Posted by John B. Corey Jr. on June 02, 2005 at 12:19:11:
Rich,
Has anyone sent email with a response? It seems rather quiet here.
John
hardmoney question - Posted by rich
Posted by rich on May 31, 2005 at 12:14:44:
I am just getting into the hard money business and I want to develop a relationship with mortgage brokers. My question is how to compensate these brokers when they refer to me a good deal? What is a fair and reasonable amount or way to compensate them for referring a good deal to me?
Re: hardmoney question - Posted by John Corey
Posted by John Corey on June 19, 2005 at 21:58:30:
Rich,
I just saw this post has not been answered.
You need to work out the deal with each broker. Figure that they might
be used to 1-3 points for conventional loans.
Understand that some states view the points as going to the broker
and the interest rate to the lender when they compute the usury. If the
lender collects any part of the points that changes the equation. If you
are only lending to businesses this is much less of an issue.
You also have to figure out what the added business is worth. Flipped
around it could be more to the broker’s benefit. If they can do a hard
money loan with you (bridge financing in many ways) they keep the
customer happen who will likely want to refinance out with permanent
financing (unless they sell to pay off the hard money).
John Corey
Chelsea Private Equity LLC
Re: hardmoney question - Posted by Robert
Posted by Robert on June 07, 2005 at 11:47:47:
I need some hardmoney for a deal in NC if your a private leander send me a e-mail and I will give you the detailes It will be a win win deal
Muccione@charter.net