What´s the best site for applying for a commercial mortgage loan?

I am beginning the process of applying for a commercial mortgage loan for an owner (me)-occupied retail property.

I found a site and they say they will submit an application to 50+ lenders but they want $200 for the service. Am I getting ripped off?

This is a legitimate question! I’m not shilling and please honest info and experiences! Thanks!

What is Private Money Lending and How Safe is your Money?

JDB Financiall LLC presents information on hard money and private money investing and lending and how anyone with a 401k or IRA can participate in hard money lending.

Two Basic IRA Rollover Rules

IRA rollover rules are pretty easy to understand if you read the information the IRS puts out to help you know all the ins and outs. But since an IRA custodian does the IRA rollovers for you, and fills out all the paperwork, you don’t have to worry too much about the rules. Even so you may want to have a general idea of what the IRA will allow so you can plan ahead.

There are exceptions to many IRA rollover rules, and I will not go into those more complicated IRA rollovers, but I will explain two of the most common rules for you to have in your memory bank should you need to do a rollover in the near future.

One of the basics of the IRA rollover rules is the time limit for making the rollover. Typically a rollover is from one account to another, which is done simultaneously, but you can take up to 60 days to do the rollover.

For example, if your IRA was in the stock market and you sold your stock on July 8, 2008 and you wanted to invest the proceeds into real estate but you haven’t found the right property yet, you have 60 days or until Sept 6, 2008, to find the right property for your IRA rollovers in order to avoid paying taxes on the amount of stock you sold.

Another one of the rules is you generally have to wait at least one year between rollovers from the same IRA account. An example would be, if you have two IRA accounts, IRA-1 and IRA-2 and you want to do an IRA rollover from IRA-1 to a new IRA-3 on July 8, 2008, you would not be allowed to another rollover from IRA-1 or IRA-2 until July 8, 2009, one year later. However, the rollover between IRA-1 and IRA-3 does not prevent you from making a rollover from your IRA-2 account into an IRA-4 account during the period between July 8, 2008 and July 8, 2009.

There are many reasons why you may want to roll your IRA funds into another type of account. With the ups and downs of the stock market, you my want to put your IRA money into a self directed IRA where you can invest your money in real estate.

Another reason may be the company’s stock you are in are performing poorly and you want to move the funds into another company’s funds. Whatever the reason keep track of the dates you do your rollovers, so you will be sure to fall within the IRS guidelines for the above two scenarios. For other IRA rollovers check with your IRA custodian to find out specific IRA rollover rules that may apply to your situation.

Commercial Mortgage Lenders – Where Are They Now?

When searching for the right Commercial Mortgage Lender there are several key elements to consider. Are you looking to refinance a current property, purchase a new one or need a modification / workout done for your current loan? Are you rate shopping to see what terms and rate would apply to your property or are you more concerned with fees to acquire the funds?

There are many different commercial loan types but the majority break down to a few primary categories: Purchase / Acquisition: Buying a commercial propertyRefinance: Refinancing a current loan on a commercial propertyBridge: Short term financing for Development projects and RehabsAsset Based: Financing against fixed assets (equipment, fixtures or receivables). From these primary loan types there are many to drill down to depending on your specific needs. For example you may be more concerned with the security of knowing your rate is locked for a long period of time. In this case the amortization and term of the loan would be most important and therefore you may want a “fixed” loan. On the other hand you may like the idea of betting with the markets and choose a “variable” or “floating” rate which fluctuates with either the LIBOR or Treasury rates.  If you are refinancing you may want some cash out at closing to use for operational purposes or some other purpose. You may want all your loan costs included in the loan so you don’t need cash at closing. Regardless of your particular need the most important thing is to know what you have to offer the Commercial Mortgage Lender you choose. The more you have to offer in terms of financial strength, operational experience, down payment or equity based on LTV etc… the better the rate and terms will be.  Finding the right Commercial Lender is a simple process if you know where to look and have your act together. There are sources on the internet offering search engine type results for Commercial Mortgage Lenders based on specific loan needs. Some require a quick registration which some borrowers are uncomfortable with however once registered you have ongoing access to sources of funds you may not otherwise know or have found on your own.  When searching on sites like CommercialMortgageInfo.net you can search by rates or lender type. You enter the loan scenario and are presented with lenders who match that request. The more specific the request in terms of how much information you provide and the details offered the better the result. There are a few other sites offering lender lists but none offer a comprehensive search. Scotsman Guide has lenders but the display mechanism is in PDF format and difficult to decipher as you read through. CommercialMortgageInfo.net brings the results back based on your exact search criteria.  The important thing to remember is to provide accurate information and have your act together when contacting or being contacted by a lender in terms of a PFS (personal financial statement), I/E (income and expense report), Property Description (any appraisal past or present works well), Loan Needs (if refinancing the mortgage balance is critical for them to know in advance),  Having your ducks in a row gives you the advantage in time saved and quality of loan offered.  Happy Hunting

Is there any advantage to rolling my 401k into a rollover IRA instead of my existing traditional IRA?

I have an existing traditional IRA and two 401k’s from previous companies. I’d like to consolidate accounts.

Is there reason I should roll the 401k’s into a rollover IRA instead of directly into my existing traditional IRA?

Are there any consequences regarding maybe later converting the IRAs to Roth IRAs later?

Commercial mortgage lenders and land loans

www.lendinguniverse.com commercial mortgage lenders, land development loan, construction to permanent loans, commercial mortgage companies, best commercial mortgage, land only loans, land only loan, home construction contractors, construction loan agreement, va construction loans, www.lending…

= TAKING STOCK: Dubai’s Corporate Matchmaking Continues

Raters Ignored Proof of Unsafe Loans, Panel Is Told
Agencies that assessed risk in mortgage pools dismissed evidence that many loans were dubious, according to testimony given to an investigative panel.

