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Tips for Being a Successful Private Money Broker
28 Dec 2008 | No Comments | posted by Corey Curwick Dutton | in Success
I learned a very valuable principle at a meeting I attended last week. It was an “ah-hah” moment for me when I heard it and thought it worthy of sharing with you.
Whenever we meet anyone or talk with anyone we are talking to the entire network of individuals that that person knows. Each person generally knows several hundred people. Through that interaction we are given the opportunity to meet many people, not just the one in front of us, be that on the computer or in person. It is up to us to find out how to tap into that resource. One of the ways this is done through practicing the habit of making and keeping promises. When we make this a habit in our lives we become known as a person of integrity and potential business associates are more likely to take us seriously and desire to do business with us.
In addition, one of the ideas that also came out of that meeting was to practice every day asking people the following two questions, then see what it is that you can do to help that person to get to the next step:
1. What are you working on now?
2. What is your next step?
The saying that you can “eat an elephant a bite at a time” comes to mind. If we know what the next step is that we can take to get to our next level of what we are working on, it will go a long ways to helping is to clarify what we need and trying to accomplish. The words of Zig Ziglar also come to mind, “You can have
everything you want in life, if you just help enough other people get what they want.”
As always, your thoughts would be appreciated.–
Posted by Glen L. Hoover on December 24, 2008
Glen L. Hoover
Managing Director
Cambridge Capital Fund, LLC
http://finance.groups.yahoo.com/group/thinkandgrowrich/
Banks Calling Loans Due Puts Investors in Bad Position
5 Dec 2008 | 1 Comment | posted by Corey Curwick Dutton | in Success
I can’t tell you how many horror stories I’ve had to listen to lately where banks are calling Notes due from investors. Many of these investors are heavily invested, with a ton of cash and time into these deals. Fortunately, none of this defunct financing I helped put together!
But, I have been scrambling a little to find refinancing options for them while they sweat about paying back these Notes. Some of them, thinking they would have a chance to finish their projects and not have to worry about money, are now scrambling themselves to secure long term financing.
These are excellent examples too of when you may have to leverage your access to private money for the short-term. Choosing the right partners who will secure the long-term financing is crucial in this type of situation as well. You have to find out where your weaknesses are and correct them.
I would love to hear about any other examples where Notes have been called due and what the borrower did about securing alternative financing. Success stories always preferred! In the meantime, I’ll keep you posted on some of our stories where I’m working on trying to create a happy ending.
I encountered an interesting post by Donald Todrin on the topic of Banks calling Notes Due. However, instead of commercial or construction loans, Todrin addressed this threat to business owners on their business lines or other business loans. Many of his suggestions also apply to real estate investors, developers, and other investors.
In his post, Donald Todrin warns business owners:
“Please understand, the bank would prefer to put you out of business and liquidate your assets and experience significant loss, rather then working with you to assist your turnaround and emergence and get paid more in the long run, so the loan can be successfully serviced.”
Ouch!! Business owners and investors alike should heed his advice….
Posted by Blake Reese on December 5, 2008
Blog post source: http://dtod.wordpress.com/2008/08/27/the-signs-are-clear-the-banks-are-calling-notes-and-foreclosing-rather-then-working-with-you-are-you-ready/
Stated Income Loans – A Thing of the Past??
3 Dec 2008 | 3 Comments | posted by Corey Curwick Dutton | in Success
Are stated income loans a thing of the past? Many people say stated loans are the reason for the current turmoil in the credit markets. I tend to disagree. I think banks made poor underwriting decisions with stated income loans. I also think stated income loans are a necessary wheel in the economy.
For example, a banker friend of mine recently told me she is one of the major advocates at her bank for keeping a stated income loan program. Why? Because only one loan in her entire portfolio of stated income loans is currently delinquent. This automatically tells me that it’s the banks which have caused the problems with stated income loans and not the borrowers. Yes, I agree, there are many exceptions to this but let’s talk about the kinds of borrowers who actually need a stated income loan.
Take a recent example of a man who came to our company recently looking for a stated income loan product. This man has 10 free and clear rental properties, all but one of these are cash flowing. He recently sold his business for millions and is coaching a local baseball team and enjoying some time off. He also has 4 million cash in the bank.
So he goes to his local bank where he’s done private banking for years and has built a relationship with his private banker. He asks his banker to refinance his home. Life is good right? Well, not so good because he can’t qualify for a conventional loan through his bank and they no longer have a stated income product.
There are a lot of hard-working people out there that are building businesses and doing great things to move money in our economy that can’t get credit. Most entrepreneurs, the self-employed, self-made investors, and other business owners tend to fall in the stated income borrower category for a variety of reason. Stated income borrowers are sometimes fairly large players.
If you belong in this category, no longer can you rely on your private banker to help you meet your financial goals. The days when you could tell your banker your true financial situation and goals are now in the past. Your banker’s hands are tied. An experienced broker, who has multiple money sources and understands how to creatively structure a deal, is a key factor in the financial success of the new movers and shakers in the economy.
Posted by Corey Curwick on December 3, 2008
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