Commercial Loans and Fun Blog

Help, George, I'm Struggling as a Commercial Loan Broker!

Posted by George Blackburne on Sat, Nov 24, 2018

Training ClassI got an email today from one of my former students, and he was starving as a commercial loan broker.  In order to help him, I sent him a little questionnaire about his struggles as a commercial loan broker.  My initial thought was that if I could pinpoint at which step he was struggling, then I could help him.  Then I realized, why I don't I help a whole bunch of commercial loan brokers?  So here we go.

 

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Henry VIII

 

What I am about to say is going to sound like a giant sales pitch, but it's the truth.  If you are struggling as a commercial loan broker, you really should take the course that I wrote just for struggling commercial loan brokers - The Practice of Commercial Loan Brokerage.  Theory is great.  So are the financial ratios and the commercial real estate finance ("CREF") terms of art.  But if you starve to death because you don't know where to focus your time, then it's all for naught.

 

Commercial Mortgage Brokers You're Doing It All Wrong

 

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Now on to the questionnaire:

1.  Is your problem that you simply aren't getting any commercial loan leads at all?  

You need to learn how to market for commercial loans.  What does NOT work - at all - ever - not even a little bit - I really mean NEVER - is the advertise to potential borrowers for commercial loans.

What DOES work is to advertise to potential referral sources, such as banks, commercial brokers, property managers, other commercial lenders, residential mortgage brokers (on a name and number referral fee basis only), residential real estate brokers, CPA's, attorneys, and financial planners (life insurance salesmen).

If money is tight and marketing for commercial loans is big problem for you, you should take my course, Marketing for Commercial Loans.  If you are are flat-out starving, you can trade one banker for our commercial mortgage marketing course.  

 

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2.  Is your problem that you are not getting enough leads?

You are probably wasting valuable time trying to place crumby commercial loans.  I'll cover crumby commercial loans in more detail below.

If you need more commercial leads, you need to realize that 70% of a commercial loan broker's time should be spent marketing to bankers, commercial brokers (commercial real estate salesmen), property managers, other commercial lenders , residential mortgage brokers for referrals only, residential real estate brokers, CPA's, attorney's, and life insurance agents.  In plain English, use the time you might spend chasing crumby commercial loans to add to your list of referral sources.

By the way, for $1,000 per year, you can buy one to five commercial leads per day.

 

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3.  Is your problem that the commercial loan leads you are getting are crumby?

First of all, you need to quickly spot a crumby commercial loan - big land loans (the borrower's net worth has to be at least as large as the loan amount), construction loans for developers who can't cover 30% of the total cost of the project, international loans, and loans involving some sort of "special financial instrument" (letters of credit, bond financing, tax credits, etc.).  You will never buy even a package of Ramen to feed your family if you work on such loans.

Instead, quickly reject such loans and go back to spending nine hours per day marketing to your referral sources.  If you are adding fewer than a dozen new potential referral sources to your email list every day, you are not working smartly.

Seventy percent of a commercial loan broker's time should be spent on marketing for commercial loans.

 

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4.  Is your problem that you can't convince the borrowers to send you the package?

If so, you must sound unknowledgeable on the phone.  Your borrowers must think that you are a bumbling idiot.  Its time to learn the profession of commercial loan brokerage!  Learn your stuff.

Now ideally you can afford a modest $549 to learn a profession.  Four years of tuition to get a bachelor's degree in finance costs $225,000.  I can teach you the entire profession of commercial mortgage brokerage in one incredibly long day for just $549.  Just one day.  This course was videotaped before a live audience, and I taught the entire course in one day.  Phew.  I would sleep for twelve hours afterwards.

But let's suppose you are a starving commercial loan broker.  You can't afford $549.  Then at least trade for my commercial loan underwriting manual.  All you have to do is to call a bank located near your office, get the name, contact information, and email address of their commercial real estate loan officer, and trade that one banker for my wonderful Commercial Loan Underwriting Manual.  At least you'll learn the ratios and the terminology of the commercial loan business.

 

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5.  Is the problem that you can't find banks to approve your commercial loan?

Have you tried entering your commercial loan into C-Loans.com?  C-Loans is 100% free to commercial loan brokers to use, and it will identify 20 to 30 hungry commercial lenders suitable for your particular commercial loan.

The advantage that C-Loans has over CommercialMortgage.com ("CMDC") is that C-Loans lists a ton of subprime commercial lenders.  CommercialMortgage.com is best for finding banks and credit unions for "A" quality deals.  C-Loans.com has those weird, loosy-goosy commercial lenders that actually feed a commercial loan broker.

If you like the idea of having your own list of commercial lenders, you can trade one banker for a list of 750 commercial lenders.

 

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Intermediate Commercial Real  Estate Finance

 

6.  Is your problem that your borrowers won't sign your lender's term sheets?

Fudge them.  You might just need to move on to the next deal.  I know it's heart-breaking, but you can't force a borrower to need a commercial loan.

In order to close two to three commercial loans per month, you need to have ten to twelve loans in process at all times.  To have 10 to 12 loans in process, you need to be working at least eight good leads per day.  

To have receive eight good leads per day, you need to have a list of referral sources of 4,000 (?).  To have a list of 4,000 referral sources, you need to be adding a dozen new referral sources to your email list every day.

