TNR - September 2008 by The Niche Report

Issue 015 September 2008 TheNicheReport.com

Creating a 16 Equity-Based 21 Lending Newsletter Hard money and equity lending amidst the credit crunch.

The key is maintaining contact.

Term Phone Etiquette 24 Short 26 Profits vs. Lifeand Techniques long Clients Your clients want someone they can trust.

How to make or kill a deal at your first point of contact.

Seeking Uncapped Earning Potential? Wholesale Commercial Rate Sheet For loan scenarios: (800) 710-6762, Option 4 Fax#: 540-548-1117 Email: Sales@ysploans.com

Griffin Capital Funding August 19, 2008 Wholesale Rate Sheet

Core Program

25 Year Amort

*Rate Shown is for loans > $3mm Loan Rates Minimum $250,000 - Maximum $7,500,000 Multi-Use Owner Occ Multi-Use Investor Special-Use

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Initial Fixed Term Variable 3 Yr Fixed 5 Yr Fixed 10 Yr Fixed

Premium Pricing

Par 5.25% 7.09% 7.09% 7.39%

(1.00) 5.53% 7.37% 7.37% 7.67%

(2.00) 5.81% 7.65% 7.65% 7.95%

Premium Pricing

(3.00) 6.09% 7.93% 7.93% 8.23%

Par 5.25% 7.27% 7.69% 8.36%

(1.00) 5.53% 7.55% 7.97% 8.64%

(2.00) 5.81% 7.83% 8.25% 8.92%

(3.00) 6.09% 8.11% 8.53% 9.20%

Hotel

Premium Pricing

Par 5.50% 7.27% 7.59% 8.39%

(1.00) 5.78% 7.55% 7.87% 8.67%

(2.00) 6.06% 7.83% 8.15% 8.95%

(3.00) 6.34% 8.11% 8.43% 9.23%

Par 6.00% 8.02% 8.34% N/A

Premium Pricing

(1.00) 6.28% 8.30% 8.62% N/A

(2.00) 6.56% 8.58% 8.90% N/A

(3.00) 6.84% 8.86% 9.18% N/A

4% Yield Spread Premium for Correspondents and 3% for Brokers 10% Second Trusts Available Par Lender Ask Account Rep for Details YSPloans.com Commercial loans from $250,000 to $15,000,000 Program Notes: view current Ratesto listed above are for best case scenario. Submit lightning quote or call account rep to price your loanto $30,000,000 Church loans from $50,000 10% Second Variable program is based on a margin over the WSJ Prime rate index and adjusts quarterly. Base prepay is a declining 5%...1% rates and apply Trusts Available! 5 Yr program resets the rate every 5 yrs based on theFirst initial margin over loans the index rate used tosecond calculate the base rate. loans Base prepay is 5% for 5 yrs trust and trust beresets a broker/ Visit YSPloans.com 10 yrto program the rate every 10 yrs based on the initial margin over the index rate used to calculate the base rate. Base prepay is a declining 10%...1% LTV’s up to 85% Alternate prepayment penalty options are available. A lesser prepay option is available under variable, 5 Yr, and 10 Yr programs with rate increase. Multiplefor details! correspondent! Wholesale Commercial Rate Sheet greater prepay options available under all programsCLTVs that can be used to reduce the base rate or earn premium. Up toFor 3%loan in premium earned onOption prepay. scenarios:may (800)be710-6762, 4 up to 90% Adjustment for loan size: VISIT

Griffin Capital Funding

Fax#: 540-548-1117

For loan amounts below $1mm add 42 bps to rate or pay 1.50% fee. Email: Sales@ysploans.com For loan amounts between $1mm and $2.99mm, add 14 bps to rate or pay .50% fee Multifamily Purchase: Auto Repair Refinance Hotel Refinance RECENT Multi-Use Notes: YSP Commission: $27,000 YSP Commission: $54,844 YSP Commission: $21,450 TRANSACTIONS Max LTV of 75%. Max CLTV of 90% (owner occupied properties under SBA 504 program) August 19, 2008 Minimum property DSCR ofCore 1.20 Program Wholesale Rate Sheet 25 Year Amort Eligible Property Types: Include but not limited to office, office condo, retail, warehouse, mixed use, light industrial, medical office *Rate Shown is for loans > $3mm Loan Rates Minimum $250,000 - Maximum $7,500,000 25 yr. Amort. Special-Use Notes: Multi-Use Owner Occ Multi-Use Investor Special-Use Hotel Max LTV of 65%. Max CLTV of 85% (owner occupied properties under SBA 504 program) Initial Fixed Premium Pricing Premium Pricing Premium Pricing Premium Pricing Minimum property Term DSCR of 1.30 Par but (1.00) (2.00) (3.00) automotive, Par (1.00) Par (1.00) (2.00) (3.00) Par (1.00) (2.00) (3.00) Eligible Property Types: Include not limited to restaurant, daycare,(2.00) assisted(3.00) living 5.25% 5.53% 5.81% 6.09% 5.25% 5.53% 5.81% 6.09% 5.50% 5.78% 6.06% 6.34% 6.00% 6.28% 6.56% 6.84% HotelVariable Notes: 7.09%possible 7.37%for7.65% 7.93% 7.27% 7.55% 7.83% 8.11% 7.27% properties 7.55% 7.83% 8.11% 8.02% 8.30% 8.58% 8.86% 3 Yr Fixed Max LTV of 65%. LTV reduction other factors such as property age, exterior corridor, or unflagged 7.09% 7.37% 7.65% 7.93% 7.69% 7.97% 8.25% 8.53% 7.59% 7.87% 8.15% 8.43% 8.34% 8.62% 8.90% 9.18% 5 Yr Fixed Max CLTV of 85% (owner occupied properties under SBA 504 program) 10 Yr Fixed

7.39% 7.67% 7.95% 8.23%

Loan Rates

8.36% 8.64% 8.92% 9.20%

Conduit Crusher

8.39% 8.67% 8.95% 9.23%

N/A

30 Year Amort

N/A

Minimum $1,000,000 - Maximum $15mm 30 yr. Amort. 10% Second Trusts Available Multi-Family Multi-UseAsk Account Rep for Details

N/A

Loan to Values Program Notes: Premium Pricing Premium Pricing Initial Term Rates listed above are forFixed best case scenario. Submit lightning quote or call account rep to price your loan(.50) up 85% on Par (.50) (1.00) Par (1.00) Variable program is based a margin over the WSJ Prime rate6.78% index and adjusts quarterly.6.74% Base prepay is a declining 5%...1% 6.62% 7.02% 6.90% 7.14% 3 Yr on Fixed Commercial 5 Yr program resets the rateFixed every 5 yrs based on the initial margin over the index rate used to calculate the7.60% base rate. Base prepay is 5% for 5 yrs 7.32% 7.48% 7.72% 7.44% 7.84% 5 Yr Loans! 10 yr program resets 7theYrrate every 10 yrs based on7.67% the initial margin over the8.07% index rate used to calculate7.95% the base rate.8.19% Base prepay is a declining 10%...1% Fixed 7.83% 7.79% Alternate prepayment options are available. A lesser prepay option is8.41% available under variable, 58.29% Yr, and 10 Yr programs 10penalty Yr Fixed 8.01% 8.17% 8.13% 8.53% with rate increase. Multiple greater prepay options available under all programs that can be used to reduce the base rate or earn premium. Up to 3% in premium may be earned on prepay. Rates, terms, and conditions subject to change without notice. This does not represent an offer to enter into a loan with Griffin Capital Funding. Adjustment for loan size: Program Notes: For loan amounts below $1mm addand 42have bps to rate or payLTV 1.50% fee. All loans underwritten to a 30 year amortization a maximum of 80% Minimum 1.20 DSCR For loan amounts between $1mm and $2.99mm, add 14 bps to rate oryear pay .50% 3 Yr program balloons at year three. 5, 7, and 10 year program balloon at the end of 10 fee Multi-Use Notes: Prepayment Penalty: LTV of 75%. Max1% CLTV of program 90% (owner occupied properties under SBA program) 3-yr programMax - Declining 5%, 3%, 5-yr - Declining prepay of 5%...1% 7-yr504 program – Declining prepay of 7%...1% property DSCR of 1.20 10-yr programMinimum - Declining prepay of 10%.....1% Eligible Property Types: Include but medical not limited to office, office condo, retail, warehouse, mixed use,retail, light industrial, medical 1135 Heatherstone Dr,strip, Suite 102 | Fredericksburg, VA 22407 Property Types: Include office, office, R&D Flex Office, anchored or unanchored single credit tenant,office warehouse Multi-Use Eligible Special-Use Notes: Owner occupied properties require minimum loan amount of $3mm (800) 710-6762 ext 1 | www.ysploans.com LTV of 65%. CLTV 85% (owner occupied SBAover 504the program) 3 year ARM—Max beginning in yearMax 4, the rateofwill adjust quarterly at aproperties spread of under 300 bps 3 month LIBOR index with a floor rate equal to 100 bps below Minimum property 1.30 the initial 3 year fixed rate. ThereDSCR is no of prepayment penalty during the final 90 days of the fixed rate period or during the adjustable rate period. There is no Eligibleduring Property limited to restaurant, automotive, daycare, prepayment penalty theTypes: final 90Include days ofbut thenot fixed rate period or during the adjustable rate assisted period. living Hotel Notes:

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CONTENTS

Issue 015

September 2008

NICHE REPORTS PRIME

pg 34

ALTâ&#x20AC;&#x201C;A

pg 35

NONPRIME

pg 35

HARD MONEY

pg 36

COMMERCIAL

pg 39

CONSTRUCTION/REHAB pg 41 DOWN PAYMENT ASSIST. pg 42 REVERSE MORTGAGES

16 13

Reinstitutionalizing Equity-Based Lending, part 1 Hard money lending amidst the credit crunch. The first of a two-part series. Lane T. Bacon

Understanding the 1031 Exchange and 121 Exclusion Michael Deutsch president of Vare Solutions, Inc. Financial tools to help your clients and create loyalty.

Phone Etiquette and Techniques Hal Hoodwin

Creating a Newsletter Brad Cooper managing owner of Cooper Financial Solutions The key is maintaining contact.

