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Direct Finance Corporation acquires ABC Mortgage Corporation

National Mortgage Professional
Aug 07, 2007

Advice to residential mortgage brokers: Go commercialGregg Wolferdirect private lender, commercial adjustable-rate mortgage, commercial real estate Rewards of working with a direct private lender often go unnoticed Sometimes, it's all too easy to overlook something, or look at it and simply not see it -- especially when it's in our own backyard, so to speak. Things that are relatively close to us are, for some strange reason, harder to spot, and sometimes we overlook them to our detriment. So it may be with the residential mortgage broker and the commercial real estate arena. The fact is that there is indeed money to be made for the residential broker in the commercial world. Regardless of whether the rest of the real estate market slows, plateaus or zigzags, the commercial adjustable-rate mortgage (ARM) seems invulnerable to any such vicissitudes. It somehow remains strong, as there is no lack of investors, developers and entrepreneurs ready, willing and eager to join the commercial fray, which is where direct private lenders, and brokers, enter the picture. Direct lenders provide hard money bridge loans for commercial property. Thanks to creative financing expertise and an international network of private lenders, some are able to close on equity-based commercial loans between $1 million and $100 million or more in as few as five dayssometimes even less. But what about those loans out there that we don't see? What about those loans that, as a residential mortgage broker, you may see every week and not think about, simply because they're not in your area? It could be time to change your thinking, because such loans can be in your area, and they are much easier and more profitable than you may realize. For instance, say you come across someone looking for a loan to finance, or refinance, a multi-family property, commercial office building, retail outlet or manufacturing facility. Or suppose you hear of someone interested in acquiring a piece of undeveloped property and is looking for a raw land loan, where the land itself becomes the collateral. All you need to do is speak to the people involved, refer the business to a commercial real estate lending company and complete your follow-through as you would in any residential real estate transaction. When the loan is closed, you receive a well deserved commission -- and perhaps the incentive to further investigate a previously unsuspected and lucrative career move. It really is that simple. Gregg Wolfer is co-CEO of Kennedy Funding, a commercial real estate lending company. He may be reached at [email protected].
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