sons, please
find your favorite loan officer below:
George Blackburne IV: 916-338-3232
To apply
to George IV online, please click here.
Tom Blackburne:
574-210-6686
To apply to Tom online, please click here.
Alicia Gandy:
916-338-3232
To apply to Alicia online, please click here.
Ed Hupp:
219-929-5625
To apply to Ed online, please click here.
Pedigree Joke
The lil' Columbia, Maryland Yuppette was shopping in an upscale pet center. "I want a dog of which I can be proud," she told the salesman. "Does that one have a good pedigree?" "Miss," declared the clerk, "if she could speak, she wouldn't talk to either one of us."
Do or Not Do. There is No Try. -- Master Yoda
Commercial Loans on Broken Condo's
A broken condo is a residential project that did not sell out. Imagine a 100-unit residential condo project where only 37 of the condo's could be sold. There were no buyers for the rest, and the unsold units were rented out like an apartment building. You can imagine the conflict between the unit owners and the often lower-class renters.
Most banks will not touch a broken condo, even though the units were constructed with a higher quality than the typical apartment. Why? When a lender takes title to unsold condominium units, it typically becomes a "Dealer." Typically, the lender will acquire the "Special Declarant Rights" and thereby become a successor "Declarant."
As a successor Declarant, the lender is usually subject to all liabilities and obligations imposed by law, including unpaid assessments for the foreclosed units. As a successor Declarant and Dealer, the lender is also responsible for delivering a public offering statement to purchasers and is liable for any "omission of material fact." Yikes! Sounds scary.
Notwithstanding the scary stuff, Blackburne & Sons regularly finances broken condo's.
Pop Rocks Joke
Cassie was taking two of her grandsons on their very first train ride, from Dayton, Ohio, to Washington, DC. A vendor came down the corridor selling Pop Rocks, something neither had ever seen before. Cassie bought each grandson a bag. The first one eagerly tore open the bag and popped one into his mouth just as the train went into a tunnel. When the train emerged from the tunnel, he looked across to his brother and said: "I wouldn't eat that if I were you." "Why not?" replied the curious brother "I took one bite and went blind for half a minute."
Small Balance Preferred Equity "Loans"
Do you really understand preferred equity? This free whitepaper will help you to truly understand it. It's written in easy-to-understand layman's language.
You'll use preferred equity in three common scenarios. (1) You have an investor buying a non-owner-user commercial-investment property. The bank refuses to make a first mortgage larger than 60% LTV. The buyer only wants to put down 25%. We'll cover the gap. (2) Your client has a balloon payment coming due, but he can't qualify for a new first mortgage large enough to pay off the old first mortgage. We'll cover the gap. (3) Your client wants to buy out an impossible partner. We'll provide the capital to buy him out.
Got a potential preferred equity deal? Call your favorite B&S loan officer:
George Blackburne IV: 916-338-3232
To apply
to George IV online, please click here.
Tom Blackburne:
574-210-6686
To apply to Tom online, please click here.
Alicia Gandy:
916-338-3232
To apply to Alicia online, please click here.
Ed Hupp:
219-929-5625
To apply to Ed online, please click here.
ET, Will You Phone Home, For Crying Out Loud?!
Free Written Directory of 2,000 Commercial Lenders
Please notice I said TWO THOUSAND commercial lenders, not just 200. Imagine if you had scores and scores of commercial lenders for every deal. And did I mention it was free? To get your free list.
Elevator Joke
An American visiting in England asked at the hotel for the elevator. The portiere looked a bit confused but smiled when he realized what the man wanted. "You must mean the lift," he said. "No," the American responded. "If I ask for the elevator, I mean the elevator." "Well," the portiere answered, "over here we call them lifts". "Now you listen", the American said rather irritated, "someone in America invented the elevator." "Oh, right you are sir," the portiere said in a polite tone, "but someone here in England invented the language."
One-Point Commercial Bridge Loans
Please don't forget about Blackburne & Sons' one-point bridge loan product for commercial properties:
Interest Rate: 9.9% to 12.9%
Loan Fee: 1 point + $950 (nothing up-front)
Term: Six months
Prepayment Penalty: None
Maximum Loan-to-Value Ratio: 65% (70% on purchases)
Properties: Multifamily (5+ units), Commercial, and Industrial
Skinny Dipping Joke
Q: Why don't elephants go skinny dipping?
A: Because they can't get their trunks off!
Business Loans Not Secured By Real Estate
I'm talking here about unsecured business loans, equipment loans, leases, inventory loans, factoring, accounts receivable financing, asset-backed lines of credit, etc.
The reason you want to get into the business of brokering business loans is because such loans close in 10 to 14 days, NOT three months.
C-Loans.com is now offering business financing. Please click here if you are trying to pace a business loan not secured by real estate.
Fishing Joke
Jim had an awful day fishing on the lake, sitting in the blazing sun all day without catching a single one. On his way home, he stopped at the supermarket and ordered four catfish. He told the fish salesman, "Pick four large ones out and throw them at me, will you?" "Why do you want me to throw them at you?" "Because I want to tell my wife that I caught them." "Okay, but I suggest that you take the orange roughy." "But why?" "Because your wife came in earlier today and said that if you came by, I should tell you to take orange roughy. She prefers that for supper tonight."