Director and an Instructor for MortgageBootCamp.net How to make or kill a deal at the first point of contact.

Center Stage with Fairview Commercial Lending the niche report Your source for nonconventional ommercial loans.

DEPARTMENTS

Short Term Profits vs. Life-Long Clients tom Ninness Vice President/Regional Production Manager for Cherry Creek Mortgage Your clients want someone they can trust.

September 2008

09 10 32 44

NOTE FROM THE FOUNDER CALENDAR OF EVENTS TIP OF THE MONTH LENDER & RESOURCE DIRECTORY

pg 42

FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com sales manager Mark Moulton mark@nichereportonline.com Production Mananger Henry Suchman henry@nichereportonline.com Production Assistant Dawn Exner dawn@nichereportonline.com ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc. COLUMNISTS Stewart Mednick CONTRIBUTING AUTHORS Lane T. Bacon Brad Cooper Michael Deutsch Hal Hoodwin Tom Ninness

Published monthly by BODA Publishing, LLC 6016 Alderdale Place, Haymarket, VA 20169 Phone: 540.657.2632 Fax: 703.991.2362 Email: info@nichereportonline.com www.TheNicheReport.com

SUBSCRIPTIONS This publication is intended for real estate finance professionals. If you are a mortgage broker, lender, loan officer and you do not currently receive The Niche Report, please send your name, company name, and address to subscriptions@nichereportonline.com. To opt-out of receiving The Niche Report, please send your request, including name, company name, and address to opt-out@nichereportonline.com.

ADVERTISEMENTS To inquire about advertising in The Niche Report, please call 540.657.2632, or send an email to ads@nichereportonline.com. Visit our website, www.TheNicheReport.com to download a copy of our Media Kit.

EDITORIALS / ARTICLES To submit an article for consideration in The Niche Report, please send an email to kristen@nichereportonline.com or call 540.657.2632. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals. If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to kristen@nichereportonline.com.

THE NICHE REPORT POLICY The information and opinions expressed by contributing authors and advertisers within The Niche Report do not necessarily reflect those of BODA Publishing, LLC employees and should not be considered as endorsed or recommended by BODA Publishing, LLC.

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NOTE FROM THE FOUNDER

For the first time since our inception, we have allowed a non-lending institution to grace our front cover. This is no mistake, but rather, a simple message. The Niche Report is all about presenting the loan originator with options, and in this climate our options are limited. Therefore, in an effort to help expand your products and services we present to you a company that helps borrowers and lenders perform loss mitigation via loan modification – Green Credit Solutions. This segment of the industry is said to be filled with crooks and scam artists, however, Green Credit Solutions stands out as an honest leader in this field and should be recognized. I think it should also be noted that The Implode O’ Meter, a website that helps to keep our industry transparent, has backed them. I would also like to take this opportunity to thank CAMB (California Association of Mortgage Brokers) for having us out at their Annual Convention in Sacramento California. It was held downtown at the Sacramento Convention Center with an air of hope and perseverance among its attendees. This month in TNR we have Lane Bacon, founder of Advantage Capital Equity Solutions, presenting to us our feature article; a clear and concise process on the potential of re-Institutionalizing equity based lending. TNR will be running this fantastic piece as a two part series highlighting the “Problem” we face in this arena and following up with the “Solution” in our October issue. I would like to leave you all with a tip. I found a new lender committed to wholesale – NetMore America, Inc. I know very little about them except that they launched in October of 2007 and now have over 150 employees and funding, on average, $50 Million per month. 80% of this volume is wholesale. My hat is off to them and I wish them luck. Enjoy this issue of TNR and take away from it what you can. Keep up the fight.

Robert Pegg Founder & Publisher

TheNicheReport.com

CALENDAR OF EVENTS

Upcoming Key Dates & Events: september & October SEPTEMBER 2008 S M T W T

9 10 11 12 13

SEPTEMBER 16

October 3

MBA’s Regulatory Conference at JW Marriott Hotel in Washington, DC. Visit www.mbaa.org for details.

Reverse Mortgage Lending Fall Conference at the Hyatt Regency, Miami in Miami, Fl. Visit www. mbaa.org for details.

14 15 16 17 18 19 20 21 22 23 24 25 26 27

SEPTEMBER 17

28 29 30

Commercial Real Estate Market Forecast released by the NAR.

october 2008 S M T W T 5

1 8

2 3 4 9 10 11

12 13 14 15 16 17 18 19 20 21 22 23 24 25

September 19 NABMB's Wholesale Lending & Education Fair 2008 at the Hilton Garden Inn, Greenbelt, MD. Visit www.nabmb.org for details.

26 27 28 29 30 31

SEPTEMBER 24 SEPTEMBER 9

August Existing-Home Sales released by the NAR.

Housing Forecast / Pending Home Sales Index released by the NAR.

SEPTEMBER 25

SEPTEMBER 11-12 MBA’s Quality Assurance Conference at La Costa Resort and Spa in Carlsbad, CA. Visit www.mbaa.org for details.

SEPTEMBER 14 MBA’s Regulatory Conference at JW Marriott Hotel in Washington, DC. Visit www.mbaa.org for details.

WAMB 2008 Northwest Wholesale Lenders Conference & Expo at the Maydenbauer Center, Bellevue, WA. Visit www.wamb.org for details.

SEPTEMBER 26 WAMB 2008 Northwest Wholesale Lenders Conference & Expo at the Maydenbauer Center, Bellevue, WA. Visit www.wamb.org for details.

October 2 SEPTEMBER 15 MBA’s Regulatory Conference at JW Marriott Hotel in Washington, DC. Visit www.mbaa.org for details. 10

September 2008

Reverse Mortgage Lending Fall Conference at the Hyatt Regency, Miami in Miami, Fl. Visit www. mbaa.org for details.

October 7 MAMB 20HR Continuing Education Forum & Expo. Martin’s Crosswinds in Greenbelt, MD . Visit www.mamb. org for details.

October 8 MAMB 20HR Continuing Education Forum & Expo. Martin’s Crosswinds in Greenbelt, MD . Visit www.mamb. org for details.

October 8 Housing Forecast/Pending Home Sales Index released by the NAR

October 19-22 MBA’s 95 Annual Convention & Expo at The Moscone West in San Francisco, CA. Visit www.mbaa.org for details.

October 24 September Existing Home Sales released by the NAR

October 28 MBA-NJ/NJAMB Members’ Day at Fannie Mae in Philadelphia, PA. Visit www.mbanj.com for details.

Doom and gloom, meet wheel and deal.

You’ve probably been hearing a lot of bad financial news lately. But behind all that doom and gloom, there will certainly be some new opportunities. A hard money commercial loan may be the ideal way for your clients to seize an opportunity or solve a problem. Despite these difficult market conditions, Avatar is financially stable and has plenty of capacity to fund commercial loans from $1,000,000 to $20,000,000+. So if you’re ready to deal, we’re ready to listen. Call us today at 888.896.0083 to discuss your loan or visit www.avatarfinancial.com for more information.

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Lending Territory includes DE, MD, DC, VA, NC, SC, GA and FL. ALL LOANS FOR BUSINESS OR INVESTMENT PURPOSES ONLY For an immediate online approval and commitment letter, go to WWW.FMV1.COM and fill out our loan qualifier. 6019 Tower Court, Alexandria, VA 22304 Phone: 703-823-6800 or 866-902-FMV1 (3681) Fax: 703-997-2499 Paul Fogle or Art Bennett First Mount Vernon is a privately-owned, equity-based lender which specializes in lending to borrowers who can’t secure funding from traditional financing sources. Loans typically funded within two business days upon receipt of completed package. First Mount Vernon does not make consumer loans. Financing is for business or investment purposes only, secured by real property.

NAMB/WEST 2008 The Grand Event The final segment in the three part series of NAMB’s 2008 Connection to Success!

Education • Exhibits • Networking • Special Events NAMB/WEST connects you with the industry’s most innovative thinkers, providing you with cost-cutting tips, tools and ideas you can use today and tomorrow. These industry experts will encourage and inspire, but, most importantly teach you ways that will help you stay on the forefront of the mortgage industry. In addition,

November 14-18, 2008

NAMB/WEST 2008 will reveal a full-day vendor showcase offering the newest products and services available to give you a jumpstart in 2009. Join us!

For additional information, visit www.namb.org/nambwest

UNDERSTANDING THE 1031 EXCHANGE AND 121 EXCLUSION Financial Tools to Help Your Clients and Create Loyalty BY MICHAEL DEUTSCH

s a mortgage professional, your job is to understand a client’s full financial situation and needs. You need to be part mortgage professional, part attorney, part CPA and part financial advisor. The more you know, and the more you bring to the table, the more you can help. And the more you help, the more loyalty you will see from your clients. With that in mind, I would like to focus on two financial vehicles – 1031 exchange and its lesser known cousin, the 121 exclusion. Both deal with the profit (capital gains) from the sale of property and both can be used to the benefit of your client.

1031 Exchange Section 1031 is a tax vehicle used to defer capital gains taxes when selling an investment property to buy a new investment property. What does that mean? It means that if a person is selling an investment property where they’ve made a profit (capital gain), and they’re using the money to buy a new investment property, they can push off any taxes owed on the profit until they sell the new property. If the person never sells the new property, or sells the new property to buy an additional property (and uses a 1031 exchange), they may never need to pay the capital gains taxes. Here are some key points to remember: • 1031 exchange is for investment to investment only. You cannot use it on a primary or second home. • Capital gains taxes are deferred, not excluded. If someone sells the new property and does not buy an additional property utilizing a 1031 exchange, he/she will need to pay the taxes.

• The borrower must identify the new property to be used in the exchange within 45 days of when the initial property was transferred. • The borrower must complete the exchange within 180 days of when the initial property was transferred. • A qualified intermediary must be used to hold funds used in the transfer and exchange. • The new property must be considered an “investment” for 1 year from the completion of the exchange before you can convert it to “primary”.

