The web site known as C-Loans.com and the web sites powered by C-Loans, such as, but not limited to, the 1st AAA Commercial Mortgage Lender Databank, CommercialMortgage.com, and many others, are offered for "free" to our borrowers, mortgage brokers, and other users.
This is a terrific deal because we provide you with a searchable databank of 750 commercial mortgage lenders, a databank that costs many thousands of dollars per month to maintain.
C-Loans is paid a software licensing fee of between 37.5 and 50 basis points by the lenders participating in the system, if a deal closes. Some lenders may increase their rate or fee slightly to cover the cost of receiving loan applications using C-Loans' software, so arguably use of the C-Loans System is not completely free.
On the other hand, lenders have to market for deals somewhere. We are no different than a magazine ad with a business reply card, other than the fact that the lender doesn't have to pay any fee unless he closes a deal. In any case, C-Loans does not charge you any up-front fee to enjoy access to the lender information in the databank. Any software licensing fees are totally the responsibility of the lender. You should use C-Loans to shop for loans and compare the loan offers from our lenders to loan offers that you find on your own. If the offer from a C-Loans lender is cheaper, you should take it.
But remember, we are not your mortgage broker, nor your agent. In fact, you hereby specifically agree that we are not your mortgage broker or your agent. We are just a software provider to, and a marketing channel for, the lenders. This is important for you to understand because normally no one from C-Loans, Inc. ever looks at your deal. Everything is done by the computer program.
The reason we are so freaky-deaky about this agency thingee is because we will never be there to advise you. For example, let’s suppose you close a loan, using a commercial lender that you find on CommercialMortgage.com or C-Loans.com, to buy an industrial property. Now let’s suppose that the industrial property that you buy turns out to be a toxic waste dump, and the EPA orders you to spend $2 million to clean up the property. Yikes. We were never there to warn you, “Hey dummy, make sure that you get a Level I or Level II toxic report before you buy this property!” And the toxic contamination issue is just one of dozens of important issues that need to be addressed and advised upon by a warm, intelligent, and highly-trained commercial real estate agent. We aren’t that warm body!
By using our database, you agree to several other things. First of all, you agree to be contacted by phone, fax, and email by the lenders listed on the C-Loans System. This goes without saying. Occasionally we will look at a deal and say, "Hey, this deal should have been submitted to ABC Bank rather than XYZ Capital." In such cases, on our own motion, we may forward your loan to ABC Bank and probably several other C-Loans lenders. You hereby agree to allow us to do this. In addition, you hereby authorize us to sell your lead to up to six commercial mortgage brokers, who you hereby authorize to contact you by phone, fax, and email.
You also agree to be contacted every few months by C-Loans by phone, fax or email (we usually just do this by email) so that we can check up on the progress of your loan. Once you use the C-Loans System even once, you cannot opt out. C-Loans has an important business interest in seeing if your deal ever closed because unfortunately our lenders sometimes cheat us. If being contacted occasionally by email will drive you to distraction, simply do not use the C-Loans System.
You also agree to be solicited by C-Loans, Inc. and her related / affiliated companies; including, but not limited to, Blackburne & Brown Equity Mortgage Corporation, and Blackburne & Sons Realty Capital Corporation; regularly by phone, fax, and email regarding doing future business together. Mortgage brokers can expect to be solicited regularly by fax and email. Right now we seldom contact borrowers, realtors, developers, or other users, other than to check on the status of their loan; however, we specifically reserve the right to do so. Also, the user hereby agrees to allow lender to discuss the status of his loan application with C-Loans, Inc., including loan number, loan amount, etc.
"But George, what if I don't want you faxing me, e-mailing me, or calling me?"
Enduring our first advertising fax or email is your cost of using the C-Loans System. You cannot "opt-out" of our first advertising email or advertising fax.
After the first solicitation, you will be provided an 800 number for faxes and an email address whereby you can opt out. But you will probably want to stay on our marketing lists. Most of our customers would agree they are hilarious and sometimes fascinating. We always include tons of jokes and interesting stories in our advertising pieces. This is why we insist that you at least see one of our marketing faxes and one of our e-mail newsletters before opting out. If this freaks you out, simply do not use C-Loans the first first time. But you shouldn't be freaked. This is all good, clean business and fun.
We do not offer privacy protection on C-Loans, and we reserve the right to sell and swap the lists we compile. Once again, this should not freak you out because, as you will see, we do not gather a whole lot of personal information on C-Loans. I guarantee you that the big on-line marketing firms - and even your own cable TV company - knows fifty times more about you than we will be able to glean from your use of C Loans. In any case, hardly no one ever offers to buy or swap for our compiled lists.
Finally, you hereby agree to indemnify, defend and hold C-Loans, Inc.; its officers; its directors; its employees; its agents; its related / affiliated companies and its marketing partners; harmless in connection with any claims or causes of action related to, or arising out of, fax broadcasts or any dispute between the borrower, mortgage broker and/or lender regarding application fees, commitment fees, third party reports, loan commitments and/or up-front fees of any kind.
While C-Loans works hard to screen out advance fee scammers, bad people - despite our hard efforts to police the system - still occasionally slip through. C-Loans, Inc. therefore makes no warranty as to the legitimacy or honesty of any commercial lender or mortgage broker using the C-Loans System. Therefore, please be sure to do your own due diligence, and please be sure to carefully read any term sheets, conditional commitment letters, and/or loan broker fee agreements to determine in advance under what circumstances you are entitled to a refund of any advance fees, good faith deposits and/or third party reports. If something smells fishy - such as a generous loan offer at a rate almost too good to be true - please contact Tom Blackburne at 916-338-3232 or firstname.lastname@example.org before sending in a large up-front fee.
Please don't let this legal mumbo-jumbo scare you. C-Loans, Inc. is the sister company of Blackburne & Sons Realty Capital Corporation, a well-known private money commercial mortgage company that has been in business for over 38 years. For almost three decades we have managed tens of millions of dollars in mortgage investments for elderly private investors. We're reliable, steady-Eddy folks.
Thank you for being a customer of C-Loans. If you need a commercial mortgage loan, after using our system for the first time, you are going to feel like you have stumbled into commercial mortgage loan heaven. As you will soon see, the C-Loans System is fabulous. Prepare to drool.