Developing a Profitable Relationship.

You finally found that commercial property you want to buy - fantastic! Now what? All you need is the money and where do you get that? A commercial lender, of course. And here's the million dollar question - where do you find a lender you can trust, get the deal done, and with whom you enjoy dealing? You can go to the Internet and type "Commercial Mortgage Lender" into the search box and that will get you over 1.6 million options to look through. Doesn't seem like a good way to spend your time.

Another option may be your local bank, the one that knows everything about you including your financial history, current holdings, and existing bank account. Negotiating a favorable rate with your local bank is like playing poker while showing everyone else at the table your hand. You lose the edge, the bargaining power to get the best deal. This is not saying that your bank will purposely strike you a bad deal, but unless you are borrowing millions of dollars and are a regular source of volume, they have no truly compelling reason to give you their best rates. Besides they already have your money and unless you are going to borrow $10 Million or so it is probably just not worth their time.

While there are many different ways to go about financing a commercial property there is only one right place to start and that is with an experienced commercial mortgage broker. Someone that has sailed the commercial finance seas many times and knows the locations of all the rocks, waves, shallows, and pirates that will surely sink your ship. Realize that a mistake in commercial mortgage financing can cost you thousands or millions of dollars. These pitfalls include lockout periods, balloon payments, prepayment penalties, and resource loan structure.

A commercial mortgage broker is one of your strongest allies. Their job is to become intimately familiar with your financing needs and find solutions to meet those needs. They utilize their voluminous lender relationships to bring you the best deal possible based on your property type, financial situation, strategy, and timing. A broker has access to wholesale rates that are rarely offered to you, the consumer. Even the "preferred rates" offered by longtime contacts at your bank rarely compare as favorably.

Working with a bank for a commercial mortgage is similar to feeding the fat goldfish in your aquarium. They have come to expect food regularly provided them and will get around to eating when they are ready. On the other hand, working the commercial mortgage market through a broker is like dangling live bait over a shark tank. Lenders will go after the deal like a hungry shark, but you certainly don't want to be the one holding the bait. That's the job of your mortgage broker. The result will be the right deal for your situation and you didn't lose any fingers in the process (or your shirt for that matter). Notice I didn't say lowest rate, I said best deal. Often one's best financing option is not the lowest rate - more on that in another article.

Brokers are matchmakers - intermediaries. They bring together those who have with those who need. It is all about relationships. It is paramount for you to trust your broker. If you find it hard to have a relationship with your broker it is likely that others will have a hard time as well. If a broker can't understand you and your needs, they will not be of service to you or your needs. A broker must maintain relationships with you and with lenders. If they have a hard time establishing a relationship with you then what about their relationships with lenders? As with any business relationship, go in with your eyes open.

Bottom line is this. Give a broker a shot. On your next commercial loan take a little extra time and compare what a commercial broker can do with what the local bank can do. My bet is that you will find that the broker is the best bet and you may be on your way to developing a wonderfully profitable relationship with a mortgage industry professional.

Author: Patrick Bedall. You are welcome to share this report, unedited and in its entirety. All links must remain intact. No information in this article should be taken as legal advice. The VEC Financial Group (VEC) is dedicated to providing commercial mortgage and business financing to property owners and entrepreneurs across the country. For more information on how to join VEC Financial Group please visit our website. Visit his site now at http://www.vecfinancial.com

Commercial Mortgage Broker –Ally and Shark Wrangler

It is unfortunate that many bankruptcy attorneys do not give their clients more direction with regard to restoring themselves after their bankruptcy.

There are some simple steps that anyone who files a bankruptcy needs to take in order to restore themselves financially.

Using these steps below, you can restore your credit and prepare yourself to become a homeowner.

1. Get a copy of your credit report.

Many times (most times) the credit accounts that are absolved with your bankruptcy are not removed from your credit report immediately. You can contact each credit reporting agency (Equifax, Experian, and TransUnion) directly to get a copy.

2. Have derogatory credit items that were charged off in your bankruptcy removed from your credit report.

You will need to send a copy (not the original) of your bankruptcy discharge papers to all 3 of the credit bureaus asking them to remove these inaccuracies. This process can be done by mail for free, or online for a small charge by the agencies.