121 Exclusion Section 121 is another tax vehicle used to deal with capital gains taxes when selling one property to buy another. There are three major differences between a 1031 exchange and a 121 exclusion. First, where a 1031 only deals with investment properties, a 121 only deals with primary properties. This means that a person must be selling his/her primary home and, if exchanging, must be buying another primary home. Second, where a 1031 defers the capital gains taxes, a 121 completely excludes all, or a portion, of the capital gains (see below for the specific amounts). This means that the taxes that the borrower pays on profit from the sale of his/her primary residence can be greatly reduced, if not eliminated. Lastly, this is a permanent tax deduction on the sale of a primary residence. An exchange is not required. Here are some key points to remember: • 121 exclusion is for primary residence only. You cannot use it on an investment property or second home. • Capital gains are excluded from the borrower according to IRS filing status:

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• $250,000 can be excluded for a person filing “Single”. • $500,000 can be excluded for a person filing “Married, filing jointly” • The borrower must have lived in the existing property for 2 out of the last 5 years. • The borrower must wait 2 years to use Section 121 again. • If the primary residence was acquired as a part of a 1031 exchange, and was converted to a primary residence, the borrower must own the property for 5 years to exclude capital gains under Section 121.

Income Tax strategies using both Sections With proper planning, a borrower can use a combination of Section 1031 and Section 121 to avoid paying capital gains taxes on the sale of an investment property (speak with a qualified CPA for details). Here are three ways: Investment property acquired WITH NO 1031 exchange and converted to primary residence: If the investment property was acquired without a 1031 exchange, it can be converted immediately to a

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primary residence. However, in order to use Section 121 to exclude capital gains, the borrower must live in the residence for at least 2 years. After 2 years, they can use Section 121 to exclude the capital gains. Investment property acquired WITH 1031 exchange and converted to primary residence: If the investment property was acquired with the use of a 1031 exchange, it can be converted to a primary residence. However, the borrower must wait 1 year from the time of the exchange in order to make the conversion. Once converted, they must have held the property for 5 years in order to use Section 121. Using this method, Section 1031 will allow the borrower to defer the taxes until the new property is sold. But the property will be converted to primary and Section 121 will be used to exclude any capital gains that were deferred from the 1031 exchange. Primary residence converted to investment property and then sold to purchase a new investment property: In this scenario, it’s possible to use both Section 1031 and Section 121. In this case, once you convert the primary residence to an investment property, the borrower needs to hold the property as an investment for a “sufficient period of time” to prove that the borrower intended to use it as an investment property (generally, 12 to 18 months). Once the property has been held for the sufficient period of time, it can be sold and Section 121 can be used to exclude capital gains. If the capital gains exceed the allowable amount of Section 121, Section 1031 can be used to defer the remaining capital gains. Knowledge is Power. The more you know, the more you can educate your clients. And the more educated they are, the more loyal they will be to the person who taught it to them.

Michael Deutsch is President of Vare Solutions, Inc. Vare Solutions is a full service processing company whose primary goal is to increase the number of closed loans by strengthening its client’s business processes. Michael has many years experience on the wholesale side of the business in both sales and operations. If you have any questions or comments for Michael, he can be reached at 877-552-5777 or by email at Michael@varesolutions.com. Please note that information provided in this article is intended for general knowledge purposes. For specific scenarios, please seek advice from a qualified CPA.

Reinstitutionalizing Equity-Based Lending

Hard money and lending amidst the credit crunch This is the first of a two-part series. Part Two will appear in next month's issue.

by Lane T. Bacon

n efficient process and proper methodology of re-institutionalizing equity based lending amidst the Credit Crunch is the focus of this article. First, I must define 1) equity based lending, and 2) what qualifies as “institu-

tionalized” in today’s market. Equity-Based Lending (EBL), a derivative of Asset-Based Lending (ABL), is simply summarized as lending and underwriting based upon the remaining equity in the collateral after the new loan is secured. For an ABL situation, the typical average Loan-To-Value (LTV) is less than 60%. An example of the process would be a

borrower in the foreclosure process. Their existing loan has an Unpaid Principal Balance (UPB) of $200,000. Back interest and fees have added another $20,000 to the borrower’s obligation. Based on a new valuation; the collateral value is $500,000. An equity based lender would be able to make a new loan for up to $325,000 to save the asset from being sold at foreclosure and to recapitalize the borrower.

Traditionally, “institutionalized” meant the acceptance of the secondary market, securities market, and ultimately an appetite from bond investors. With a near complete void of private issued Mortgage Backed Securities (MBS), the traditional definition seems antiquated, if not dead altogether. However, within the asset-based market “institutionalized” has also been defined as making financial instruments part of a structured and usually well-established system – replacing the previous fractured market system in which assets within this category were often valued individually and without a systematic, repeatable and logically defensible methodology. A structured and well-established system is at the core of a professional organization and fund operation; and forms the basis for a new secondary market for equity based lenders and new investment vehicle for investors looking to maximize their returns. Traditionally mortgage loan financing was the purview of banks and savings and loan institutions who lent to borrowers with strong credit and enough cash or existing equity to provide sufficient protection to the lender in the event of trouble. Most of these lending institutions were portfolio lenders and the secondary market was dominated by government sponsored entities (GSEs) such as Fannie Mae, Freddie Mae and Ginnie Mae. These GSEs were also portfolio lenders, but also created a secondary market of Mortgage Backed Securities (MBS) that were available to institutional and private buyers. Prior to 2003, 70% of all MBS issues were done by these GSEs. For homeowners with less than exemplary credit, the borrowing market was very limited and suffered from almost a back-alley reputation. Equity-based lending at this time was known as “Hard Money”. Lenders were almost exclusively private individuals and the market was extremely fragmented and locally based. Borrowers often waited months to close a loan as investors evaluated properties individually, and only invested one property at a time. Diversification was an uncommon situation with most private lenders only investing in properties within driving distance. However, over the past fifteen years, lending standards expanded and more innovative mortgage products were developed. As this occurred, the private mortgage market grew exponentially and new business models developed. Institutions such as Countrywide, New Century and

Option One came into the marketplace. Homeowners who previously had limited borrowing possibilities found themselves with multiple options as well as the ability to obtain financing at higher levels. Alt-A and Subprime lending grew exponentially. Spurring the growth of these new players was the explosive growth of the secondary MBS market. Attracted by the returns and spurred on by the strong increases in housing values, institutions snapped up bond offerings as fast as they were issued. These securities are commonly referred to as “privatelabel”. At the peak of the private label/ issued MBS market in 2006, 55.9% of all MBS were originated by parties other than GSEs. However, with the disruption in the credit markets in late 2007 and depreciating house values, the private label mortgage backed securities (MBS) market has all but disappeared. Many investors in the MBS market have taken substantial losses due to lower house values, which resulted in decreased confidence in the credit markets. William R. Evans, an officer and economist at the Federal Reserve Bank of St. Louis, estimates private label MBS market share will be reduced to less than 10% of the overall market. The result is a void of institutional equity based lenders or hard money lenders which provide financing options for distressed companies and individuals who own commercial or residential properties. The opportunity is for a new business model that allows borrowers with significant equity access to money while providing investors with attractive above-market returns while providing the protection of diversification and standardized valuation safeguards.

Addressing Complacency Clearly, throughout 2003 – 2007, lending standards were loosened beyond reasonable standards and investors took the brunt of the losses stemming from the poor underwriting standards of most lenders. During the years leading up to the Credit Crunch, investors’ appetites for bonds from Mortgage Backed Securities (MBS) were nearly insatiable. Pools of loans were being sold at substantial premiums to the Unpaid Principal Balance (UPB) remaining on the loan. Sale premiums exceeding six percent (6%) were not uncommon and four percent (4%) was considered normal. TheNicheReport.com

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Mortgage companies and intermediaries relaxed guidelines in order to increase production and realize more gains. Zero and limited documentation loans became prevalent. Interest only loans and loans with teaser rates far below existing benchmark rates became widespread. Minimum credit requirements were lowered, and under Alt-A and Subprime lending guidelines, the amount of a down payment, or owner’s equity, dwindled to nothing. The result was an increase in eligible borrowers and thus a substantial increase in the demand of real estate, thereby driving up property values at rates never before seen. The rise in real estate values and historically low default rates prompted rating agencies such as Standard & Poors, Fitch, and Moody’s to assign high investment grade ratings to many of the bonds being sold through the MBS market. With the superb ratings, bond insurers, such as AIG, MBIA, and ACA Financial Guaranty, often insured billions of dollars in bonds. The mortgage originators and intermediaries passed the risk of loss to the investors purchasing and insurers insuring the bonds originated via the MBS, e.g. the originator and intermediaries had zero vested interest or “Skin in the Game” of the performance of the loans in the securities.

Threats to Property Owners Historically, many property owners have been able to fend off foreclosure during the publication period (the time frame from original Notice of Default, NOD, to foreclosure Sale – typically 120 days). Often, borrowers had been able accomplish this by tapping equity in eleventh hour through loans offered by equity based lenders. Rates and fees are often high on these loans; however these loans were designed to be a bridge or conduit to provide time for the borrower to do one of two things; 1) access sufficient capital for the owner to recapitalize their business or finances in order to stabilize their income stream, or 2) sell the property, satisfy the outstanding mortgage debt and realize their capital that would otherwise be locked in their equity. If the mortgage marketplace fails to re-institutionalize equity based lending, many borrowers, who would normally stave off foreclosure through a “one last chance” loan offered by an equity based lender, would fall victim

to the Credit Crunch and lose the capital locked in their property’s equity.

Problem Statement Due to the seizure in the credit markets, many equity based lenders have not been able to liquidate their current positions, thus greatly suffocating their capacity and throughput, or in many cases driving the lenders out of the market or business completely. The result has created an underserved market of businesses and individuals seeking financing secured by real estate, e.g. a competition free marketplace for equity based lenders now exists. The problem is twofold, in that we must 1) create a business model to efficiently originate equity based loans while mitigating the liquidity, interest rate, depreciation, and default risks associated with the cause of the Credit Crunch and 2) create an investment vehicle with sufficient capacity to serve the marketplace in a meaningful manner. - Continued next month, The Solution

Lane T. Bacon is th e founder of Advantage Capital Equity Solutions, Inc. and managing director for Advantage Capital Equity Fund I, LLC, a private equity fund, and Advantage Capital Equity Fund II, LP, a hedge fund. Having originated over $1 Billion in equity based loans, managed private investment funds, and managed several warehouse lines of credit, Mr. Bacon proves to be a veteran of asset based and hard money lending. Mr. Bacon is a graduate of University of Colorado, Boulder, Leeds School of Business, and is a former US Navy sailor. lbacon@adcapfunds.com, 800-985-0341

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CREATING A NEWSLETTER The key is maintaining contact BY brad cooper

ny business needs to keep in touch with its customers; before, during and even after any transactions that might occur. These contacts can help to increase sales or even increase repeat business. The concept of a newsletter is as simple as writing a note to your aunt – the difference is only in how you put the material together. You can create an online newsletter that can be sent by email or you can create a traditional newsletter that can be handed out at the office or mailed to current and past customers. It may be a little more time consuming, but you could create a format for your newsletter that would allow you to distribute it both ways (without a large amount of changes being required).