A very wise old commercial mortgage broker once said, "Seventy percent of a commercial loan broker's time should be spent on marketing for commercial loans."

 

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7.  Is your problem that borrowers are cheating you out of your fee?

You and I have different definition of "cheating you out of your fee."  You think I am referring to commercial loan borrowers who close the deal and don't pay you.  That very seldom happens.

What happens far more often is that the borrower cancels on you on the 5-yard line.  "My wife won't let him take the loan," even though he has signed some lender's term sheet.  You worked your butt off delivering that term sheet, and now this multi-millionaire borrower wants to walk and away and tell you to, "Make it up on the next borrower."  Or the SOB lied to you about the property being leased.

Fudge him.  If you were not absolutely starving, you should take my invaluable 90-minute video training course, "Fee Collection Course."  It is fair to say that I have made over $1 million during my career collecting loan fees from defaulting, lying, and fraudulent borrowers.  I collected $37,000 just last week.

Did you know that I got so fed up with lying, fraudulent borrowers that I went to law school at night, with two kids in diapers, and never missed a single class in four years of law school, passed the California State Bar Exam (40% pass rate), and never practiced law.  I went through this torture just to develop this fee agreement.

But you may be starving.  If so, you can trade me one one banker for my famous fee agreement.

 

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8.  Are you smarter than the average commercial loan broker?

If so, rather than just finding me four bankers, you'll find me 20 bankers.  I will trade you a free copy of my famous 9-hour course, How to Broker Commercial Loans.  Just send me, George Blackburne III (the old man), an email with the subject line, "Trade For 20 Bankers."  I get 1,350+ emails per day, so it will be easy for me to miss your trade.  After sending your email, please text me at 574-360-2486, "I just sent you 20 bankers."

And once you start building a list of bankers, you have begun the all-important task of building a huge network of referral sources.  Remember, advertising directly to the public for commercial loans absolutely does NOT work.  You need referral sources to get commercial loan leads.

 

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Topics: Struggling commercial loan brokers

How To Underwrite Commercial Loans - Part 2

Posted by George Blackburne on Tue, Nov 20, 2018

Screen Shot 2018-10-22 at 8.31.36 PMYou really should pay close attention to what I am teaching you here.  This is the meat-and-potatoes of commercial real estate finance ("CREF").

Let's suppose you're a starving commercial loan broker, and you can't afford my wonderful nine-hour course, How To Broker Commercial Loans.  Maybe you can't even afford to buy the written training manual, Underwriting Commercial Loans.  I have good news.  You can now access much of this wonderful training for free on C-Loans.com.

C-Loans is slowly making this wonderful training manual available for free online.  We covered the first ten chapters in a recent blog article, How To Underwrite Commercial Loans - Part 1.  Today's training article continues with Chapters 11 through 20.

 

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Pizza Rolls-1

 

Before we get into today's training, I want you consider the absolute cheapest way to receive commercial leads.  For just $1,000 per year, you'll receive on average one to five commercial leads per day.  Because you pay upfront, all commercial mortgage brokers and lenders qualify to buy leads from CommercialMortgage.com.  (Our other portal, C-Loans.com, uses a different model.  C-Loans only gets paid when deals close, so any lead buyer has to be rich and pristine.)  Do you own a bridge lender?  Leads from CommercialMortgage.com are the Deal of the Century.

 

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Free Cat

 

Chapter 11:  As you branch out into commercial real estate finance ("CREF") for the first time, your early loans should be apartment loans.  This chapter explains how to prepare a Pro Forma Operating Statement (a budget for the next twelve months, while setting aside reserves for future replacements) on an apartment building.

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/how-to-prepare-an-apartment-pro-forma


Chapter 12:  Here is what an apartment Pro Forma Operating Statement should look like:

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/sample-apartment-pro-forma-operating-statement


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Mellon Collie


Chapter 13:  When you are ready to expand into commercial loans, you will need to know how to prepare a Pro Forma Operating Statement on a commercial building.  This chapter explains how.

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/how-to-prepare-a-commercial-or-industrial-pro-forma

Chapter 14:  Here is what a sample Triple-Net Pro Forma Operating Statement looks like:

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/sample-triple-net-pro-forma-operating-statement


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Jumping


Chapter 15:  One of the hardest Pro Forma Operating Statements that you will ever have to prepare is one where some of the tenants are triple-net tenants, and some of the tenants are full service tenants.  This situation occurs when a hot, brand new shopping center opens and leases out on a triple-net basis. Later, as the shopping center ages, new tenants will only sign if the lease is full service.  Here's how to handle it.

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/sample-partial-net-pro-forma-operating-statement


Chapter 16:  What is a Reserve for Replacement?  You're rushing to get a package out, and you know that you must include one; but how on earth do you compute a Reserve for Replacement?

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/reserves-for-replacement

 


Free Commercial Loan Placement KitBlack hole

Chapter 17:  What on earth is a cap rate?  What do you do with it?  You've wondered about this for years, haven't you?

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/cap-rates

Chapter 18:  The Net-Worth-to-Loan-Size Ratio is an extremely important ratio in commercial real estate finance.

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/net-worth-to-loan-size-ratio

 

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Grocery list

 

Chapter 19:  Toxic contamination liability is a HUGE issue in commercial real estate finance.  What is a Level I toxic report?  What is a Level II?

