Getting Started as a Commercial Mortgage Broker E-Book

Peter J. Gineris

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 202

Veröffentlichungsjahr: 2008

Beschreibung

While residential real estate lending has gone soft, commercial lending is hot—with a wave of low interest rates and refinancing—and it shows no sign of slowing down. Right now, commercial mortgage brokering is one of the best ways to earn money without a ton of training. In this practical guide for first-timers, you’ll learn the basics of brokering from application to closing, as well as inside information you won’t find anywhere else. So get started!

Leseprobe

Table of Contents

Title Page

Copyright Page

Dedication

PART I

Chapter 1 - All the Commercial Mortgage Brokers I Know Earn at Least ...

WHAT IS COMMERCIAL MORTGAGE BROKERING?

ALL THE COMMERCIAL MORTGAGE BROKERS I KNOW EARN AT LEAST $100,000/YEAR

FREEDOM

PRESTIGE

WHY DON’T MORE PEOPLE GET INTO COMMERCIAL MORTGAGE BROKERING?

AN INEFFICIENT BUSINESS MODEL LEADS TO OUR SUCCESS

LIVE WHEREVER YOU WANT

NO SPECIAL EDUCATION

NO LICENSE REQUIRED IN MOST STATES

Chapter 2 - Selling Commercial Mortgages Can Be a Great Side Business for Any ...

SIDE BUSINESS FOR REAL ESTATE AGENTS, RESIDENTIAL BROKERS, AND COMMERCIAL REAL ...

HOW TO MAKE $3,000 A MONTH IN A SIDE BUSINESS

HOW TO FIND THE RIGHT BROKER OR LENDER FOR A PARTNER

HOW TO STRUCTURE A REFERRAL COMMISSION

HOW TO FIND NEW CLIENTS

MARKETING IDEAS FOR REACHING YOUR CURRENT CLIENTS

NETWORKING TO REACH NEW CLIENTS

DO COMMERCIAL MORTGAGE BROKERS EVER GIVE REFERRALS TO REAL ESTATE AGENTS OR ...

BENEFITS

Chapter 3 - How to Break into the Business: Getting Training and Getting Started

HOW TO GET TO THAT SIX-FIGURE INCOME AND BEYOND

Chapter 4 - Overview of a Typical Commercial Mortgage Deal

THE EIGHT BASIC STEPS

WHAT TYPES OF PROPERTIES CAN I FINANCE?

WHAT IS THE DIFFERENCE BETWEEN A MORTGAGE BROKER AND A MORTGAGE BANKER?

FIDUCIARY RESPONSIBILITIES OF MORTGAGE BROKERS AND MORTGAGE BANKERS

HOW BROKERS ARE PAID

PART II

Chapter 5 - How Do I Find My First Deal?

CONSTRUCTION LOAN TAKE-OUTS

LOOK FOR SIGNS AND BUILDING PERMITS

REFERRALS

DEVELOPERS AND BUILDERS

TITLE COMPANIES FOR OWNERSHIPS AND COLD CALLING

RESIDENTIAL MORTGAGE BROKERS’ APPROACH

START AND KEEP A DETAILED DATABASE

A SAMPLE DEAL

HOW TO SIGN UP A CUSTOMER: BROKERAGE AGREEMENT/ENGAGEMENT LETTER

Chapter 6 - An Overview of Commercial Loan Types

BASIC ELEMENTS OF A COMMERCIAL LOAN

TERM AND AMORTIZATION

INTEREST RATES

FIXED VERSUS FLOATING RATES

LOAN FEES

DEAL EXAMPLE

Chapter 7 - The Most Common Types of Properties Needing Commercial Loans

THE FOUR MAJOR FOOD GROUPS: OFFICE, RETAIL, WAREHOUSE/INDUSTRIAL, AND ...

Chapter 8 - How Do I Underwrite the Loan? (aka, Does It Pencil?)

INCOME

EXPENSES

TYPES OF LEASES

Chapter 9 - The Four Main Lenders, and What They Want

BANKS

LIFE INSURANCE COMPANIES

COMMERCIAL MORTGAGE-BACKED SECURITY LENDERS

HARD-MONEY LENDERS

CORRESPONDENT VERSUS OPEN LENDERS

Chapter 10 - How Do I Present or Submit to Lenders? (aka, Writing a Loan ...

CALL THE LENDER FIRST AND DISCUSS THE DEAL

WHAT TO SEND IN A PRELIMINARY LOAN SUBMISSION

WHAT TO SEND IN A FINAL LOAN SUBMISSION

HARD COPY VERSUS ELECTRONIC E-MAIL

Chapter 11 - How Lenders Decide on Pricing for Your Loan and How to Get the ...

HOW ARE LENDERS SET UP TO ACCEPT AND QUOTE DEALS AND APPROVE LOANS?

HOW LENDERS DECIDE ON PRICING FOR YOUR LOAN AND HOW TO GET THE BEST PRICING FOR ...

DOCUMENTS ASSOCIATED WITH LENDER TERM QUOTES AND LOCKING THE INTEREST RATE

Chapter 12 - How Loans Get Closed and Funded—and How You Get Paid

YOUR RESPONSIBILITIES AFTER THE LOAN CLOSES

Chapter 13 - Anatomy of a Deal

PART III

Chapter 14 - Ethics

EXAMPLES OF WHAT IS NOT ACCEPTABLE

Chapter 15 - Advanced Strategies for Taking Your Business to the Next Level

Chapter 16 - How to Find the Niche That Will Make You Rich!

Index

Copyright © 2009 by Peter J. Gineris. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Gineris, Peter J., 1962- Getting started as a commercial mortgage broker: how to get to a six-figure salary in 12 months/Peter J. Gineris. p. cm. Includes index.

eISBN : 978-0-470-47553-9

1. Mortgage loans—United States. 2. Commercial real estate—United States. 3. Commercial loans—United States. I. Title. HG2040.5.U5G56 2008 332.7’202373—dc22 2008018568 .

This Book is dedicated to Angelo and Priscilla. They started as my Dad and Mom and are now two of my best friends.

PART I

Chapter 1

All the Commercial Mortgage Brokers I Know Earn at Least $100,000/Year (Why This Is a Great Business!)

Recently, I was taking a two-hour lunch before going to the title insurance company to pick up a $25,000 commission check from a commercial mortgage deal I had just arranged. I was sitting at my table, slowly enjoying my gourmet meal, and watching the other people furiously gulping down their food so that they could get back to their jobs within their allotted 60 minutes (including driving or walking). I thought about how smart I was, or at least how much smarter I was than all of these other people scurrying around like little ants. Then it dawned on me that I wasn’t any smarter than they are. I was just lucky to be a commercial mortgage broker. Lucky and blessed with this talent of putting together two important groups—those who have the money and those who are looking for the money.