Online Newsletter Most of the newsletters that are sent over the internet arrive to readers through their email address. Usually these are obtained when visitors to your website sign up to receive more information or the newsletter. You will want to include regular columns (like what is happening in the news in regards to the industry) and also regular tips for increasing financial stability (tips for better credit ratings or clearing up credit). Most online newsletters are simply content. But instead of creating all new content for your online version, you may be able to learn to cut and paste the content from your monthly newsletter to create the smaller content for the weekly email newsletters. Let me focus on the mailout newsletter.

Mail-out Newsletter This is the traditional format of newsletter that you often will receive from your clubs, churches or other organizations. It tells you what is going on with the group in the upcoming month. For your purposes, you will want to have new information that will help your customers (or potential customers) in the coming days. If you are holding classes, seminars or other functions, then you will want to include that information as well. Here are some key points in regard to a mail-out newsletter: 1. Content - The content needs to be well written, grammatically correct and always spell-checked. It is okay to keep the written material in a relaxed tone (it doesn’t have to come across so professional that it is stuffy and uncomfortable to read). At the same time, you want it to be clean and correct in the way that it is written: a. Include articles about the future trends of the industry. b. Articles about recent movements in the industry (particularly those that have made the news) will not be sufficient – add personal touches, like “how this will affect you and your loan options.” c. Quotes not only make great fillers of space but can add punch to your content. d. Adding a quiz each month (like “Measure your Financial Stability” or “What do you Really Know about Investments”) can be a good way to engage your readers to look forward to their monthly mailing. e. Keep it simple to start. Most people have a limited

TheNicheReport.com

budget for direct mailing, so keep your printing needs to a minimum. Use artwork that looks as good in black and white as it would in color. Keep your design to a simple format. Understand the difference in cost as you add pages to your newsletter (and also know the limit for regular postage vs. special postage required for heavier mailouts). 2. Creating the mailing list - You can send out the newsletter that you have created to all the customers that you have in your files (and that’s not a bad way to develop repeat customers). It may also be a good idea to ask new customers (or potential customers) if they would like to receive the newsletter. Some people feel they receive enough junk mail as it is. But there are other ways to reach potential customers with the information and ideas you put together in your newsletter. a. Cold mailing – mailing out to individuals who have not already requested information from you in

some form. You can acquire this information from a number of sources, but there are companies that specialize in selling marketing information. It may be just as effective to send out your newsletters to all the addresses in certain areas of your community. b. Hold a give-away – People are willing to give out all kinds of information if they think it means a chance for a free dinner, a free tank of gas or some free groceries (or most anything you can imagine). Just include a place on the registration form for the drawing that people can check if they’d like “free information” about the loan or credit industry. 3. Sending it out - Mailing hundreds (or thousands) of newsletters can be time consuming, which is why many people are publishing their newsletters over the internet. This could be a great way to have your children (or other young people) involved in the work process. Have them put the material together for you.

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SHORT TERM PROFITS VS. LONG TERM CLIENTS Your clients want someone they can trust BY TOM NINNESS

n today’s world, price is everything. Everyone seems to be looking for a bargain. Shopping the grocery stores for the weekly deals: hunting down the gas station with the lowest price, or waiting for retail stores to put merchandise on sale or clearance. Everyone wants a bargain. But is shopping for a bargain always the best strategy? For sales professionals, bargain shoppers will not guarantee long term business prospects. Although it is essential to be competitive, it is more important to be trust worthy, service oriented and conscience of the specific needs of the client. For the mortgage and real estate professional as well as most sales professionals, losing a sale means not only commissions lost in the present, but the opportunity for future business and referrals. Building a referral based business focuses you as the best person for the job. Undercutting price to ‘get the deal’ may work for awhile, but without substance behind it, business will soon dry up. Negotiating a price for the sake of a sale without consideration of profit will soon leave you with no income. Referrals are the only way to sustain business for the long term. Sometimes negotiating a price will preserve the sale, and that may be prudent if the client has the potential to be a solid referral source or possibilities of future business. When you lose the sale, you lose the opportunity of future business and referrals. If the majority of your clients are a result of a referral, you have already been pre-sold as an expert and a have a high level of credibility. You have the responsibility of establishing trust by asking the prospect probing questions. Know your products well and know your competitor’s products. If negotiating price becomes

September 2008

an issue, you are prepared to position yourself as a top authority with a commitment to small details. That can be the difference between saving and closing the deal at a respectable profit, and losing it entirely because of price alone. Although internet shopping for lenders has become popular as of late, it is the classic example of price isn’t everything. One study shows only 16% of loans through internet lenders closes at the quoted price with the quoted rates and will close on time. Your clients place a lot of trust in you and what you represent. Always, under promise and over deliver! Be a problem solver. This is the reason they are hiring you…..they have a problem and are you the right solution. By asking questions, building rapport and caring about the customer’s needs will establish that you are concerned more about the client and not about the commission. Develop rapport, listen to the client, understand their needs and execute your services better and faster than anyone else. Every appointment needs prep time; make sure you are as prepared as possible for every client. Be readily accessible for the client during the process. Explain the best ways the client may communicate with you and ask the most convenient way and how frequent the client would like to communicate. Keeping even the smallest commitments will slowly build trust. Sometimes it becomes absolutely necessary to negotiate price. Move cautiously. Jumping to your lowest price leaves no latitude for discussion. Clients who are merely ‘shopping for price’ will pin you to a price point with no guarantee of commitment. When you are up against price, by negotiating and meeting halfway with

the client’s price, you have a better than 50-50 chance in getting the business. Building your business through referrals keeps a steady stream of reliable income. Negotiate price only when necessary. Remain professional in every aspect, respect the client’s needs and concerns, build trust and communication, and be mindful of the small details. Your clients want someone they can trust and feel confident in referring others as well as the best price.

Tom Ninness is Vice President/Regional Production Manager for Cherry Creek Mortgage in Denver, CO. Ninness is also the President of Summit Champions, Inc. and creator of the “The 90 Day Journey to Your Sales Success”, a powerful 90 day action plan for the sales professional. To learn more about The Journey and Summit Champions, go to www.90dayjourney.com, www.summitchampions.com or contact Tom at tomninness@summitchampions.com Office: 720-221-4396.

PHONE ETIQUETTE AND TECHNIQUES How to make or kill a deal at your first point of contact BY Hal Hoodwin

efore you delve into too much of the technical stuff like Blended Rates, Effective Rates with MI or how to effectively communicate with a bank rep, we need to realize we're really in the people business. Being the most wiz-bang-mortgage-techie person in the world isn't going to pay you a dime if you can't connect with a customer who wants to do business with you. A wise friend of mine is a marketing guru and public speaker. Years ago he happened to stop by my office just as the phone rang. Normally, I wouldn't interrupt a meeting to take a call but this was a customer and my friend was a social visit. I noticed my friend started jotting down some notes which I didn't think much of since I was focused on my customer... or so I thought. After the call ended he asked me, "Mind if I share with you some observations?" I agreed and here's what he said: • The call was 3 minutes and 12 seconds long. • I interrupted my customer on 3 occasions that my marketing friend was able to detect from the other side of my desk… which sends a message to the customer what they have to say isn't important. • I clearly sounded hurried on the call... which sends a message to the customer what they have to say isn't important. • The customer had a problem I didn't have an answer to at the moment. I gave a broad wishy-washy time frame of when I'd have an answer for them and didn't offer to give them an update if my response was going to take longer than anticipated... which sends a message to the customer... (you get it by now). • The ugly list goes on… I was mortified. 26

September 2008

I never had anybody analyze my phone technique (or lack there of ) before. I was unconsciously alienating the very people who are trying to pay me.

THE SOLUTION The solution: about $40. Yep, I went to Radio Shack and bought an inexpensive mini cassette recorder (before the days of cheap digital recorders) and started recording my half of my phone conversations. I was amazed! Everything my friend told me about my phone technique was true. I cut people off without knowing it. I sounded hurried (even if I wasn't in a hurry)... the list goes on. If you don't like listening to your own voice, you're going to have to get over that. That’s the equivalent of a surgeon saying they don’t like having to deal with scalpels. Our voice and how we present ourselves are the primary tools our customers judge us on! YOU NEED TO LISTEN TO YOURSELF... even though you may not like what you hear. That's how we learn and grow. This lesson made a huge impact on my ability to effectively communicate with my customers. In no time, I noticed I was able to get more business talking to the same number of customers… all of this with a lot fewer headaches. With today's technology, you can buy a small portable digital recorder (or computer adapter) that plugs right into your phone so you can record both sides of your conversations. Some recorders can even record a call from your cell! Prices range from about $60 to $170. Even if you only spend $30 for a cheap recorder that you can only record half the conversation, like I did, the lessons learned are priceless. One place I found you can buy them on the web is: http://www.dynametric.com

Hal Hoodwin is a 17 year veteran of the mortgage industry. He has extensive experience in both the retail and wholesale side of the business. Hoodwin is also the Director and an Instructor for MortgageBootCamp.net. For more information on this subject you may contact Hal Hoodwin, Director of MortgageBootCamp.net at Hal@MortgageBootCamp.net or call 877-684-2668.

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CENTER STAGE

CENTER STAGE WITH FAIRVIEW COMMERCIAL LENDING Your source for nonconventional commercial loans BY THE NICHE REPORT

W glen weinberg

hen talking to Glen Weinberg, the COO for Fairview Lending, I got an overwhelming feeling of just how savvy he is regarding commercial/ hard money lending. Glen offers us a glimpse of this insight as well as grounded advice for those of us pushing through these turbulent times.