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/toxic-liability

Chapter 20:  This is one of the most important chapters of this Underwriting Manual, and it is a great primer on the subject of commercial construction loans.

https://www.c-loans.com/knowledge-base/how-to-underwrite-commercial-loans/the-construction-loan-process


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Topics: commercial loan underwriting ratios

How Good Does My Credit Score Have To Be To Qualify For an SBA Loan?

Posted by George Blackburne on Sun, Nov 11, 2018

SBA LoanDoes the SBA have a minimum credit score?  What if I was forced to declare bankruptcy during the Great Recession?  Is it still possible for me to get an SBA loan?

You will recall that the Small Business Administration does not make commercial loans.  Instead, the SBA merely guarantees a portion of certain commercial loans secured by commercial real estate and/or business equipment.  I want you to please remember that word, "portion".  We are going to come back to it later in this training lesson.

 

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Second Page

 

So an SBA loan request came into C-Loans.com this week.  C-Loans.com is a commercial loan portal where commercial mortgage borrowers can quickly create a commercial loan application and then submit that same mini-app to 750 different commercial lenders.  If six lenders turn your deal down, within seconds you can ship off your commercial loan application to six more lenders.  You continue this until finally some commercial lender says, "Yes."

Now this SBA loan applicant was a physician.  He was trying to buy a medical office building, but the problem was that he had declared bankruptcy less than two years earlier.  Could he get an SBA loan?  What was the SBA's minimum credit score?  I honestly didn't know.

 

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So I posed this question to some buddies of mine who specialize in SBA loans, and here are their replies:

Scott Coleman, the Business Development Officer for Harvest Small Business Finance, replied, "The minimum credit score to obtain an SBA loan from Harvest is 600.  Past bankruptcies must be at least three years old."

 

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Not right

 

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Erik Shorey, a Credit Analyst for Celtic Bank, replied, "As to credit scores, I would say that applicants with credit scores of 640 or below are going to have an issue; but such (low scores) are not always a deal killer.  Bankruptcies get really tough regardless.  The SBA says that they need to be discharged by at least 24 months I believe.  We have done a couple, but its few and far between."

Riley Risto, a Vice President for Gulf Bank, replied, "The SBA does not take a formal position on either bankruptcy or credit score minimums.  These decisions are left to the lender within the bounds of prudent lending.  The only requirement is that the lender spell it out in their credit policy and apply the policy uniformly."

Thank you, guys!

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Now its time to go back and revisit the word, "portion", in the expression, "the SBA merely guarantees a portion of certain commercial loans..."  The SBA does not guarantee the entire loan.  Under the 7(a) guaranteed loan program, the SBA typically guarantees from 50% to 85% of an eligible bank loan.  If a borrower defaults and the lender takes a loss on the loan, it submits the loss to the SBA to honor its guarantee. The SBA guarantees up to 85% on loans of $150,000 and less, and up to 75% on loans over $150,000.

So if a bank makes a $1,000,000 SBA loan, and it ends up losing $400,000, the bank will submit the $400,000 loss to the SBA to honor its guaranty.  Because the original loan was over $150,000, the SBA will reimburse the bank for just 75% of the $400,000 loss; or, in this case, $300,000.  The bank will have to eat a $100,000 loss.

 

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The reason this is important is that the lender making the SBA loan, often but not always commercial bank, stands to lose some serious dough if an SBA loan goes bad.  Therefore different Loan Committees at different SBA lenders will perceive the risk differently.

An SBA loan applicant could easily be turned down by 40 SBA lenders, only to get funded by the 41st SBA lenders.  For example, maybe the loan was to upgrade an old, money-losing bowling alley with new equipment.  A member of the 41st lender's Loan Committee might have a brother in bowling alleys.  "Oh, I know that Brunswick equipment.  It's such a pleasure to use.  Your borrower is going to smoke the competition."

 

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So if you have an SBA loan, you might have to submit that SBA loan request to dozens of different SBA lenders.  Gee, if there was only an easy way to submit commercial loans to dozens and dozens of different lenders...  Hellooo?  C-Loans has 218 different SBA lenders!

 

Apply to 218 Different SBA Lenders  Using the Same Four-Minute Application

 

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Topics: SBA Credit Scores

Is China's Authoritarian Capitalism Better Than Liberal Democracy?

Posted by George Blackburne on Sat, Nov 3, 2018

Cultural revolution"China is already challenging the US for technological and geopolitical primacy and flaunting its authoritarian capitalism as an alternative to democracy.  Communism couldn’t pose a credible challenge to liberal democracy, but authoritarian capitalism might.  In that sense, China’s model represents the first major challenge to liberal democracy since the rise of Nazism.” — Brahma Chellaney, Project Syndicate

Authoritarian capitalism is characterized by the enforcement or advocacy of strict obedience to the authority of the state at the expense of personal freedom, coupled with an economic system in which trade and industry are controlled by private owners for profit, rather than by the state.

 

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Life-is-hard-Funny-Quote

 

Authoritarian capitalism has been tried at least three times in the modern era, and each time it has worked pretty well, for awhile at least.  Is authoritarian capitalism, in fact, better than liberal democracy?