3. Pay all of your bills on time.

Bankruptcy is a means to financial recovery. It is intended to allow you to "start over" financially. After your bankruptcy, you need to make sure that all of your bills are paid on time. If you are having trouble with an upcoming bill, DO NOT IGNORE IT. This is where most people go wrong. Call your creditors before they call you and let them know what your challenges are. If you can't get a reasonable rep on the line, ask for a supervisor, but again, do this as early as possible, not the day the bill is due or after it is late. If you are having trouble with your bills, you may need to solicit some help.

4. Have a strong documented rental history.

This is critical as it is most likely the largest monthly expense that you have. Underwriters (the people that actually sign off on your loan's approval) will look very hard at how you have paid your rent as they are going to replace it with a mortgage payment of equal or greater size. It is very important to be able to document your rent payment history very specifically. If you rent from an apartment community, then all the bank will have to do is request a Verification of Rent (a.k.a. VOR). If you have a private landlord, then the BEST way to document this is with cancelled checks for the last 12 months rent. Banks can do VOR's for private landlords, but rarely do because they feel that a landlord may have a relationship with the borrower and say what the bank wants to hear to help them get a loan. If you pay with cash or money orders, please stop doing this immediately and start paying with checks. Simply put, this is hurting you because by filing a bankruptcy you have already shown some financial instability. Paying your rent with cash or money order shows further financial instability and will not give you the positive rent history that the underwriter is looking for to give them the confidence in approving your loan.

5. Apply for a secured credit card.

A secured credit card allows you to make a deposit into an account to secure a credit card and then borrow against it to establish a new positive payment history. As time progresses, the bank may increase your credit line to an amount greater than your deposit, and then eventually return your deposit to you. (They will also often pay you interest on your deposit.) Be very cautious of companies that charge excessive fees or interest rates for their secured cards.

6. Prepare "non traditional" trade references.

These are accounts that you pay on such as cell phones, car insurance, and store accounts which can be used to document a positive payment history, but would not be traditionally reported to a credit bureau. Ideally, if you can provide 3 of these accounts with a 12-month payment history, this will help your loan officer in convincing the banks underwriter that you are a good credit risk. The best way to document this is with a letter from the company stating that you have had a positive payment history with them for the past 12 months. Alternatively, you can provide 12 months of cancelled checks showing 12 months of timely payments.

7. Resist the urge (or encouragement) to buy a car.

Some may tell you that this is the best way to rebuild your credit. The problem is that your interest rate will be so high, that your payments will make your debt ratios higher than normal, making it harder to qualify for a mortgage. Do you remember the figure of 45-50% of your monthly income that the bank will allow you to use towards your debts? This will quickly be absorbed by a car payment.

Only buy a car if a) you NEED (not want) a car, and b) you have the income to cover the car payment, any of your current debts, and your proposed new car payment.

We have seen SEVERAL people that have cars rather than homes because they went out and bought a car that they could not sell and their debt ratios were too high to qualify for a mortgage. It would be a shame to have a nice car (that depreciates daily), as opposed to a more humble car along with a mortgage on a home that gives you a tax break, and increases in value over time.

I hope this is helpful and helps get you on your way to financial recovery and on to finding the home of your dreams.

Author: Anthony Kirlew is founder of BankruptcyLoans.info, a company specialising in after bankruptcy mortgage services and the author of The Bankruptcy Mortgage Book. He has been a featured mortgage columnist on several consumer and finance Web sites including All Experts and SideRoad. Anthony can be reached at http://www.AnthonyKirlew.com

Getting a Mortgage After Bankruptcy

If you are a mortgage broker or loan officer who has purchased mortgage leads from mortgage lead companies in the past, you are probably familiar with the pain of not getting your money’s worth from the mortgage leads you have bought.

If you are still on the market for a mortgage lead company, here are a few tips on how to spot a good one.

For starters, check out their web site and read it thoroughly. Be sure the appearance and content is professional. Also, make sure their terms and conditions along with their return policy is fair and reasonable.

Once you are satisfied with what you have read on their web site, pick up the phone and call someone in customer service or the sales department.

Find out where the mortgage leads come from. This is key to finding good quality mortgage leads.