Tell me a little about Fairview? Fairview Commercial Lending is a privately funded national hard money (private money) commercial lender. We have been in business for over 25 years specializing in non conventional commercial loans. The partners have over 100 years of commercial real-estate lending experience and have been lending since 1975. We have offices in Atlanta, GA and Denver, CO and are able to lend nationwide (loan sizes range from $250,000 to $3,000,000). We strictly lend our own funds and hold all of the loans in our portfolio and service them in house after the closing. This depth of knowledge and experience allows us to fund loans quickly that many others would never consider. What is Fairview’s niche? Fairview specializes in non-conventional commercial real estate loans. Our objective is to create a product that is between the hard money lenders and the stated programs. Typical hard money lenders issue very short term loans (less than oneyear) and charge steep fees up front (many times greater than $10,000). On the other hand, many of the prior stated lenders charged rates higher than banks with very steep penalties for exiting the loan. Fairview’s objective is to provide loans with 30

September 2008

maturities of 1-5 years with reasonable rates and no fees prior to commitment. This will allow borrowers ample time to stabilize their credit and transition into traditional long term financing (bank loan, SBA, etc…). For the client, we feel this is the best option for their continued success. What is the typical borrower profile for a hard money loan? I am commonly asked this question by brokers. When we first began lending, I had many preconceptions of what the typical hard money borrower would be like; all of them have been wrong. In our portfolio, our average borrower is a very well educated professional (doctor, lawyer, small business owner, etc...). The borrower needs to go with a non-conforming lender for various reasons (working capital, back taxes, new ventures, etc…). The underlying themes for each transaction are speed and flexibility. Fairview is able to understand what the borrower is trying to accomplish, structure the deal to fit the situation, and close the loan quickly. How is Fairview different than other lenders? Most lenders require appraisals and non-refundable deposits up front for due-diligence; these fees can run upwards of thousands of dollars. Fairview Commercial Lending does not require any fees up front prior to issuing a preliminary commitment. All loans are held in our portfolio so we are able to structure the terms of each loan to fit the unique situations of the borrower. Furthermore, since we are privately funded, we can respond quickly and efficiently to loan requests. There is no loan committee to delay our approval process. Most preliminary commitments are issued within as little as 24 hours.

CENTER STAGE

Above you mention that Fairview does not require appraisals prior to funding, how are you able to do that? Since Fairview is privately funded and we strictly utilize our own funds. We are able close loans without this requirement. All of the Fairview partners are “hands-on” throughout the loan process which allows us to internally determine the value of the property and then fund quickly. Without an appraisal, how does Fairview determine the value of the property? The owners of Fairview are real estate experts. Each partner has experiences in both lending and owning commercial real estate and is considered an expert in commercial real estate valuation. Each Fairview partner typically reviews more deals in a month than most commercial appraisers review in 12 months. We have developed tools and internal models to value commercial property throughout the country. Finally, after a commitment is issued, one of the partners personally inspects each property prior to funding. The internal valuation and property inspection are both key to the success of Fairview. What are some tips you can provide to brokers transitioning into commercial lending? It is important to make certain you fully understand the transaction. What is the collateral, rent rolls, net income, etc…? What is the borrower trying to accomplish? What is their credit score? What loan-tovalue (LTV) do the borrowers need? By answering these questions, you will be able to determine if there is a possible deal and where it could be placed. It is also critical to understand the borrower’s expectations and be able to manage these effectively. For example, if the borrower has a 520 credit, he/she is not going to be able to qualify for a conforming loan. Finally, brokers need to be cautious that they are not wasting time on deals that will never close. For example, I got a call yesterday from a broker who had a great apartment purchase; the borrower wanted a loan of 120% of the purchase price and had no money to put down. No lender in their right mind would close this deal and yet the broker has wasted days working with this borrower.

What opportunities do you see for mortgage brokers in this market? I am a firm believer that in every market cycle opportunities are created for those willing to recognize the needs of their clients in each cycle. Now is an excellent time for brokers to market a non-prime commercial product. In today’s market environment banks have substantially pulled back from funding loans and many have decided to even sell their portfolios to raise much needed capital. This liquidity squeeze provides a great opportunity for brokers to be able to close loans for borrowers that are unable to get funding with traditional sources. Where can I learn more about hard money commercial lending? Fairview has created a website, www.FairviewLending. com, dedicated solely to small balance commercial lending. There are over a hundred FAQs, articles, guides, and a blog all dedicated to commercial lending.

TIP OF THE MONTH

TIP OF THE MONTH Follow up! BY STEWART MEDNICK

received an email from Michael Moore a couple months ago when he wanted to share some thoughts on one of my articles. I called Michael and we ruminated over the topic. It was obvious to me, in a short time, that Michael could attribute his success to a simple, yet elusive process called, “follow-up.” When I asked him to contribute to my column, Michael could not hang up fast enough to start writing: Contrary to popular belief, follow-up does not start after the file is closed; it actually starts with initial contact and continues for years to come. In these difficult times, follow-up is more crucial than any other time in the recent history of our industry. The ideas I will give you in this article are basic. But as with anything else, practice the basics and the rest will come. In a lot of ways, follow up is a quality control tool as well. It’s not the amount of follow-up, but the quality of the follow-up. Poor quality follow up will get you no where. The important issue to remember is following-up will make you or break you. It makes no difference how you feel about it…and this is the simple truth. The difference between the successful professional and the unsuccessful professional is, in my opinion, the “follow-up”. The successful professional has a followup system in place and never wavers from it. Files are becoming harder and harder to come by, so when you implement an efficient follow up program, you are insuring your self a greater rate of success. It is a discipline. In the beginning, it can be difficult, but the more you

September 2008

practice, the easier it becomes. Eventually, it is second nature to follow-up. A couple of things to consider when you start your follow-up campaign: Make sure you acquire all the initial information including the name of all parties involved. Nothing is worse than calling up a potential client and not knowing the spouse’s first name. Keep in mind that in the US, over 80 percent of all buying decisions are made by the wife. List phone numbers including cell numbers, fax numbers, and e-mail addresses. Always ask for the best time to call during the day and what days of the week. Nothing is worse than making telephone calls and nobody is available to take your call; it’s a waste of your valuable time. Make sure you acquire the right address including zip code. Moving forward, send Christmas cards, birthday cards, or anniversary cards, etc. to keep your name in front of them. Now that you have the basic information you can start your campaign. I recommend a six touch method; Contact the client a minimum of six times before deciding if you will pursue the business or not. Anything less than six contacts, you are leaving money on the table, guaranteed. Plan to talk to the client twice a week for the next three weeks. Emails and voice mails don’t count. You must show the client you are interested in their business. Each telephone call should contain new information. This helps your client make the right decision, this helps keep everything fresh and exciting. Remember these telephone calls are about the client not you. The client is not really interested in listening

TIP OF THE MONTH

to how great you are or how many deals you closed last month etc. Listen to what the client tells you. By not listening, you will frustrate your client and eventually cost you the file. Go to the client’s house to fill out the 1003, [the credit application]. This will give the added advantage of seeing the property. I once gave a potential $500,000 file to a loan originator. This individual was telling me of the frustration the client was feeling. I suggested he go see the client and resolve any issues the client was having. The LO said, “…are you kidding, the client lives over an hour away!” Needless to say, the file went away and so did the commission. As you get close to the closing date, stay on top of the file; make sure there are no last minute surprises. I have heard many horror stories from clients about last minute issues. The file has gone to closing and has been funded. You are on to the next deal, right? Wrong! Your follow up has just begun. After the loan has funded, send them a very nice follow up letter. Write a personal note - not a form letter. Enclose a few business cards, ask for referrals, thank them for the opportunity to earn their business, and include a gift certificate for dinner or something like that. I don’t mean a five dollar booklet to a fast food joint! $50.00 minimum… you have just made several thousand dollars thanks to them. If you are doing commercial lending, you will need to be a little more discrete, maybe pizza for the office, etc. Finally, you have captured their e mail address; add them to your news letter. By staying in touch with them through the years you will get a chance to do business with them again; people in the US move every three to seven

years. 30 days after the file has closed, give them a call and ask if everything is alright. This is a great time to bring up any other products you have that they would be interested in. As I said in the beginning, these are basic ideas. You can weave your own campaign for your needs, and follow up by definition is a creative endeavor. For a lot of us, this is the beginning of a new segment in our professional careers. It’s like anything else: the more you do it the better you become. In conclusion, I would like to leave you this thought. Excellence is the result of caring more than others think is wise, risking more than others think is safe, dreaming more than others think is practical, and expecting more than others think is possible.

Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, customer satisfaction, marketing and sales techniques. Stewart is available for personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or smednick1@ netzero.net Michael Moore has over 30 years experience in business development, and is currently director of business development for several commercial brokerage houses. Moore can be reached at 503-328-9366 or themooregroup@ comcast.net

LENDERLAB SEARCH POWER

MORE Lenders, MORE Programs, & MORE Ways to Search

LENDERLAB.COM (800) 339-1863

Niche . Alt-A . Non-Prime . Commercial . DPA . High LTV . Hard Money . Commercial

NICHE REPORTS

PRIME Premium Listings

Alternative Lending Solutions, Inc. 703.365.7800

Freedom Mortgage

Offering all FNMA & FHLMC Programs including Affordable Housing Programs

203K!! FHA/VA CONFORMING!!!

317.537.3289

Peoples Home Equity Inc.

Also offers FHA, manual underwrites to 580 24 hr turn times!

703.754.9643 - Tim Dooley

PRIME Lender Listings Sponsored by Lenderlab.com Alternative Lending Solutions, Inc.

703-365-7800 www.alendingsolution.com

American Home Equity Corporation 714-661-5800

www.ahedirect.com

Guaranteed Rate Wholesale

866-755-0989 www.griwholesale.com

HSBC Mortgage Corp. USA

877-433-4722 https://webloan.us.hsbc.com/hsbc_lqrnet/

American Mortgage Exchange

443-375-0973 www.american-mortgage.info

Icon Residential Capital

888-639-5641 www.iconrescap.com

Amtrust Bank

888-321-6446 www.amtrustgemstone.com

ING Bank, FSB

877-464-0555 www.ingloans.com

Avant Capital Partners, LLC. (cml)

212-219-9419

www.avcapital.net

JMAC Lending

877-841-0776

Banco Popular

713-463-2424

www.bpnawholesale.com

Just Mortgage, Inc.