By 1922, the Russian Civil War (1918-1922) had reduced the economy of Soviet Russia to tatters.  Vladimir Lenin therefore implemented the New Economic Policy (“NEP”) as a temporary expedient.  Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, both subject to state control", while socialized state enterprises would operate on "a profit basis". 

 

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The NEP represented a more market-oriented economic policy to foster the economy of the country, which had suffered severely since 1914.  The Soviet authorities partially revoked the complete nationalization of industry (established during the period of War Communism of 1918 to 1921) and introduced a system of mixed economy which allowed private individuals to own small enterprises, while the state continued to control banks, foreign trade, and large industries.  In addition, the NEP abolished forced grain-requisition and instead introduced a tax on farmers, payable in the form of raw agricultural product.

The result? The Russian economy rebounded strongly.  Food production, for example, soared because Russian farmers were now allowed to sell some of their production for cash and thereby had an incentive to produce more.  Unfortunately for the Russian people, Lenin died in 1924, and Joseph Stalin discontinued the program in 1928.

 

 

 

 

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In 1932, in the dying days of the Weimar Republic in Germany, 5.6 million Germans were unemployed – many of whom gave their support to the Nazi Party as the only party that offered them hope.  By 1934, this unemployment figure had fallen to 2.7 million – a seemingly impossible decrease.  By 1936, only 1.6 million people were unemployed, and by 1938 the figure was 0.4 million. Therefore in five years, unemployment had fallen by 5.4 million – 96%.  No other west European country came anywhere near this figure – hence it was labelled the “German economic miracle".

In 1990 the GDP of China was just $360 billion.  By 2017, the Chinese GDP had skyrocketed to $12.24 trillion - that's trillion with a "T".  A reasonable man might ask, "Is authoritarian capitalism a better economic system than social democracy?"  Well, we can reasonably say that its a heck of a lot better than pure communism.

 

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Always cut grass

 

We'll never know how well Lenin's New Economic Policy would have performed in the long run because Joseph Stalin terminated the policy in 1928.  The kulaks were the high-income farmers of Russia.  In 1929 Stalin ordered the elimination of the kulaks as a class, and 1.3 million kulaks were deported, starved to death, and murdered.  This kind of casts a pall over the term, "authoritarian".

The German economic miracle was not quite what it seemed either.  First of all, between 1933 and 1939, a series of laws were passed that effectively made it impossible for Jews to hold a job in Germany.  As Jews fled Germany, they left behind jobs that were eventually filled by the unemployed.

 

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The-Barking-Dead

 

Women were also excluded by the Nazi's from many areas of work, creating more job opportunities for men.  Aryan women were expected to stay home and make babies.

While many millions of more Germans men found jobs, their average rate of pay in the middle 1930's was considerably less than before the 1929 Stock Market Crash.  Staying home unemployed was not an option either.  If you chose not to accept a low-paying, manual labor job on the autobahns, you risked being labeled as "work shy" and sent away to a concentration camp.

 

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Lastly, and most importantly, Germany was rearming.  In 1933, Germany spent just 3% of their GDP on defense.  By 1939, 32% of Germany's GDP was spent on their military build-up, and 22% of all German workers were employed in some form of defense work or steel production.

In the past thirty years, the Chinese Communist Party has made a concerted effort to interfere as little as possible with the growth of capitalism in China.  During the Cultural Revolution, which lasted from 1966 to 1976, however, the opposite was true.

 

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The Cultural Revolution was launched in May 1966, after Mao alleged that bourgeois elements had infiltrated the government and society at large, aiming to restore capitalism.  To eliminate his rivals within the Communist Party of China, Mao insisted that these "revisionists" be removed through violent class struggle.

China's youth responded to Mao's appeal by forming Red Guard groups around the country.  The movement spread into the military, urban workers, and the Communist Party leadership itself.  It resulted in widespread factional struggles in all walks of life.  There was a mass purge of senior officials.

 

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In the violent struggles that ensued across the country, millions of people were persecuted and suffered a wide range of abuses, including public humiliation, arbitrary imprisonment, torture, hard labor, sustained harassment, seizure of property and sometimes execution.  A large segment of the population was forcibly displaced, most notably the transfer of urban youth to rural regions.

Mao officially declared the Cultural Revolution to have ended in 1969, but its active phase lasted until the death of military leader and proposed Mao successor, Lin Biao, in 1971.  After Mao's death and the arrest of the Gang of Four in 1976, reformers led by Deng Xiaoping gradually began to dismantle the Maoist policies associated with the Cultural Revolution.  In 1981, the Party declared that the Cultural Revolution was "responsible for the most severe setback and the heaviest losses suffered by the Party, the country, and the people since the founding of the People's Republic".  (Source: Wikipedia)

 

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Bottom line:  The "capitalism" part of the term, "authoritarian capitalism", seems to work very well.  Its the "authoritarian" part that seems to always spoil the party - in a very bloody way.

 

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Topics: Authoritarian capitalism

Receive Commercial Loan Leads From CMDC For Just $1,000 Per Year

Posted by George Blackburne on Thu, Nov 1, 2018

Screen Shot 2018-11-01 at 1.30.56 PMWe just completed an extensive upgrade to CommercialMortgage.com ("CMDC") that now allows us to immediately deliver commercial loan leads directly to commercial lenders and commercial mortgage companies by email.  The cost to receive these leads is only $1,000 per year.

