We get roughly 5 calls a day from commercial loan brokers. Most of these calls are a complete waste of time for us as the broker has little or no control of the file and has not seen a single documentation on the deal. They have no idea if it’s really doable or not. The broker is almost always trying to get an idea if the loan is fundable, what the restrictions are and of course what the rates and fees would be on the proposed loan.The conversation is normally the same. After the commercial loan broker fires off their initial question I ask something like “what’s the NOI?” or “how has the gross income trends been over the last 3 years?” after an awkward silence I ask “have you seen the borrowers tax returns?” The answer is almost always no. At that point it’s clear to me that they have and I have a very small chance of closing that loan.As a commercial loan broker myself I understand the “rub”. Borrowers don’t want to give up their info/documentation and or invest time with a broker unless that get solid, quick answers. In addition many borrowers are simply fishing for information and are really “using” the commercial broker as a “free consultant”. Not to sound too cynical but I really believe that.Brokers don’t want to let the deal slip through their fingers and start working on the file. The hope is that they’ll call the borrower back, with some quotes or potential loan structure and at that point the borrower will feel comfortable with them, and then send in their tax returns. Of course this is the wrong way to broker commercial loans and will eat at the broker’s time, energy and cash.Somehow or someway the commercial broker has to convince the borrower that they know what they are doing and that they need documentation now – not later. All quotes structures etc are for the most part meaningless if you don’t really understand what you are working with.I’m sure there are many ways to convince the borrower to send in the required paperwork. For us, it’s a matter of knowing the details of the type of loan they are requesting. Simply by asking a lot of questions with the intent of discovering potential deal killers the borrowers gets the feeling that 1. we know what we are doing and 2. That we don’t want to work on the file unless we think we can get it done.
Monthly Archives: April 2023
Inviting Living Space Through Home Interior Design
To be effective, there must be a total coordination of style, color and organization within the room itself as well as with the furniture and accessories. It will be important to decide if the design of the home is to be for everyday use or will it be considered as a showcase. There is a wide range of ways that home interior design can help to perform the function for which the room was intended. It needs to be warm and inviting for everyday use while maintaining the appearance of complete organization and appeal.For example, when considering seating possibilities, the many available choices will depend on the seating needs as well as the size of your room. In the eyes of a home interior design expert, the couch has come a long way since its humble beginnings. In today’s home, the couch is more a part of a home’s décor than its original intention to provide seating for two or three people. The smaller sofa, which is often referred to as a love seat, can provide either extra seating in a larger living room or it can serve as the couch in smaller rooms.Tables – Functional or Clutter Catchers?The number of tables placed in the living room will also be dictated by the space in the room, as well as the number of seating spaces required. Keep in mind that the type of tables in the room will detract from the home interior design effects if they end up being used as clutter catchers. If the living room is large enough, a large round coffee table may suffice. On the other hand, it may just take up needed floor space, causing an effort just to walk around it, which is not its intended function.End tables also can be used to serve a function, whether it is to hold a reading lamp or simply for decoration. These tables they should mirror the style of all the other furniture within the room in order to maintain the home interior design theme.On the whole, the most misused piece of furniture in today’s living room is the media center, which may house a television and any other type of entertainment electronics. Depending on your home Interior Design style, locating that just-right piece to hold all your media electronics, and still fit in with the décor of the room can be a real challenge. Coordinating the style and color in any and all rooms will demonstrate your home interior design abilities.