714-860-8867

www.justmtg.com

Bay Equity (Hard Money)

800-229-3703 www.bayeq.com

MFC Mortgage, Inc

877-562-6754

www.gomfc.com

Central Tejas Capital Group, Inc. (cml) 317-351-8037

NetMore America

509-526-4007 www.netmoreamerica.com

Chase Home Finance

800-338-0487 www.chaseb2b.com

Online Financial Group

Chevy Chase Bank

866-591-4355 www.chevychasewholesale.com

Provident Funding

Citimortgage, Inc.

888-248-4123 https://broker.citimortgage.com/Broker

Reunion Mortgage

559.476.0937

www.reunionwholesale.com

Community Commerce Bank (cml)

916-648-2680 www.ccombank.com

Royal Crown Bancorp

877-507-6925

www.crownloan.com

Eastgate Equities (cml)

800-997-7244

Senderra Funding

704-831-3600 www.senderra.com

Fifth Third Bank

866-492-0072 www.53.com

Taylor, Bean & Whitaker

888-678-8547 www.taylorbeandirect.com

First Horizon Home Loans

United Residential Lending

404-661-4632 www.urlending.com

Flagstar Bank

800-897-7222 www.wholesale.flagstar.com

Wachovia Mortgage

www.wachovia.com/corp_inst

Gateway Mortgage Group

817-799-0804

www.jerrylair.com

Wells Fargo

310-283-8411

www.brokersfirst.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

Greystone Financial

602-574-0100

www.greystonefinancialonline.com

www.firsthorizonwholesale.com

www.jmaclending.com

703-307-7006 www.ofglending.com pf-clp@provident.com https://pfloans.provident.com/

ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lenderâ&#x20AC;&#x2122;s information on products, program, procedures, representations, and warranties for details.

September 2008

NICHE REPORTS

ALTâ&#x20AC;&#x201C;A Premium Listings

Emigrant Mortgage Company, Inc. 1.800.EMIGRANT (364.4726) Ext "Mid-Atlantic"

True Portfolio Lender offering NINA Loan Programs (excluding MD O/O per SB 270), Max LTV of 75%, Loan Amounts up to $1MM+ considered. Don't forget to mention this ad when calling for special service response!

ALT-A Lender Listings Sponsored by Lenderlab.com AgriCap Financial Corporation

213-542-5232

www.agricap.com

Guaranteed Rate Wholesale

866-755-0989 www.griwholesale.com

American Home Equity Corporation

714-661-5800

www.ahedirect.com

MFC Mortgage, Inc

877-562-6754

www.gomfc.com

Avant Capital Partners, LLC. (cml)

212-219-9419

www.avcapital.net

Midwest Financial Capital (cml)

317-844-7776

www.midwestfinancialcapital.com

Colorado Federal Savings Bank

800-726-3308 www.jumboFunder.com

NetMore America

509-526-4007 www.netmoreamerica.com

Community Commerce Bank (cml)

916-648-2680 www.ccombank.com

Online Financial Group

703-307-7006 www.ofglending.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

Royal Crown Bancorp

877-507-6925

www.crownloan.com

Greystone Financial

602-574-0100

www.greystonefinancialonline.com

Wilmington Finance

405-227-1152

www.wfbroker.com

NONPRIME Premium Listings

Alternative Lending Solutions, Inc. 703.365.7800

Emigrant Mortgage Company, Inc. 1.800.EMIGRANT (364.4726) Ext "Mid-Atlantic"

Non Conforming allowing cash out to 95% LTV with 620 score, Allowing unlimited 30 and 60 day lates in past 12 mos

NINA financing for applicants with Ficos below 600 (excluding MD O/O per SB 270), max LTV 60%, Loan Amounts up to $1mm+ considered. LowDoc (Income Verification) financing for foreclosure bailouts also available up to Max LTV of 60%

TheNicheReport.com

NICHE REPORTS

NONPRIME premium niches continuedâ&#x20AC;Ś

Gregory Funding LLC

Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA

888.324.3578

Peoples Home Equity Inc.

500 mid score borrowers OK to 75% LTV FULL DOC, 12 mon. Bank Statements Ok, S/E borr.w/650 to 85%, N/O/O w/only 625 score FULL DOC ONLY to 90%

703.754.9643 - Tim Dooley NONPRIME Lender Listings Sponsored by Lenderlab.com AgriCap Financial Corporation

213-542-5232

www.agricap.com

Guaranteed Rate Wholesale

866-755-0989 www.griwholesale.com

Alliance Financial, Inc. (hard money)

866-603-5999

www.afiloans.com

Icon Residential Capital

888-639-5641

www.iconrescap.com

American Home Equity Corporation

714-661-5800

www.ahedirect.com

JMAC Lending

877-841-0776

www.jmaclending.com

American Mortgage Exchange

443-375-0973

www.american-mortgage.info

Just Mortgage, Inc.

714-860-8867

https://www.justmtg.com/main/

Avant Capital Partners, LLC. (cml)

212-219-9419

www.avcapital.net

main.asp www.magercapital.brokerca.com

Central Tejas Capital Group, Inc. (cml)

317-351-8037

Mager Capital (hard money)

310-760-6290

CFA Capital Partners (cml)

914-967-5780

www.cfacap.com

Online Financial Group

703-307-7006

www.ofglending.com

Chevy Chase Bank

866-591-4355

www.chevychasewholesale.com

PB Financial Group Corp. (hard money)

310-289-0900

www.pbfinancialgrp.com

Community Commerce Bank (cml)

916-648-2680

www.ccombank.com

Senderra Funding

704-831-3600

www.senderra.com

Eastern Savings Bank (cml)

800-787-8187

www.easternsavingsbank.com

St. Cloud Mortgage (cml)

877- 653-3276

www.farmerloan.com

Eastgate Equities (cml)

800-997-7244

Titan Hard Money (hard money)

323-377-0979

www.titanhardmoney.com

Fifth Third Bank

866-492-0072

www.53.com/wholesalemortgage

United Residential Lending

404-661-4632

www.urlending.com

Flagstar Bank

800-897-7222

www.wholesale.flagstar.com

WholesaleLending.com (cml)

866-303-6301

www.wholesalelending.com

Gaukroger Enterprises, LTD. (hard money)

510-677-9464

Wilmington Finance

405-227-1152

www.wfbroker.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

HARD MONEY Premium Listings

Ambit Funding 800.823.7101

Anglo-American Financial, LLC 434.981.1017

Anglo-American Financial, LLC 512.657.9310

Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land 50% LTV; $1 Million minimum; land & improved property; nationwide with special interest in land in NW Pennsylvania

Still lending in a tough market - Asset-based loans starting at $ 1 Million; nationwide and international ; DIP Loans

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lenderâ&#x20AC;&#x2122;s information on products, program, procedures, representations, and warranties for details.

September 2008

NICHE REPORTS

HARD MONEY premium niches continuedâ&#x20AC;Ś

Asset Funding Group 866-398-8916

Avatar Financial Group 888-896-0083

BRT Realty Trust

Direct lender - up to 70% LTV: Bridge loans, purchase & rehab, construction financing, raw land, no minimum credit score requirments. Nationwide lending from $300k to $3 million, 24 hour commitment as fast as 5 days to close. HARD MONEY- MADE EASY Bridge loans for improved commercial real estate from $1 million, terms up to two years with no prepayment penalties. We are a direct lender and brokers are protected. Apply online at www.avatarfinancial.com or simply give us a call

516-466-3100 or 800-450-5816

A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees

Continuum Funding Group

Specializing in hard money loans of $300,000 to $5,000,000 in DC, Virginia, and Maryland. We customize our lending program to fit your needs on a deal by deal basis

703-564-1659

Fairview Commercial Lending 866-634-1270

First Mount Vernon (866) 908-FMV1 (3681)

First Mount Vernon

No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400

Minimal documentation required, Combined Loan-to-Values to 105%

(866) 908-FMV1 (3681)

Gregory Funding LLC 888-324-3578

Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA

888-456-0246

FC Bailouts - No FICO requirements. Focused strictly on the residential market. Tech oriented direct hard money lender. Consistent Guidelines Great Service!

Manaseh, Epharim & Associates

Private hard money financing for commercial real estate investments

LJL Funding

678-387-3230

Metro Funding Corp 866-302-6360

Miner Capital Funding, LLC 702-466-8952

Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million

TheNicheReport.com

NICHE REPORTS

HARD MONEY premium niches continuedâ&#x20AC;Ś

Remington Financial Group, Inc

Up to 65% of valued collateral, fast closing

480.905.3239

Seasoned Funds Company & Aster Capital 877.226.6260

Use our funds & close your deal. Seasoned proof of funds and soft escrow deposits. Brokers protected worldwide. Low rates. Apply online: www. AsterCapital.com We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit

Stonecrest Financial 888.884.6518

All property types, any condition. Including construction, re-hab, land, development. LTV based underwriting. No prepayment penalties, discounted pricing for short term. Fast approvals and closings. Direct Lender in WA, OR, ID only

WADOT Capital, Inc. 206-362-4444

HARD MONEY Lender Listings Sponsored by Lenderlab.com Advantage Capital Equity Solutions

800-223-3019 www.adcapequity.com

J & J Financial

714-256-4416

AgriCap Financial Corporation

213-542-5232 www.agricap.com

Lakeside Financial Inc.

949-297-4180 www.nofico.net

Alliance Financial, Inc.

866-603-5999 www.afiloans.com

Lib Properties, LTD.