The cost of $1,000 per year is absurdly cheap. Any commercial lender who has ever paid for Google Adwords or display ads in digital magazines or e-zines will tell you that his company paid MUCH more than $1,000 per year.

You will receive these commercial loan leads instantly, so you can catch the borrower while he is still sitting in front of his computer.  Here is what a sample lead looks like:

Screen Shot 2018-11-01 at 1.34.44 PM

Guys, please don't call this lead.  I appreciate your work ethic, but its just an imaginary sample lead.  Please note that imaginary borrower is me.  Watch, I'll still get three or four calls.  "Hey, I hear you need a $1.5MM loan on an industrial building in New York."  Ha-ha!

When a commercial lender advertises on Google Adwords or in some digital magazine, the commercial loan leads are likely to be pretty poor.  Why?  Because there is no way to fine tune the leads that he's receiving.  A commercial lender might pay Google $3,000 per month, only to get leads like a $42,000 bridge loan on a commercially-zoned house in Detroit or a $2 million mezzanine loan on a parking garage in Maine.

When you advertise on CommercialMortgage.com, you get to specify the exact type of commercial loan leads that you want to receive.  For example, if you only make bridge loans on the four basic food groups, plus hospitality, in the five states located close to New York City, from $1 million to $15 million, this is exactly the type of commercial loan leads that you will receive.  (The four major food groups are multifamily, office, retail, and industrial.)

If you are unfamiliar with CommercialMortgage.com ("CMDC"), this commercial mortgage portal contains a searchable list of 3,159 different commercial lenders.  By the way, I paid $100,000 to get that wonderful domain name, CommercialMortgage.com.  The vast majority of these commercial lenders are commercial banks.

Here is what the search results look like:

Screen Shot 2018-11-01 at 1.27.14 PM

 

The site is 100% free to use by borrowers, mortgage brokers, and commercial brokers.  The banks listed do NOT increase their loan fee to pay any fee to C-Loans, Inc., the owner of CommercialMortgage.com.  Banks and credit unions get a free listings.  Until now, no other commercial lenders could gain a listing on CMDC - only banks and credit unions were allowed to join.

Dr. EvilAs a result, there are very few competing bridge lenders listed on the portal.  This lack of competition for bridge loans should be very good news for bridge lenders who are considering an investment of - gasp - $1,000 per year to receive a steady supply of pre-qualified bridge loan leads.  (Can anyone guess why I have added the picture of Dr. Evil here?  We will hold the world to ransom for - gasp - $1 million!  Ha-Ha!)  How much do you make if you close a deal?  And remember, unlike on C-Loans.com, you do NOT owe us 50 bps. if you close a deal.  (If your boss will never authorize an investment of $1,000; you can always join C-Loans.com for free.)

The cost to receive these leads is $1,000 per year per loan type.  For example, if your hard money mortgage company makes both permanent loans and bridge loans, the cost to receive permanent commercial loan leads would be $1,000 per year, and the cost to receive bridge loan leads would be another $1,000 per year.

Small bridge loan lenders will be disappointed to learn that we do NOT sell permanent loan and bridge loan leads of less than $1 million.  There are reserved for Blackburne & Sons, my own hard money shop.  Between loans fees and loan servicing income, I make over $300,000 on a loan of $1 million.  Blackburne & Sons, however, doesn't make either permanent loans or bridge loans larger than $1 million, so these are the leads that are available.

What if you are an SBA lender?  Yes, you can buy the smaller SBA and USDA leads.  Blackburne & Sons does not make SBA loans, USDA loans, or construction loans of any size.

What if you are commercial mortgage broker?  Can you get listed on CMDC for $1,000 per year?  Only if you do not call me up and ask a lot of questions.  If $1,000 per year is a lot of money to you, you are just not the size of commercial mortgage company that I would allow to slip onto CMDC.  Moral of the story:  If you are a small operation, do NOT call George.  Just send in your dough.

Owners of hard money shops and approved SBA lenders are, of course, absolutely invited to call me, the old man, George Blackburne III, at 574-360-2486.

Now there is a bit of a race going on.  Let's look again at the results of a Lender Report:

Screen Shot 2018-11-01 at 1.27.14 PM

 

Do you see the the section above entitled Recommended Lenders?  Blackburne & Sons will, on perm's and bridge loans of less than $1 million, always be listed first.  After that, the order depends on how soon you send in your dough.  Red Star Mortgage has already sent in their dough, so on deals larger than $1 million, they will be listed first.  The next lender to send in his dough gets listed second, etc.  (Remember, this update to CMDC that allow us to send leads out to lenders was just completed last night, November 1, 2018.)

Next year, if Red Star doesn't renew, then the #2 lender moves into the #1 spot, and every renewing lender moves up one place.

Fair warning.  If the site takes off, and a new lender offers me $1,500 per year, he grabs the #1 spot.  I will probably just go up in $500 increments.

Let's suppose you're sold.  You've known of 'ole George Blackburne III for decades, and you trust that he is proven rainmaker.  If so, you need to rush your check or wire, made payable to C-Loans, Inc., to Justine Manzo, our Controller, at 4811 Chippendale Drive, Suite 101, Sacramento, CA 95841.  Justine's number is 916-338-3232.