We're Now Making Home Loans in
California
For the past 35 years Blackburne & Sons has exclusively been a commercial lender. That has now changed. We are now aggressively seeking non-owner-occupied home loans in California.
Sorry, folks, we are ONLY licensed to make non-owner-occupied home loans in California. We cannot make home loans in any other state; but we will make individual commercial loans or blanket residential loans (5+ houses) nationwide.
Got a nationwide commercial deal or a California non-owner-occupied residential deal? Please call your California Loan Officer:
Alicia Gandy at 916-338-3232
NMLS # 389678
Tom Blackburne at 574-210-6686
NMLS # 1014118
George Blackburne IV at 916-338-3232
NMLS # 382122
Connection Joke
A 70-year-old man goes to the doctor's for a physical. The doctor runs some tests and says to the man, ''Well, everything seems to be in top condition physically, but what about mentally? How is your connection with God?'' And the man says, ''Oh me and God? We're tight. We have a real bond, he's good to me. Every night when I have to get up to go to the bathroom, he turns on the light for me, and then, when I leave, he turns it back off.'' Well, upon hearing this the doctor was astonished. He called the man's wife and said, ''I'd like to speak to you about your husband's connection with God. He claims that every night when he needs to use the restroom, God turns on the light for him and turns it off for him again when he leaves. Is this true?'' And she says, ''That idiot, he's been peeing in the fridge!''
Nine-Hour
Video Course on How to Broker Commercial Mortgage Loans
Important note: This nine-hour video course now also includes my $399 audio course on Intermediate Commercial Real Estate Finance - all for the same $549 cost. This 9-hour video course is my
bread-and-butter course that teaches you how to market for
commercial loans, how to underwrite them (the ratios), how to
place them, and how to collect your fee. Thousands of very happy
commercial mortgage brokers have taken this course. Details.
Broom Joke
Two brooms were hanging in the closet and after a while they got to know each other so well, they decided to get married. One broom was, of course, the bride broom and the other the groom broom. The bride broom looked very beautiful in her white dress. The groom broom was handsome and suave in his tuxedo. The wedding was lovely. After the wedding at the wedding dinner, the bride broom leaned over and said to the groom broom "I think I am going to have a little whisk broom." "Impossible!" said the groom broom. "We haven't even swept together!"
Great Apartment Loan Program
You're probably used to thinking of Blackburne & Sons as a subprime commercial lender, but since our acquisition of CommercialMortgage.com (I paid more than a house), some of the nation's largest commercial mortgage investors are giving us wonderful opportunities. Please be sure to check out our great new apartment program.
To apply for an apartment loan from Blackburne & Sons, please
find your favorite loan officer below:
Tom Blackburne:
574-210-6686
To apply to Tom online, please click here.
Alicia Gandy:
916-338-3232
To apply to Alicia online, please click here.
George Blackburne IV: 916-338-3232
To apply
to George IV online, please click here.
Ed Hupp:
574-219-929-5625
To apply to Ed online, please click here.
Nice Video
This rescue dog is the last survivor of the dogs from 9/11.
Earn Big
Referral Fees. We've Made It Really Easy.
Blackburne
& Sons will pay
you a referral fee of 20% of our loan fee, just for providing us
with the name and the phone number of a prospective commercial
mortgage borrower. We once paid a referral fee of $21,250 to a guy
named Alan Dunn.
Just
click here to refer us a commercial
loan.
Texas Challenge Joke
A Texan walks in to a pub in Ireland, clears his voice to the crowd, and says, "I hear you Irish are a bunch of hard drinkers. I'll give $500 American dollars to anybody in here who can drink 10 pints of Guinness back-to-back. The room is quiet, and no one takes up the Texans offer. One man even leaves. Thirty minutes later the same gentleman shows back up and taps the Texan on the shoulder. "Is your bet still good?" asks the Irishman. The Texan says, "Yes," and asks the bartender to line up 10 pints of Guinness. Immediately the Irishman tears into all 10 of the pint glasses, drinking them all back-to-back. The other pub patrons cheer as the Texan sits in amazement. The Texan gives the Irishman the $500 and says, "If you don't mind me asking, where did you go for that 30 minutes you were gone?" The Irishman replies, "Oh, I had to go to the pub down the street to see if I could do it first."
Buy
Commercial Leads
You can buy
commercial leads from C-Loans for just $1 to $9, plus 37.5
bps. when the deal closes.
Here's the most important reason why you want to buy leads from C-Loans. Once you close five loans for us, we will list you on our Suggested Lender List as a Proven Broker. If you ever achieve this distinction, the rest of your career will be a breeze. Three or four perfect commercial leads will appear in your email box daily until you retire.
Get a Free e-Book on CREF
I've assembled my best commercial real estate finance training articles into a wonderful e-book that is yours free.
|
