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loan

Mortgages & Lending

Loan Characteristics and Their Effect on Your Prospective Investment Project (Part 2)

by Kyle Koller | November 9, 2009

In my last article, I discussed how lender recourse, prepayment penalties, a loan’s assumability, and fees and costs affect a real estate investor’s strategy. In this continuation, I will explore several other loan characteristics such that you can more successfully plan your next investment project.
Fixed Periods
Many commercial loan products offer fixed interest rates for some [...]

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Commercial Real Estate

IRS Eases Restrictions on Commercial Loan Modifications

by Ted Karsch | November 5, 2009
Thumbnail image for IRS Eases Restrictions on Commercial Loan Modifications

The IRS has issued a new rule IRS Revenue Procedure 2009-45 IRS Revenue Procedure 2009-45 that eases the restrictions on modifications of commercial mortgages that have been packaged into commercial mortgage backed securities.
This action allows borrowers to open discussions with the loan servicer prior to any default in an attempt to work out the loan. [...]

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Commercial Real Estate

Attorneys for Commercial Loan Modification. What You Need to Know.

by Ted Karsch | October 14, 2009

Commercial real estate owners who are considering hiring an attorney to handle their commercial loan modification should investigate the background and experience of the person they hiring so that they know in advance what to expect.

In my experience as a commercial loan modification specialist I have found that many attorneys who advertise themselves as commercial loan modification attorneys actually have very little experience performing successful loan workouts. Unfortunately, as many people know, there is an over supply of attorneys in the United States. This forces many lawyers to follow the latest and hottest trends in order to get new business and survive. You may see the same people who used to do accident and injury work now advertising their services as loss mitigation specialists because it has become such a needed service. For this reason the commercial real estate owner should definitely do their homework and research the actual experience of the person they are hiring.

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Financing Real Estate

Understanding Private Lending – Part 3: How to Find Private Lenders and Get Funded

by Justin Pierce | August 16, 2009

Oh have faith yea disciples of the deal; it is possible to find a lender who will loan every penny of the purchase price of a property. Just like it is possible to find a property that can be bought with no money down, but know that both endeavors can be laborious. Real estate is one of the few business games where the ante is affordable to anyone with a little gusto, and success is possible for those with a lot of diligence and perseverance.

Where to Find Private lenders

  1. Classifieds advertising sites such as Craigslist.com. Look under services and financials.
  2. Do an internet search using any search engine type in “hard money” or “private money loans” etc.
  3. Check your local newspaper classifieds under money to lend or finance.
  4. Go to your Real Estate Investment Groups meetings.
  5. Patrol real estate investment websites like BiggerPockets.com
  6. Network with other real estate investors to see who they use.
  7. If all else fails you can even call mortgage brokers.

Researching Lenders

Search far and wide and you’ll find a couple of good private lenders. There are no certifying bodies for private money and there is no central association. Anyone with a lot of money can essentially lend it out, so sometimes you may run into a lender who is not legitimate.

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Commercial Real Estate

Executive Summaries for Commercial Real Estate Investors

by Ted Karsch | August 4, 2009

Executive summaries are one of the most important aspects of commercial loan package submission, however, many new investors spend the least time and energy on this essential component.  I recently had the opportunity to interview Lori McMahon of LJ Commercial Property Services.  She creates and submits executive summaries as her profession and is considered to be an expert in the field.  Below is a list of questions and answers exchanged by a new commercial real estate investor and Lori.

Commercial Executive Summary Q & A

1. Q: At what point do you begin putting together the Executive Summary? Before/during/after contract has been submitted?

Lori: It’s different every time. Before is fine as long we put that in as the status on the Funding Opportunity Page. Many of clients have wanted to find out if they could get any interest prior to signing the Contract to Purchase. Anytime is good as long as it is directly after you sign the contract because you must understand that in these times, it is taking anywhere from 45 to 90 days for funding…

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Commentary

The Old Credit Scoring Model

by Tom Koziol | July 10, 2009

Image by mayhem via Flickr

Some people never knew what factors were used to determine the credit scores on their credit report. They just knew they were low, so-so or high. I thought I’d list those factors as a sort of review because I believe the whole credit scoring process will be turned on its ear [...]

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Real Estate

Five Ways To Get Money Today…

by Jason Hanson | July 7, 2009

What’s the number one excuse of many new investors? It’s the age old…”I don’t have any money”. I don’t have the money to buy a house, to get a lawyer, to go to a seminar, to buy a book, to get some postcards for marketing, to buy some bandit signs and on and on.
Of course [...]

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Foreclosures

Housing Law – A New Breed Of Cat

by Tom Koziol | June 26, 2009

Nevada enters the housing law business as state number 7 enacting a foreclosure mediation program. Nevada’s law goes into effect on July 1, 2009. The other states with this type of legislation are Pennsylvania, Massachusetts, Michigan, Florida, Connecticut and Colorado.
I don’t know about the other 6 states but here in Nevada the law will be [...]

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Real Estate

Can You Answer These Subject-To Questions?

by Jason Hanson | June 24, 2009

In the current economy subject-to’s are the best way to make money. Yes, a lot of people have terrible loans that you can’t do anything with. However, remember this business is simply a numbers game. If you do the proper marketing you will still find the 5% of people who have loans that you can [...]

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Commentary

Cramdown Legislation & Blue Dogs

by Tom Koziol | April 17, 2009

Image via Wikipedia

Language is a beautiful thing. It provides us with the ability to label everything. The label can be clear, concise and to the point or it can be clear as mud.
Take the title of this post. The words seem to be clear, concise and to the point but in actuality they are [...]

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Commentary

Barack Obama: America’s Top Real Estate Broker?

by Charles Feldman | April 14, 2009

A lot of people thought it strange when Barack Obama traded jokes with Jay Leno on the Tonight Show. But that pales by comparison, if you ask me, with Obama’s new role as America’s unofficial (official?) top real estate broker.
At what seems to be one of his endless news conferences (you certainly can’t accuse the [...]

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Economy

The Crisis of Credit Visualized: How We Got Into the Current Housing Mess

by Joshua Dorkin | February 22, 2009

I just found this video series called the Crisis of Credit, outlining how we managed to get to where we are in terms of the housing and economic mess, and of course, I had to share it with our blog readers. So . . . . Enjoy!
Part 1:

Part 2:

Thoughts?

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Commentary

Questions & Risk for Lenders In The New Credit Environment

by Tom Koziol | February 20, 2009

Risk management rules are being revised as a result of the credit crisis we are currently experiencing. One of the categories under review is Customer Behavior. The proponents of the “strategic adjustments” have come up with supposedly new questions in this category.
This makes sense if the questions were truly new questions engineered for the [...]

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Commentary

Major Banks Announce Halt in Foreclosures for One Month; Await Obama Plan Details

by Joshua Dorkin | February 14, 2009

As the spending stimulus package passed the House and Senate on Friday, lenders large and small took action to stem the tide of foreclosures (1 every 13 seconds) until more details were revealed about President Obama’s $50 billion plan (that’s the portion of the stimulus devoted to foreclosures, according to the AP).
Fannie Mae, Freddie Mac, [...]

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Commentary

Mortgage Brokers Get The Final Dagger In The Heart

by Rob K. Blake | February 14, 2009

Even if you’ve been living in a cave for the last few years, if asked, “Who caused the mortgage meltdown?”…the mortgage debacle that triggered a bank implosion and a real estate market slide that would make a Japanese landlord cringe…
You’d answer…”Those greedy mortgage brokers are the cause of this mess.”
Why would you pull [...]

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