 

 

Topics: commercial leads

Need Commercial Loans?  Market to Referral Sources, Not the Public!

Posted by George Blackburne on Wed, Oct 31, 2018

Small retail buildingToday's article is targeted at commercial loan brokers, and its about where to market for commercial loans.  Please stop.  Are you a commercial broker?  In other words, do you list and sell commercial real estate?  If so, please hear this before you sign off:  

You should open a commercial mortgage company using that empty desk in the corner!

 

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Sexual atheist

 

Why?  Because I own commercial loan company, I market regularly for commercial loans.  The people with whom I speak are commercial property owners.  As a result, I meet a half-dozen wealthy real estate investors every single day.  After all, poor people don't own nice apartment buildings and office buildings.  And once the commercial loan officer working your commercial loan desk meets a high-net-worth client, then your realty brokerage company should and must continually market to that investor to buy your listings and to give you new listings.

The following video is only 42 seconds long, and it shows you how you can make a $21,250 referral fee while your are passed out on the couch, stuffed with turkey, and watching a football game.

 

 

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Okay, now on to the point of today's training article for commercial loan brokers.

Marketing directly to commercial property owners for commercial real estate loans simply does not work.

I have been soliciting commercial real estate  loans for almost forty years.  I can honestly say that I cannot remember ever closing a single commercial loan that came from a flyer, a postcard, a direct mail piece, a (digital or Stone Age) magazine ad or a newspaper ad (back in the day) that was aimed directly at commercial property owners.

 

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Marketing directly to commercial property owners for commercial loans simply does not work.  Pound that concept into your head!  Marketing directly to commercial property owners for commercial loans does not work.

You could spend $10,000 on a direct mail campaign or (digital) magazine ad to commercial property owners.  You'd probably get no more than ten leads, and most likely not a single one of these commercial loan deals will close.

 

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Now I know that this reality is not obvious to the casual observer.  In my lifetime I have probably spent over $200,000 on about 70 marketing campaigns aimed directly at commercial real estate estate investors for commercial loans.  Every one of these campaigns was a complete and total bust.  Zip-zilch-zero.  Nada.

If I had saved and invested that money instead, I would be writing to you today from the beaches of Aruba.  Arghhh.  Over and over again I tried.  What a bonehead I was!  In the end, once I had learned how to build loan servicing income, I turned out very okay; but I just kick myself for taking so long to learn this lesson:  Marketing directly to commercial property owners for commercial loan simply does not work.

 

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The best way to market for commercial loans is to market by email (and occasionally by snail mail) to people who, because of their jobs, are in a good position to refer you commercial mortgage borrowers.  I call these guys referral sources.

The people who, because of their jobs, are in a good position to refer you commercial loans - the best being listed first - include (1) commercial bankers, (2) commercial real estate brokers, (3) property managers, (4) other commercial lenders, (5) CPA's, (6) attorneys, (7) residential mortgage brokers, (8) residential real estate (sales) brokers, and (9) life insurance agents.

 

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Don't put too many property managers, residential real estate brokers, CPA's and attorneys on your snail mailing list because each of these classes of referral sources gets a huge volume of junk mail daily.  Instead, you should only advertise to these four classes of referral sources if they would recognize your name and your company name.  At least then they might open your envelopes.

Residential mortgage brokers are a great source of commercial leads, but never try to become a commercial mortgage wholesaler. You'll only get rejects and deals that are not do-able.  Instead, work with residential mortgage brokers on a name and number referral basis only.

 

Earn a $21,250 Referral Fee  In Your Sleep

 

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The best referral sources for commercial loan leads are by far commercial bankers and commercial real estate brokers (both leasing and sales specialists).

 

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Topics: commercial loan marketing tips

How To Underwrite Commercial Construction Loans - Fantastic!

Posted by George Blackburne on Wed, Oct 24, 2018

Under construction-1All of my readers should read today's article, including commercial loan brokers, commercial brokers, real estate investors, and developers.

A couple of years ago I wrote a superb article that explains the entire commercial construction loan underwriting process in layman's English.  I teach the reader the five ratio's of commercial construction loan underwriting, including

  1. The Loan-to-Cost Ratio;
  2. The Loan-to-Value Ratio;
  3. The Debt Service Coverage Ratio;
  4. The Profit Ratio; and 
  5. The Net-Worth-to-Loan-Size Ratio

STOP!  Take 42 Seconds to View This Video.

 

Don't panic!  Don't fall asleep!  I make these ratios fun!

 

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The article is written in a playful manner that I promise will have you chuckling.  We follow the story of Bubba, a developer of questionable morals, as he tries to convince his bank to make a construction loan to build an apartment building.

Prepare to learn more from this lesson than from any other training lesson that I have ever written:

https://www.c-loans.com/knowledge-base/underwriting-commercial-construction-loans

 

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Topics: commercial construction loans

What is a Co-GP Equity Provider?

Posted by George Blackburne on Thu, Oct 18, 2018

Commercial Construction LoanWhen a Developer goes to build a new commercial building, the construction lender will require that the Developer contribute 20% to 40% of the Total Cost of the Project.  That contribution takes the form of equity in the land; prepaid costs, such as architectural and engineering fees; and cash added at the close of the loan.