In order to receive good quality mortgage leads, be sure the mortgage lead company you are considering is obtaining their mortgage leads through web sites that they own and operate.

Stay away from the mortgage lead companies that obtain their mortgage leads through third party venders or spam campaigns or you will undoubtedly end up receiving junk leads or customers who thought they were filling out a survey.

Also, look for the mortgage lead companies that allow for low minimum deposits. This is a good way to test run some of their leads without having to commit to a large investment.

And look for the mortgage lead companies that offer full money back guarantees if not fully satisfied on first time deposits for new customers. The guarantees are usually according to the mortgage lead companies conditions but it is better than nothing, and shows a commitment on the part of the mortgage lead company.

There are good mortgage lead companies out there to work with. It is all a matter of taking your time, doing the research, and finding the one that best fits your needs and budget. Best of luck.

Author: Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry. He is the owner of http://www.jconners.com, a mortgage marketing and resource site, he is also the owner of http://www.callprospect.com, a mortgage lead co.

Spotting a Good Mortgage Lead Company

When you're planning to move, those costs should be considered and planned for ahead of time. It's not cheap. A move can cost thousands of dollars. That is, when you're leaving all the work to someone else.

And work it is: not only do all your things have to be packed, loaded, and transported, but there is preliminary work in the meantime that you'll have to do anyway that is less possible to farm out to someone else. Sorting your belongings, deciding what to keep and what to give away, and making arrangements for things that the professional movers won't do anyway.

Taking control of your own move can shave hundreds or even thousands of dollars off your move. This is especially true if you're not moving a huge amount of stuff. If you do have a large amount of stuff, now may be a good time to get rid of most of it. What things aren't you using anymore, and can't foresee any use for? Sometimes it can be tricky -- and emotional -- deciding what to keep and what to toss or donate.

Here's one way of approaching this task: get yourself a number of boxes. Start gathering up all your things -- you have to anyway to pack, right? -- and fill the boxes according to three designations: boxes for items that are "friends" (things you like and use often, for which there is no question you're taking them with you); boxes for "acquaintances" (things you use rarely, and like but could live without), and boxes for "strangers" (you don't even remember you have them, don't care for them, and wouldn't miss them if you left them behind). In addition to boxes of stuff, include furniture. Many people don't even like their furniture, and their bed is old and should be replaced anyway (8 years is a typical mattress's lifespan), so be honest with yourself about what you plan to drag along with you. Remember, every inch of that moving truck has a price tag attached. Gas mileage suffers the heavier the load is, too.

Now, pack only the boxes with items you consider to be friends. You don't have as much of these as you thought, probably! Now, order your moving truck size based on the space you will need to load only these items. You're saving money already!

Since there will likely be some extra space, since the truck won't be exactly the square footage needed for the friends, you can fit in some acquaintances too. Resist pack rat tendencies. The more stuff you bring, the less room you'll have at your new place. Also, all that loading and unloading costs you in time and energy. However, don't throw out truly loved items just because your use for them is limited to once or twice a year. If you have to buy everything all new all over again because it actually is needed in your life, then it may indeed be worth it to bring with you. Just don't let sentiment turn into a sentence!

Now that you've taken care of your own stuff, consider the transportation of living things: yourself, your family, pets, and plants. Obviously you need room for everyone you're bringing with you, and may have to rent another vehicle to accomplish this. Make sure jackets, first aid, prescriptions, sunscreen, and snacks are handy and not packed away. Don't subject yourself to stinging glare on the road because your sunglasses got inadvertently tucked away at the bottom of a suitcase. And if you have children, they should have something to read or play with on the road so boredom doesn't drive them stir crazy.

Often it's not only humans that are moving to a new home. Long distance moving companies will not move your pets for you, so arrange to have your pets accompany you. Consult your vet about the best way to go about this, espWhen choosing a mortgage loan lead campaign, lead quality needs to be considered. Lead quality is determined by a number of factors. Each seasoned loan officer should be receiving, and working on, at least 3-5 "quality" leads per day unless they yield the same results through a consistent referral basis. The 3-5 range should keep their pipelines full and give them time to work out all the loans they are doing throughout the workweek. There is no time or money to be wasted, now that the mortgage loan industry has changed. Here some terminology will be discussed, questions, and insider perspectives on the mortgage lead industry. Some tips will also be provided on how to best use the leads you receive.

