NLIC.org

Steve Said:

is it best to do a deed in leiu of foreclosure with the lenders on a preforeclosure mortgage ?

We Answered:

That is one measure. Another thing to try and is go for a short sale. List the property with a real estate agent and sell it. You of course don't get anything and all the sales proceeds go to the lender less costs (closing costs and agents fees)...........worth discussing with the bank

Karl Said:

I would like to set up a Bed and Breakfast and would like advise on my finance options?

We Answered:

No, if yo'ure running it as a business you'll have to have the proper mortgage on it.

Terry Said:

Buying a home on leased-land, lenders?

We Answered:

I would be extremely cautious about this. Are there any conditions where you can take ownership of the land? What if the landowner defaults on any of the services, for example?

Buying a home is difficult today. Please get an attorney or other professional to help.

Eddie Said:

Does one need a license to be a commercial mortgage broker?

We Answered:

You did the right thing by calling the people who license these type of people. Every state has different laws. Typically, commercial brokers do not need a license. Residential brokers, lenders and servicers need to be licensed in the state the property is located. On top of that, the loan officer (depending on the state) has to registered or licensed as well.

I guess the powers that be figure the commercial business should know what they are doing... I guess.

Ana Said:

Were can I find a company or mortgage broker that can find or finance small Commercial and Multi Family loans?

We Answered:

I do this type of loan. Please email with some of the detail
at JohnG@oldmerchants.com

Ida Said:

Where can I get training to be a loan officer in NYC?

We Answered:

No licensing requirements to become a commercial lender, but a lot more training than a mortgage lender. Major issues in commercial lending are business cash flow, cash flow available to service debt, current ratio, debt/worth, understanding business balance sheets and financial statements, and then understanding your niche (ie, construction, equipment, working capital, asset based lending, etc.). I'd take a look at the web sites for RMA and/or shockproof.biz, that should give you an idea of what you need.