 

 

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Chalk Outline

 

Important notes:

  1. Almost all construction loans are made by commercial banks.

  2. Total Cost consists of the Land Cost, the Hard Costs, the Soft Costs, and the Contingency Reserve.


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  3. The Contingency Reserve is around 5% of Hard Costs and Soft Costs.  The Land Cost is NOT included in the computation of the Contingency Reserve because the land cost is already known.  The Developer has either already purchased the land or at least has it in contract.  It is highly unlikely that there is going to be a cost overrun in connection with the land.

  4. The construction lender will require that the Developer spend down his entire equity contribution before the bank advances its first penny out of the construction loan.

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  5. Loan dollars have an interest rate and loan payments.  In contrast, equity dollars have no interest rate or loan payments.  The equity providers get paid from the success of the project.  They are the owners.

  6. Equity is the first loss piece; i.e., it is the equity providers who get clipped first if the project is unsuccessful.

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meals-on-wheels

 

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In the old days, Developers only had to contribute 20% of the Total Cost of the project.  Since the Great Recession, however, more and more banks are requiring that the owner-Developer contribute 30% to 40% of the Total Cost. That is a TON of equity, also known as skin in the game.  Many owner-Developers simply don't have that much equity.

The solution for small to mid-sized development companies is to raise their required equity dollars from accredited investors using the JOBS Act.  It's really not that hard.

 

Need More Equity For Your  Commercial Construction Project?

 

Any Adult-1

 

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If the Total Cost is on the order of $70 million or greater, however, it is infeasible to raise $20 million to $30 million in equity from private, accredited investors.  Developers will therefore search out an institutional Joint Venture partner.

Joint Ventures are structured as Limited Partnerships, where the owner- Developer is the General Partner and the Institutional Fund (think Blackstone) is the limited partner.  The Institutional Fund wants the owner- Developer to guaranty the construction loan so that the owner-Developer is not tempted to simply walk away from the project.

 

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A huge commercial mortgage banker recently published in their newsletter that they have a Co-GP equity provider for multifamily, student housing, senior independent-living, hospitality, industrial, office, medical office, self storage and mixed-use sectors.  The Co-GP is looking to invest between $1 million to $10 million per deal, with an investment period of 2 to 10 years.

Gee, that sounded great, but what on earth is a "Co-GP equity provider?"

My buddy, Bryan Shaffer, at George Smith Partners was kind enough to explain it to me.

 

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"When you do Joint Ventures, the owner-Developer is the GP (general partner) and the Institutional Fund (i.e., Blackstone) is the LP (limited partner).  So if they do a 90/10 Joint Venture (the bank is demanding that the owner-Developer contribute $30 million and Institutional Fund is providing $27 million of that equity contribution), the owner-Developer needs to do bring in 10% of the equity."

"If a $30M equity check (is being required by the bank), the owner-Developer  may not have $3M, so there are co-GP groups that will invest on the owner-Developer (GP) side and provide part of that $3M.  They get part of the promote and are in a deal with a big institutional partner, so it a good spot for some groups.   Overall institutional capital is reserved for the strongest owner-Developers, and usually the co-GP groups want the institutional deals."

 

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I suspect that if you do not know if you are one of the strongest owner-Developers, you probably are not.  In plain English, these Joint Ventures are not for mere mortals.

Another name for a co-GP equity provider is a venture equity provider.

 

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Topics: Co-GP Equity Provider

How to Become a "Best Broker" For a Commercial Lender

Posted by George Blackburne on Tue, Oct 16, 2018

commercial loansCommercial Loan Tidbit:  I learned today that you cannot use an SBA loan to refinance an existing SBA loan.

Most commercial real estate loan officers working for banks have six to ten "best brokers".  Between these best brokers, the typical commercial loan officer closes 60% of his commercial real estate loan production for the entire year.

 

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accident-cover

In other words, the typical commercial loan officer working at a bank with decent interest rates really doesn't care that much about you or your particular commercial loan. You're not one of this best brokers.  You're just a one-off commercial loan broker.  One-off means just a one-time deal.  There is little chance of a continuing relationship and future deals.

My son, George IV, competes against Alicia Gandy, our Loan Goddess, for the title of biggest commercial loan producer in the company.  Alicia wipes the floor with him.  Ha-ha!  How come?

Putting aside the growing consensus that women are simply better, Alicia has about a dozen or so "best brokers" who constantly keep her rockin'. After all, Alicia has been originating commercial loans for Blackburne & Sons and C-Loans, Inc. for over twenty years.  Many of her best brokers have been with her for over a decade, and they know exactly what kind of commercial loans that Blackburne & Sons prefers to originate.

 

Commercial Mortgage Brokers You're Doing It All Wrong

 

Brother-2

 

What types of commercial loans does Blackburne & Sons prefer to originate?  Blackburne & Sons specializes in small permanent commercial loans in the heartland of the United States.

We are NOT a bridge lender, although our loans have no prepayment penalty and make superb bridge loans.  We like long-term loans because we make our dough from loan servicing fees.  Helloooo?  How many times have you heard me say that the real money in commercial real estate finance ("CREF") is in loan servicing fees?

 

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Does our preference for commercial loans in the heartland mean that Blackburne & Sons would never make a commercial permanent loan on the coast of California, New York, or Florida?  Of course not!  The problem is that the coastal areas are often very expensive, and our preferred maximum loan is $1 million.