404-256-8600 www.libloans.com

American Acceptance (cml)

800-452-9287 www.aamcap.com

Mager Capital

310-760-6290 www.magercapital.brokerca.com

Avant Capital Partners, LLC. (cml)

212-219-9419

Magnolia Financial Consultants

601-428-1005 www.hardmoneymortgages.com

www.avcapital.net

www.10dayloan.com

Bay Equity

800-229-3703 www.bayeq.com

Meridian Group

800-901-9301

BFS Capital, LLC. (cml)

510-381-1930

MiStar Financial (cml)

720-200-2600 www.mistarfinancial.com

BlueWater Funding, LLC

866-551-2583 www.bluewaterfundingllc.com

My Discount Mortgage

832-276-0979

California Equity Lenders

818-584-2320 www.calequitylenders.com

Normandy Mortgage

760-220-4330

Central Tejas Capital Group, Inc. (cml)

317-351-8037

Pacific Mortgage Funding Corporation (cml) 562-864-4006 www.pacificmortgage.com

CFA Capital Partners (cml)

914-967-5780 www.cfacap.com

PB Financial Group Corp.

310-289-0900 www.pbfinancialgrp.com

Commercial Hard Capital, LLC (cml)

832-607-6778 www.commercialhardcapital.com

Piedmont Capital Lending, LLC.

678-292-6984 www.piedmontcapitallending.com

Commercial Loan Capital (cml)

877-473-6984 www.clcloans.net

Porter Bridge Loan Company (cml)

866-725-1777

Commercial Mortgages 101

800-763-3036 www.commercialmortgages101.com

Remington Financial Group

480-905-3239 www.remingtonfg.com

Crawford Park Financial

626-796-7979 www.crawfordparkfinancial.com

www.bfscapital.com

www.porterbridgeloan.com

SmartServ Solutions

888-633-4778 www.bronxhardmoney.com

Cushman Rexrode Capital Corporation (cml) 925-988-7200 www.cushrex.com

TCRM Commercial Corp. (cml)

212-371-3933

Diamond Bay Investments, Inc.

702-254-9303 www.diamondbayinvestments.com

The Loan Doctors, Inc. (cml)

954-647-7679 www.regd506.com

Eastern Savings Bank (cml)

800-787-8187 www.easternsavingsbank.com

The Money Source, LLC. (cml)

480-946-4000 www.themoneysourcellc.com

Eastgate Equities (cml)

800-997-7244

The Money Tree Financial Services LLC

718-256-3490

Emerald Financial

714-965-6688 www.eprivatemoney.com

Titan Hard Money

323-377-0979 www.titanhardmoney.com

Exeter Holding Ltd. (contr)

516-338-7500

Unifund Financial Group, Inc.

619-573-0289 www.unifundinc.com

First Credit Commercial Capital Corp. (cml)

407-843-6262 www.fchardmoney.com

WexTrust Capital, LLC

212-643-6190

First Mount Vernon Industrial Loan Assn

703-823-6800 www.fmv1.com

WholesaleLending.com (cml)

866-303-6301 www.wholesalelending.com

Gaukroger Enterprises, LTD.

510-677-9464

Global Lending Group

727-530-0110

GMC Mortgage Capital

954-332-3567 www.gmcmortgagecapital.com

Investor Funding

864-213-3951

www.tcrmcommercial.com

www.wextrust.com

www.glgiwholesale.net www.4investorfunding.com

September 2008

NICHE REPORTS

COMMERCIAL Premium Listings

AcuPen Financial

High LTVs, and low debt coverage ratio requirements

305-666-1879

Avatar Financial Group 888-896-0083

Fairview Commercial Lending 866-634-1270

Gregory Funding LLC 888.324.3578

Griffin Capital Funding 540-548-1001

Great rates on commercial real estate loans, fully amortizing up to 25 years. Most property types considered including hotels, multi-family and special-use. Full doc is required for these competitive rates. Please call to request a rate sheet No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA Church Loans from $75,000 to $30 million. Purchase, refinance, renovation and construction. No personal guarantees needed, no tax returns or audited financial statements

877-337-3757

We're the real deal for non-traditional owner-occupied commercial mortgages to $2MM. Credit scores as low as 500. Up to 85% financing. Low debt-service coverage and limited documentation required. Difficultto-finance industries welcome

Manaseh, Epharim & Associates

Fast, flexible funding for all your commercial financing needs

Ocean Capital

678-387-3230

Metro Funding Corp 866-302-6360

Remington Financial Group, Inc 480.905.3239

Tellus Capital 619-818-6248

Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

Senior financing on existing real estate all property types, competive rates

Direct lender specializing in first and second loans on income producing commercial properties

TheNicheReport.com

NICHE REPORTS

COMMERCIAL premium niches continued…

Trilogy Commercial Lending

Specializing in Full and Simple Doc small balance commerical loans up to $5 M. Our unique Commercial Automated Underwriting System allows for instant approvals, including pricing options. No upfront fees! Experience ease of execution – call today.

888-875-5055

COMMERCIAL Lender Listings Sponsored by Lenderlab.com Advantage Capital Equity Solutions (hard money) 800-223-3019 Affinity Bank 877- 862-7245 AgriCap Financial Corporation 213-542-5232 866-603-5999 Alliance Financial, Inc. (hard money) American Acceptance 800-452-9287 American Commercial Capital 800-601-8801 Arlington Richfield 248-613-7423 Avant Capital Partners, LLC. 212-219-9419 Berkshire Capital Financial, Ltd. 212-986-9890 BFS Capital, LLC. 510-381-1930 Brownstone Mortgage Capital 800-547-1285 818-584-2320 California Equity Lenders (hard money) Central Tejas Capital Group, Inc. 317-351-8037 CFA Capital Partners 914-967-5780 Ciena Capital 800-722-5626 CIT Small Business Lending Corp. 404-244-4592 Colorado Federal Savings Bank 303-771-1031 Commercial Division Commercial Hard Capital, LLC 832-607-6778 Commercial Loan Capital 877-473-6984 Commercial Mortgages 101 800-763-3036 Community Commerce Bank 916-648-2680 626-796-7979 Crawford Park Financial (hard money) Cushman Rexrode Capital Corporation 925-988-7200 Diamond Bay Investments, Inc. (hard money) 702-254-9303 Direct Lending Group (hard money) 888-354-6030 Eastern Savings Bank 800-787-8187 Eastgate Equities 800-997-7244 714-965-6688 Emerald Financial (hard money) Equity One Commercial 407-370-7843 Excelsion Mortgage 888-578-5441 First Mount Vernon Industrial 703-823-6800 Loan Association (hard money) GMC Mortgage Capital (hard money) 954-332-3567 Griffin Capital Funding 800-710-6762 Interbay Funding, LLC 877-207-6099 864-213-3951 Investor Funding (hard money) Lib Properties, LTD. 404-256-8600 310-760-6290 Mager Capital (hard money) Magnolia Financial Consultants 601-428-1005 Meridian Group (hard money) 800-901-9301 Midwest Financial Capital 317-844-7776

www.adcapequity.com www.affinitybank.com www.agricap.com www.afiloans.com www.aamcap.com www.arlingtonrichfield.com www.avcapital.net www.berkshirecapital.net www.bfscapital.com www.brownstoneloans.com www.calequitylenders.com www.cfacap.com www.cienacapital.com www.smallbizlending.com www.cofedbankcommercial.com www.commercialhardcapital.com www.clcloans.net www.commercialmortgages101.com www.ccombank.com www.crawfordparkfinancial.com www.cushrex.com www.diamondbayinvestments.com www.dlendinggroup.com www.easternsavingsbank.com www.eprivatemoney.com www.equity1commercial.com www.excelsionbrokers.com www.fmv1.com www.gmcmortgagecapital.com www.ysploans.com www.interbay.com www.4investorfunding.com www.libloans.com www.magercapital.brokerca.com www.hardmoneymortgages.com

Mission Oaks National Bank 951-719-1200 MiStar Financial 720-200-2600 832-276-0979 My Discount Mortgage (hard money) National Business Finance 954-495-4791 Pacific Mortgage Funding Corporation 562-864-4006 310-289-0900 PB Financial Group Corp. (hard money) PFA Capital, LLC. 800-531-4589 Piedmont Capital Lending, LLC. (hard money) 678-292-6984 PMB Capital, Inc. 818-222-1035 PNC ARCS 800-275-2727 Presidential Bank 301-652-1616 Pribank 866-811-9217 Prudential Mortgage Capital Co. 888-263-6800 Real Estate Lending Group, Inc. (hard money) 408-718-2218 480-905-3239 Remington Financial Group (hard money) Small Business Loan Source, LLC. 512-215-2727 888-633-4778 SmartServ Solutions (hard money) St. Cloud Mortgage 877- 653-3276 STA Capital Group & Advisors 866-610-4141 Strongtower Financial 800-333-9893 TCRM Commercial Corp. 212-371-3933 Terrace Capital 212-671-1031 The Money Source, LLC. 480-946-4000 The Money Tree Financial Services LLC 718-256-3490 (hard money) Titan Hard Money (hard money) 323-377-0979 Trilogy Commercial Lending, LLC. 877-726-9433 619-573-0289 Unifund Financial Group, Inc. (hard money) Union Bank of California 877-945-2265 Unity Bank, Subsidiary of Unity Bancorp, Inc. 904-727-7535 Van Corp Financial Opportunities, Inc. 941-927-3438 Wachovia Bank 916-787-9401 Washington Mutual 916-825-5432 212-643-6190 WexTrust Capital, LLC (hard money) WholesaleLending.com 866-303-6301 World Capital Bancorp, Inc. 888-922-3003

www.missionoaksbank.com www.mistarfinancial.com www.nationalbusinessfinance.com www.pacificmortgage.com www.pbfinancialgrp.com www.picconefinancial.com www.piedmontcapitallending.com www.askARCS.com www.presidential.com www.pribank.com www.prumortgagecapital.com www.relginc.com www.remingtonfg.com www.adelinerem.com www.bronxhardmoney.com www.farmerloan.com www.c-loandivision.com www.strongtowerfinancial.com www.tcrmcommercial.com www.terracecapital.com www.themoneysourcellc.com www.titanhardmoney.com www.trilogycl.com www.unifundinc.com www.uboc.com

trevor.deng@wachovia.com james.wiegandt@wamu.net www.wextrust.com www.wholesalelending.com www.worldcapitalbanc.com

www.midwestfinancialcapital.com

ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

September 2008

NICHE REPORTS

CONSTRUCTION / REHAB Premium Listings

Manaseh, Epharim & Associates 678-387-3230

Private lender specializing in commercial real estate loans nationwide and internationally Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

Metro Funding Corp 866-302-6360

Loan portfolio financing and warehouse lines of credit from $2MM $20MM for hard money lenders and investor rehab lenders. Reduce your local bank and private investor hassles with stable and consistent financing

RBA Capital 610.293.8008

Remington Financial Group, Inc 480.905.3239

Up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only

CONSTRUCTION / REHAB Lender Listings Sponsored by Lenderlab.com Advantage Capital Equity Solutions (hard money) 800-223-3019 www.adcapequity.com

Flagstar Bank

Affinity Bank (commercial)

877- 862-7245 www.affinitybank.com

Gaukroger Enterprises, LTD. (hard money)

510-677-9464

Alliance Financial, Inc. (hard money)

866-603-5999 www.afiloans.com

Investor Funding (hard money)

864-213-3951

Arlington Richfield (commercial)

248-613-7423

www.arlingtonrichfield.com

Lib Properties, LTD.