Read more on New York Times

Deadline for county taxes approaching
GEORGETOWN — Property taxes are due Thursday. No pardons.

Read more on Delaware Coast Press

= TAKING STOCK: Dubai’s Corporate Matchmaking Continues
In these straitened days Dubai’s government likes to play matchmaker and marriage bureau to troubled companies. It delights in finding secure, local spouses for unloved ventures left on the shelf by a financial crisis that hit this emirate especially hard.

Read more on Zawya

How can i find a private money lender to lend me $1275 if i have bad credit?

is it better if they are close to me?
how fast can i get money using a private lender?

Private Commercial Mortgage Lenders; Filling a Vital Role in Today’s Credit Market

The Liquidity Crisis Has Paralyzed Institutional Commercial Mortgage Lenders

We are in the middle of the most challenging credit environment in a generation, crisis is not too strong a word to describe the situation we find ourselves in. American business runs on borrowed money, as-does America’s multi trillion dollar commercial real estate industry. Without the free flow of capital the system breaks down.

Institutional lenders are just not lending. Thousands of great projects that would have been fought over just two years ago are being rejected out-of-hand by banks and by Wall Street. The problem is liquidity. Conventional lenders can’t sell their loans into the secondary mortgage market anymore, so they are opting to hold on to their cash until things improve. And who can blame them? There is no money to be made writing a 6% mortgage and then holding it for decades. A thriving market in mortgage paper is imperative; institutions absolutely must have the ability to sell and borrow against the loans they write.

The Mortgage Derivatives Market Has Broken Down

Specifically, it’s the “collateralized mortgage obligation” or “CMO” market that has broken down. CMOs are simply publicly traded bonds that are backed by packages of mortgages that Wall Street investment banks have bundled and turned into marketable securities. They trade in several different incarnations such-as “CDO” (collateralized debt obligations), CCMO (collateralized commercial mortgage obligations) and “MBS” (mortgage backed securities) but, whatever the acronym they’re all the same thing; mortgage derivatives.

Because many of these bonds are backed by a variety of mortgage types, including the dreaded “sub-prime” residential mortgage, and because no one really has a handle how bad the sub-prime crises will get or if it will spread, investors are cool towards mortgages now-a-days. Or, put another way, nobody’s buying CMOs anymore. Lenders are not confident that they can sell the loans they write, so they don’t write them. Likewise, investors are not buying mortgages because they aren’t sure they could turn them back into cash if they needed to. The cycle is vicious and devastating to our economy.

A Massive Funding Gap Has Been Created

The result is what I call “the funding gap”. Loans that fall into the funding gap are quality commercial mortgages that should be funded but, due to the turmoil in the credit markets, have been rejected. There are tons of great deals on the sidelines today, deals with top-notch sponsorship and plenty of equity. With the big banks largely out of the lending business, private mortgage lenders have stepped in to fill the funding gap.

Private Lenders Are Playing a Vital Role

Private lenders, once referred to as “hard money” lenders, are privately held companies that engage in commercial mortgage lending for their own benefit. Privately funded commercial mortgages are, generally underwritten on the basis of equity and are typically not credit driven. Interest rates and points on private loans are significantly higher than those charged by banks and other large institutional money centers. Private mortgage lenders can make decisions quickly and fund loans in a matter of a-few weeks, rather than the several months it takes to close a conventional deal.

Many private commercial lenders are, what’s-known-as, portfolio lenders, meaning they hold the mortgages they issue in their own company portfolios. Others do sell their loans, but generally not to investment banks that turn them into bonds. By-and-large, private, hard money lenders are not concerned with the goings-on in the CMO market. Private lenders charge more than double what their institutional counterparts’ charge, so it can be very profitable for them to write a loan, collect the interest during the loan’s term and then get their principle back at maturity. They issue mortgages at low LTVs (loan-to-value ratios) so the risk inherent in holding mortgage paper is mitigated. Because private mortgage firms are not at the mercy of the secondary market, the liquidity crisis that has paralyzed banks, Wall Street and other traditional lenders has had little negative impact on them. In-fact, private commercial mortgage lending is thriving.

Once considered lenders of last resort, private, hard money, firms are now mainstream business and are, indeed, the fastest growing segment of commercial real estate finance. With bank lending volume severely curtailed, thousands of excellent loans are in danger of going un-funded. Commercial real estate property owners, investors and developers are becoming more and more frustrated and are turning to private funding sources in record numbers. Private lenders are making deals and closing loans based on the merits of the deal not the condition of the credit markets. Even large developers and project sponsors who would not have dreamed of turning to a hard money lender just 18 months ago, are now lining up for privately funded loans.

“Hard Money” Can be Well Worth the Cost

Hard money commercial mortgage loans funded by private entities are more expensive than conventional loans on an absolute basis but, because there is no institutional bureaucracy and lending decisions are based on a simple LTV formula, private lenders are much faster and more efficient. If a deal makes sense, a private lender can close and fund it in 10 business days or less. Many real estate investors have come to realize that, even as high as the rates are, hard money is a-lot less expensive than losing the deal completely.

Private lending has been around for many years, and until fairly recently, has not enjoyed a good reputation. Today, spurred-on by the credit crisis, private commercial mortgage loans have gained respect and prominence in the real estate industry. They are funding deals when others can’t or won’t.
Today most private lenders are highly sophisticated and professional organizations. They are fulfilling a vital role in real estate and will continue to be important industry players until the credit markets stabilize and well beyond.

Am I wrong about price action (Also IRA rollover)

Gold and silver are not coming back to these prices EVER. Roll over your IRA to gold and silver www.youtube.com Listen to the Patriot Radio News Hour at patriotarchives.blogspot.com

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