Now you know enough to become a best broker for Blackburne & Sons.  You understand our mindset.  We like small deals with small payments because the default rate is 70% less, and we like long-term loans so we can earn our delicious loan servicing fees for a long time.  Do you want your relaxing, supermodel massage to last for ten minutes or an hour?  Uh, is this a trick question? 

 

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Best Address-1

 

 

 

But enough about Blackburne & Sons.  The $10,000 question, how do you become some commercial lender's best broker.

Part of it is luck.  If you happen, by chance, to bring a perfect deal to just the right lender, and the deal closes, that commercial loan officer will pay much closer attention to the next commercial loan that you bring him.  He will look for a way to make the deal work.  Samuel Goldwyn once said, "The harder I work, the luckier I get."  So work hard, generate a lot of commercial loans, and eventually you'll get lucky.

 

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2-hours-after-gas-station-sushi_th-1

 

The second way to become some commercial lender's best commercial loan broker is to listen very hard when he tells you his preferences.  If he is not doing land development loans, don't keep bringing him land development loans.  Listen to him!

The third way is to focus your commercial mortgage marketing in an area close to your office, and then bring your local commercial loans to local commercial banks.  Banks like to make their commercial loans close to their branches.

 

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Russian elevator

 

Here's a clever trick.  Suppose your office is in Maine, and you get a chance to work on a commercial loan in South Carolina.  How do you find a bank willing to make a commercial loan in South Carolina?  Just open Google Maps and type in the address of the commercial property that you are trying to finance.  Then hit the "Nearby" icon to find banks located close to the property.  Voila!

 

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The last way to become a commercial lender's best broker is to become his friend.  Invite him over to a BBQ and watch a football game with him.  Bring his administrative assistant a box of chocolates or some flowers.  Drop off some extra tickets to a game.  Develop a personal relationship with your commercial loan officer.

I once knew a fabulously successful commercial loan broker who always brought cocaine and two hookers whenever he delivered an apartment loan package to his favorite savings and loan association commercial loan officer.  Later that S&L went bankrupt, and my old buddy ended up on Skid Row in San Francisco; but for several years he made more dough than any other commercial loan broker I knew.

As for me, I'm content to earn $1,583 per month in loan servicing income for the next fifteen years on the $1 million pot loan that we just closed yesterday.  Geez, guys, the real money in CREF is in loan servicing fees!

 

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Topics: Best brokers

Commercial Loan Brokers: Forget About Commercial Construction Loans

Posted by George Blackburne on Sun, Oct 7, 2018

Suppose you're a commercial loan broker, and you have have four commercial loans in process.  Three of them are commercial construction loans.  The doctor says you're gonna die.  (Old joke about the snake venom and the need to suck it out.)

How come?  The banks are making commercial construction loans again, and banks close 95% of all commercial construction loans.  That sounds positive.  So why can't a commercial loan broker ever close a commercial construction loan?

 

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Go long

 

 

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Your chances of EVER closing an international commercial loan are definitely zero.  (I'll be blogging on international loans again in a few months.)  Your chances of closing a commercial construction loan are NOT zero; but your chances are very low.  Today's training will explain why.

Banks love-love-love to make good construction loans, assuming the developer enough equity in the deal.  (Aye, there's the rub.)  Assuming that the financial world is not melting down, it has always been easy for qualified developers to simply trot down to a local bank and get a construction loan.

 

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As a result, only the unqualified developers ever called commercial mortgage brokers for a commercial construction loan of less than, say, $7 million.

One way a developer could be unqualified is because he has very little construction experience.  His CV is very unimpressive.  A CV stands for curriculum vitae, which, in practice, means his construction resume.  If a developer is seeking a commercial construction loan to build a 20-unit apartment complex, ideally this developer has already built a four-flex and then an eight-unit apartment building.

 

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More commonly, a developer is unqualified because he can't contribute 30% to 35% of the total cost of the project in cash or in equity in his land.  In the past, banks usually only required the developer to contribute 20% of the total cost of a project.  Since the Great Recession, however, commercial banks will rarely be satisfied with the developer contributing less than 30% to 35% of the total cost of the project.  That's a whole lot of equity.

Twice in the preceding paragraph I have used the term of art, "total cost". The Total Cost of a commercial construction project is the sum of the Land Costs (usually the actual purchase price of the land), the Hard Costs (bricks and mortar), the Soft Costs (fees, reports, points, etc.), and the Contingency Reserve (5% of hard and soft costs).

 

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As a commercial loan broker, you will find that 95% of your commercial construction loan applicants lack the required 30% to 35% equity.  In other words, your developer doesn't have enough skin in the deal.

If a developer was wealthy enough to contribute 30% to 35% of the total project cost in cash, you can bet that he has tons of contacts directly with banks.  He doesn't need you.

 

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Therefore, if you want to feed your family, don't waste time working on commercial construction loans or residential subdivision construction loans right now.

 

Commercial Mortgage Brokers You're Doing It All Wrong

 

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Does this mean that there are absolutely no commercial construction loans that make sense?

No.  The deals that still make sense in today's market are the small commercial construction loans, made to owner-users, from SBA lenders, typically under the 504 Program.  You can apply to dozens of SBA 504 construction lenders using C-Loans.com.

 

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Topics: commercial construction loans