404-256-8600 www.libloans.com

Avant Capital Partners, LLC. (commercial)

212-219-9419

www.avcapital.net

800-897-7222 www.wholesale.flagstar.com www.4investorfunding.com

Midwest Financial Capital (commercial)

317-844-7776

Berkshire Capital Financial, Ltd. (commercial) 212-986-9890 www.berkshirecapital.net

National Business Finance (commercial)

954-495-4791 www.nationalbusinessfinance.com

BFS Capital, LLC. (commercial)

510-381-1930

Pacific Mortgage Funding Corp. (commercial) 562-864-4006 www.pacificmortgage.com

BlueWater Funding, LLC (hard money)

866-551-2583 www.bluewaterfundingllc.com

Piedmont Capital Lending, LLC. (hard money) 678-292-6984 www.piedmontcapitallending.com

Brookview Financial (rehab)

877-734-2211

PNC ARCS (commercial)

Builders Capital Mortgage (construction)

877-647-6984 www.builders-capital.com

Real Estate Lending Group, Inc. (hard money) 408-718-2218

California Equity Lenders (hard money)

818-584-2320 www.calequitylenders.com

Remington Financial Group (hard money)

www.bfscapital.com www.brookviewfinancial.com

www.midwestfinancialcapital.com

800-275-2727 www.askARCS.com www.relginc.com

480-905-3239 www.remingtonfg.com

Central Tejas Capital Group, Inc. (commercial) 317-351-8037

Small Business Loan Source, LLC. (commercial) 512-215-2727

www.adelinerem.com

Commercial Hard Capital, LLC (commercial)

TCRM Commercial Corp. (commercial)

212-371-3933

www.tcrmcommercial.com www.terracecapital.com

832-607-6778 www.commercialhardcapital.com

Commercial Mortgages 101 (commercial)

800-763-3036 www.commercialmortgages101.com

Terrace Capital (commercial)

212-671-1031

Community Commerce Bank (commercial)

916-648-2680 www.ccombank.com

The Loan Doctors, Inc. (commercial)

954-647-7679 www.regd506.com 323-377-0979 www.titanhardmoney.com

Cushman Rexrode Capital Corp. (commercial) 925-988-7200 www.cushrex.com

Titan Hard Money (hard money)

Diamond Bay Investments, Inc. (hard money) 702-254-9303 www.diamondbayinvestments.com

United Midwest Savings Bank

614-255-3499 www.umwsb.com

Eastern Savings Bank (commercial)

800-787-8187 www.easternsavingsbank.com

WexTrust Capital, LLC (hard money)

212-643-6190

Eastgate Equities (commercial)

800-997-7244

WholesaleLending.com (commercial)

866-303-6301 www.wholesalelending.com

Exeter Holding Ltd. (construction)

516-338-7500

www.wextrust.com

TheNicheReport.com

NICHE REPORTS

DOWN PAYMENT ASSISTANCE (Ending Oct. 1st)

Premium Listings

Futures Home Assistance

Lowest national fee $295.00 complete online processing and FHA training. Use Futures for down payment, closing cost, escrow refund, etc.

800-672-4055

Grant America Program

The only HUD approved and IRS compliant down payment assistance program available

240-780-3333

Partners In Charity

Down payment assistance done the correct way up to 10% nationwide for FHA and conforming loans. Live customer service to answer any questions. EZ online processing and a low low fee of $295.00

800-705-8350

DOWN PAYMENT ASSISTANCE Lender Listings Sponsored by Lenderlab.com Buyers Assistance

888-901-5715 www.buyers-assistance.com

PayoutOne

800-945-2495 www.payoutone.com

Partners In Charity

800-705-8350 www.partnersincharity.org

Purchase Pros

877-323-4929 www.thepurchasepros.com

REVERSE MORTGAGES Premium Listings

Reverse It! A division of Urban Financial Group, Inc

Reverse Mortgages, fastest turn times in the industry. Training and lead support available.

888.777.3311

World Alliance Financial

Reverse Mortgage opportunity for non-FHA licensed brokers

877.692.7762 x 404 REVERSE MORTGAGES Lender Listings Sponsored by Lenderlab.com Arlington Capital Mortgage Corp

800-814-9432

www.acmcwholesale.com

Generation Mortgage

866-733-6089

Circle Mortgage Corporation (Florida only)

800-576-1338

www.circlemortgage.com

Liberty Reverse Mortgage

866-871-1353

www.generationmortgage.com http://libertyreversebroker.com

Commercial Mortgages 101 (cml)

800-763-3036

www.commercialmortgages101.com

NetMore America

509-526-4007

www.netmoreamerica.com

Countrywide Bank

866-212-4378

Wells Fargo Reverse Mortgage

800-336-7359

Financial Freedom

800-500-5150

www.financialfreedom.com

World Alliance Financial Corp.

800-562-6755

www.worldalliancefinancial.com

Financial Heritage

800-895-2209

www.financialheritage.com

Silvergate Bank (cml)

858-362-6300

www.silvergatebank.com

September 2008

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LENDER & RESOURCE DIRECTORY

AcuPen Financial, LLC The Premier One-Stop Commercial Mortgage HUB www.acupenfinancial.com

a la mode, inc. www.alamode.com

Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email: loans@ambitfunding.com

Avatar Financial Group www.avatarfinancial.com Contact: Allison Payne, Loan Analyst Phone: 888.896.0083 Email: loans@avatarfinancial.com

BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516.773.2712 Email: mitch@brtrealty.com

Direct Marketing Associates www.DMALeads.com Contact: Mike Giambattista Phone: 561-807-6909 Email: mgiambattista@v12group.com

Emigrant Mortgage Company www.EmigrantMortgage.com Phone: 1-800-Emigrant ext "Mid-Atlantic" Contact: Terry Auth Email: AuthT@EmigrantMortgage.com

Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319 CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301 info@citylightsfinancial.com

America One Finance www.americaonefinance.net Contact: Matt Simmons Phone: 425.641.4658 x117 Email: matt@americaonefinance.com

Anglo-American Financial www.anglofinancial.com Gardy Bloemers: 434-981-1017 or email gardybloemers@anglofinancial.com Tom Finnegan: 512 657 9310 or email tomfinnegan@gmail.com

Asset Funding Group www.assetfundinggroup.com Contact: Loan Submission Phone: 866-398-8916 Email: Loans@assetfundinggroup.com

September 2008

First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499 Continuum Funding Group www.continuumfunding.com Contact: Evan Kaplan Phone: 703-564-1659 Email: ekaplan@continuumfunding.com

Grant America Program www.FHADPA.com Contact: Peggy Stanley Phone: 240-780-3333 Email: stanley@fhadpa.com

Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.com Green Credit Solutions www.GetGreenCredit.com

LENDER & RESOURCE DIRECTORY

Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Fax: 503.226.4699 Email: info@gregoryfunding.com LJL Funding www.LJLFunding.com Contact: Phil Jemmett Phone: 888-456-0246 Email: PJemmett@LJLFunding.com

LoanAce www.loanace.com info@teravendo.com M & J Loans, LLC www.gcfunding.com Contact: John Berardino Phone: (540) 548-1001 ext 104 Fax: (540) 548-1117

Madison Credit Management Services LLC www.madisoncredit.com Contact: Roger Castile Phone: 856-866-9878 x4320 Email: info@madisoncredit.com Manaseh, Epharim & Associates www.meandassociates.com Contact: R.D. Walker Email: info@meandassociates.com Phone: 678-387-3230

Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Smith Email: jennifer@metrofundingcorp.com Phone: 866-302-6360

Miner Capital Funding, LLC Orlando@minercapitalfunding.com www.Minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092

Ocean Capital www.oceancapitalonline.com Contact: Elizabeth Gill information@oceancapitalonline.com Phone: 877.337.3757 Partners In Charity www.partnersincharity.org Contact: Charles Konkus Phone: 800-705-8350 Email: info@partnersincharity.org

Precision Loan Processing www.PrecisionLoanPro.com Phone: 703.743.9739 Email: Kristen@precisionloanpro.com

RBA Capital www.RBACapital.com Andy Niesen or Dan Murphy 610.293.8008 aniesen@RBACapital.com or dmurphy@ rbacapital.com

Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email: apply@remingtonfg.com

Urban Financial Group, Inc. www.reverseit.com Contact: Matt Klaus Phone: 888.777.3311 Email: info@reverseit.com Seasoned Funds Company Inc. www.pofsos.com Contact: Dr. Mitch Holland Phone: (877) 226-6260 Email: info@pofsos.com www.settlementbiz.com 877 392 4940

Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email: Bill@stonecrest.net Tellus Capital www.tellus-capital.com Contact: Daniel Singer Phone: 619.818.6248 Email: Daniel@tellus-capital.com

Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Fax: 407-523-6946 Email: info@trilogycl.com

WADOT Capital, Inc. www.wadotcapital.com Erik Egger or Craig Halpin Phone: 206.362.4444 Email: ee@wadotcapital.com OR ch@ wadotcapital.com

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First Mount Vernon is a privately-owned, equity-based lender which specializes in lending to borrowers who can’t secure funding from traditional financing sources. Loans typically funded within two business days upon receipt of completed package. First Mount Vernon does not make consumer loans. Financing is for business or investment purposes only, secured by real property.

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