The Trials and Tribulations of Loan Brokering

[Bob Thorton]

Everyone has heard stories about commercial finance brokers taking upfront fees knowing fully well that they cannot close the deal.

We close in our own private name. 

Here are some more advantages for using us.

We do 5%,4%,3%,2%,1%  (year1, year 2, year 3, year 4, year 5) unlike other lenders who do 5%,5%,5%...5% for the fixed period.

• 3 year fixed, 5%,5%,5%  
• 5 year fixed, 5%, 5%, 5%, 5%, 5%

WE offer a 25-year-fixed wit a 5-year pre-pay(5,4,3,2,1) – no adjustment no balloon.

 

Other lenders don go below $150,000.00 – we do.

 

Our competitors get all of their fees upfront – we don’t.  All of our fees are taken at closing.  We allow the borrower to pay the appraiser C.O.D. at the time of inspection - this is a huge advantage for the borrower. 

 

Borrowers who use other lenders can lose their upfront fees if for any reason their loan does not close (i.e. a problem with verification of mortgage). This is a huge liability for the borrower. That is not the case with CLC.

 

We do all of the back office work. Once we get an LOI an underwriter will call the borrower.  CLC will have a fiduciary responsibility to the borrower because they will be our (yours and ours) loan applicant. 

 

We make sure that the borrower understands what rate they are getting, what their pre-pay means, what we are charging for lender points and what the broker is charging for points.

 

We are not a packager of loans – we have credit facilities. Working with another lender? Send us their package and approval  and we will get your borrower a better approval.

Please take a look at our website.

http://www.clcllc.net/ 

William McCloskey
Senior Account Executive
Commercial Loan Center, LLC
P.O. Box 1422
Blue Bell, PA 19422
215-281-0659 (office)
267-205-4420 (cell)
206-350-5900 (fax)