Super Bowl Joke:
My cousin just texted me. "I know it’s late notice, but a friend of mine has two tickets for the Super Bowl this Sunday, February 13th. They are box seats, and he paid $3,500 per ticket, which includes the ride to and from his house, lunch, dinner, a $400 bar tab, and a pass to the winner’s locker room after the game. What he didn’t realize when he bought them last year was that it’s on the same day as his wedding.
If you are interested, he is looking for someone to take his place. It’s at St. Paul’s Church at 3:00 p.m. Her name is Ashley. She’s 5’4,” about 100 pounds, a good cook, loves to fish and hunt, and will clean your truck. She’ll be the one in the white dress.
Please let me know if you (or someone you know) is interested."
A Different Commercial Mortgage Portal:
I have spent countless hours over the past two months adding hundreds of new banks to CommercialMortgage.com ("CMDC"). Geez, guys, I have added a TON of them. We must have close to 3,000 banks and other commercial real estate lenders now on CMDC, far more than on C-Loans.com.
You can look up hungry commercial lenders on CMDC in a tenth the time it takes to prepare a loan application on C-Loans.com, but you can NOT submit a deal using CMDC. All you can do is look up some names, phone numbers, and email addresses on suitable commercial lenders.
You have to actually reach out to these lenders from CommercialMortgage.com. In contrast, when you use C-Loans.com, the lenders pursue you. I think its worth it to spend a little more time to create an application on C-Loans because you can submit your deals to dozens and dozens of different commercial lenders in minutes.
During the Great Recession, most commercial mortgage brokers were driven out of the business. Those few old veterans who somehow managed to survive did so by submitting their deals to two-hundred to three-hundred different lenders before finding a lender brave enough to fund a commercial loan. C-Loans.com is good for work like this.
Today's Commercial Loan Tip:
When you submit a commercial loan to a salaried banker, he is not even going to open it until you follow up that submission with a phone call. He won't even open your email or package.
You have to call him and bug him, without appearing to bug him. Here's the best way to do it: "Hey, Steve, I realize that you have not had time to open my package yet. I'm just calling today to confirm receipt of the package."
This phone call tells him two important things. (1) The deal is still alive; and (2) You have not shotgunned the deal to twenty lenders.
Those are the magic words. Remember them. Use them. Unless you call and gently bug him, your commercial lender is not even going to open your package. Remember, bankers work on salaries. Enough said.
Where We Get These 3,000+ Banks:
We here at C-Loans.com have some awesome commercial real estate finance training courses. Not every starving mortgage broker can afford to buy the training, so we we will trade free access to one training course for each commercial real estate loan officer working for a bank or credit union that they introduce to us.
These commercial loan officers must work for a FDIC-insured bank or NCUIF-insured credit union. Their branch must have a big 'ole vault. Lots of bullpoopers call themselves bankers. Does he have a million-ton vault in his office? If not, he's not a banker.
For example, let's suppose you'd like to learn how to market for commercial loans. You can trade one of these special bankers for a copy of the course.
Or perhaps you would like to learn the terminology and the ratios of commercial real estate finance. You can trade me a special banker for a copy of my Income Property Underwriting Manual.
Need a fee agreement for commercial mortgage brokerage?
How about a regional copy of The Blackburne List, which contains 750 commercial real estate lenders near you.
At work, I've got the ear of my boss... I'm still not convinced we should pay the ransom.