There are many questions you should ask your marketing company:

1. How are the leads generated (telemarketers, internet, the bureaus, television, radio, etc.)? There is a huge difference between borrowers who have been solicited by call centers or pop up ads on the internet, as opposed to borrowers who have initiated contact because they are in the market for obtaining or refinancing their mortgage loan. You know what it's like to be called by a telemarketer, rather than picking up the phone and calling someone yourself. Individuals are usually far more motivated to get something done by the time they are personally calling and are therefore easier to speak to, get information from, and at least begin the process of the loan. Consumers who have been contacted by a "stranger" tend to be, understandably, more reluctant to give out personal information.

2. Are you a lead aggregate or lead origination company (do you generate your own leads)? About 90% of the lead companies out there are aggregates, also known as lead brokers, meaning they buy mortgage loan leads generated by other people in massive volumes to resell to you. This way, high quantities of leads can be provided. Unfortunately, you don't know how many other times the originator sold these leads as well as the company from whom you are purchasing them. Also, many of these companies work with call centers abroad and websites that may be using gimmicks that will cost you dearly when the consumer expects something promised by the ad they originally responded to. The aggregate companies may not even know or be able to tell you exactly how and where these leads were generated.

Lead origination or generation companies generate their own leads via their own websites, call centers, and other media. If you are dealing with an honorable company, you will get what you pay for. However, the disadvantage may be the number of *leads* they are able to provide you with. This may result in lulls in your program, especially if you are licensed in limited states or put high demands and filters on the leads you want to receive.

3. How exclusive are the leads? When you buy an exclusive mortgage loan lead from a lead origination company, as opposed to an aggregate, it will be 100% exclusive.

4. Are you affiliated with the Better Business Bureau (many lead companies are not)?

5. How long have you been in business (should be more than 2 years)?

6. What is the estimated application ratio on these leads (should be at least 15%)? The application ratio is very important; even more so than the closing ratio. That's because the closing ratio depends more on you and your ability to offer the programs, services, and rapport with the customer.

Especially if you will be going through several climate changes. Of course you will need to supply them with sufficient breaks along the way for food, water, and exercise. There are many ways to increase your pets' comfort and minimize the stress of the experience. Also, your plants will need special care and handling so they are not traumatized by climactic changes and drying out. Ask for advise at your local nursery for the best ways of transporting your plant friends.

The bottom line for many people will come down to budget. Movers cost money, and it may or may not be necessary for all people who move to incur those costs.

Author: Kathy Hildebrand is a professional writer who is easily bored with her "day job" assignments. So, she researches anything and everything of interest and starts writing. Writing about an extremely wide variety of subjects keeps her skills sharp, and gives her food for thought on future paid writing assignments.More of her research and articles can be found at http://www.lasertargeted.com/mortgage and other sites around the internet.

Mortgage Loan Leads - What You Need to Know

Niagara Falls or babbling brook. How is your flow?

How do you get clients in the door? Do you have the budget and time to undertake a massive marketing campaign? Could experience with multiple property types and applications increase your value to the commercial market? Where are your deals located? How is the market in your area? Is your referral network bringing you enough business? These are all questions you need to consider when you think about how to increase your deal flow.

Of course every loan you work will not close; that is not the reality of the commercial mortgage industry. You need to be in front of the right people at the right time with the right solution to even be considered. Here are the 5 main factors that affect your deal flow which ultimately affects your cash flow. The first step is awareness; knowing what the issues are will allow you to determine a solution. Rate yourself in each of these areas:

-Referrals: Referrals are king. This is by far the number one way for a commercial broker to get business. This certainly works well for those that have been in the industry for years and have a large network, but what about those new to the industry? Can you survive waiting on someone to refer you when no one knows you exist?

-Marketing: This is how we let our potential clients know who we are and that we can provide them with a solution for their financing needs. The problem is that there are hundreds of other solutions out there all competing for the same client. Without the budget and knowledge to do it right, it is very difficult to get a good return on your marketing investment.

-Expertise: What you know and how long you have been in the business has a dramatic affect on deal flow. Of course, those that have been in the commercial business for 10 years have a greater client base and referral network. You can't buy experience, no matter how much you spend, but what you can get is training. Through continuing training, especially at the beginning of your commercial career, you can build the knowledge it takes to get the deals done. Share that knowledge with your potential clients and you have set yourself up as the expert in the field, despite your lack of experience.

-Geography: It is no surprise that by serving a larger geographic area, you will be exposed to more deals. However, without the support of a large national company this is very difficult and potentially cost prohibitive. The downside of most national companies it that by bringing the deals to you they will expect something in return. Often a big chunk of your commission. It's a catch 22, you get more clients, but now you need even more than before just to break even.

-The Market: Some markets are hot and some are cold that is the reality of the industry. If you are only serving a small geographic area and that area goes cold, what do you do? The key is to ensure that your client base is as diverse as possible, not only by location, but by property type and industry.

What to do? Build your business. Start by looking at the percentages that each of the above are contributing to your total deal flow and set targets for the coming year as to what you want the percentages to look like. For example, if referrals now make up 10 percent of your total business, set your targets for 20% next year and establish the game plan to do it.

For marketing, are you tracking a cost per closed loan? Do you know what you're spending for the revenue you're generating? Begin to cull out the sources that are not generating the returns you require.

When looking at geography, start to examine how you can expand the markets you serve. This will both increase your deal flow and minimize a downward movement in any one particular market. In effect, it is diversifying your portfolio. Look for a partner that can introduce you to new markets and provide you with lead sources into those markets.

In summary, deal flow is driven by your presence. When the market knows you're there and do quality work, your flow will build exponentially. The next step is to formulate your plan to increase that presence and identify the partners that can help you do it.

Author: The VEC Financial Group (VEC) was created to SOLVE THE DEAL FLOW PROBLEM and to provide Associate Brokers with the tools, support, and clients required to be successful. Together with the Commercial Real Estate Investors Network (CREI) we are changing the commercial finance industry. For more information on how to join VEC Financial Group or CREI please visit our website. VEC FINANCIAL: VISION-EXECUTION-COMMITMENT. Visit http://www.vecfinancial.com

Commercial Mortgage- 5 Factors That Affect Deal Flow

Investing with a mortgage lead company these days can prove to be tricky for loan officers and mortgage brokers.

With so many mortgage lead companies to chose from these days, how does one go about finding the one that can provide a return on your investment by supplying good quality mortgage leads.

One of the easiest ways to find out if a mortgage lead company can produce good quality mortgage leads is to call your associates in the mortgage business and ask them to refer a company that they have had success with.

This is also a good way to find out which mortgage lead companies to avoid as well.

Once your list of mortgage lead companies has been narrowed down to a short list of the ones you are seriously considering, be sure to take the time to read each of the mortgage lead companies web sites thoroughly.

Concentrate on the terms and conditions, the refund policy, and how they go about generating their mortgage leads.

Where a mortgage lead company generates their mortgage leads should be one of the major keys when it comes to making your decision.

Look for the mortgage lead companies that generate their mortgage leads through web sites that they own and operate.

A lot can be said about the quality of a mortgage lead when a mortgage lead company can obtain the mortgage leads on their own without using third party vendors and spam campaigns.

Also, look for the mortgage lead companies that allow you to make low minimum deposits to begin buying leads. This is a good way to buy a few of the companies leads so you can test the waters without a whole lot of commitment or going broke in the process.

Before making any kind of financial commitment with a mortgage lead company be sure to pick up the phone and speak with someone in the sales department or customer service.

Ask as many questions about the company and the mortgage leads you feel is appropriate to find a comfort level before depositing.

And remember, if you are not satisfied with answers you receive than it is more than likely that you will not be happy with the mortgage leads.

To sum it all up, take your time and research the mortgage lead companies that you are considering. It will not only save you money but it can make you money also.

Author: Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry. He is the owner of http://www.jconners.com, a mortgage marketing and resource site, he is also the owner of http://www.callprospect.com, a mortgage lead co.

Mortgage Lead Companies, Invest wisely