This means that a mortgage broker's license would be required to negotiate such a loan. I am not licensed as an attorney, outside of California and Indiana, but my research suggests that a mortgage broker's license may not be required in at least 40 states. Be careful here. Just because I have not listed any other states does not mean that no license is required.
I'm just saying that I don't know for sure that a license is required for any other states. Vermont is particularly interesting. I am pretty sure that Vermont has an almost-full-time staff member going around "reminding" any broker who advertises they will arrange mortgage loans nationally that a licese is required to broker loans in Vermont.
Here's my beef: They knew we only arranged commercial loans, and I learned recently that no license is required to broker commercial loans in Vermont.
Like most states, Vermont defines a mortgage loan as a loan on a one-to-four family dwelling. What a racket! What if you only make a loan in a particular state once every two or three years? Many states that normally require licensing will allow you to make the occasional commercial loan in their state without a license.
Certainly one loan per year would qualify as occasional. What about two loans? I dunno. It's close. What about three loans? A license would probably be required. I have been in commercial real estate finance now for more than 33 years. During that time I have never seen an international commercial real estate loan ever close! Every day I run across developers seeking commercial construction loans in Mexico, Poland, or in some other far-off locale. To the best of my knowledge, none of them ever get funded by American lenders.
The problem with international commercial real estate loans is one of taxation. No country in the world wants some huge, foreign bank to come inside its borders and steal all of the good banking business away from that country's banks.
Most countries do the same to any foreign banks trying to lend in their own country. The way this problem is solved is that the Chinese bank starts a subsidiary bank here in the US, and the subsidiary makes loans in the US.
As a realty sales broker, you could sell commercial real estate to your own set of accredited commercial mortgage borrowers. You've gotta start your own commercial mortgage brokerage desk in your office. It's easy to do. Those of you who are not now practicing commercial mortgage brokers, as they say in the cop shows, "We're done here. Please continue on. Let's suppose you run across a do-able commercial real estate loan request. Do you try to broker the deal to a bank that you know, or do you enter the deal into C-Loans.
The smart answer is that you do both! First of all, you get prizes if you enter a bona fide commercial loan into C-Loans. Contact Tom Blackburne at after you have submitted your deal to six banks to get your prizes. You get your choice of two of the above, just for entering that commercial loan into C-Loans.
And you can still submit the deal as well to your favorite bank. Our banks will simply compete against your bank. We still have not gotten to the most important reason for entering your commercial loan into C-Loans. You might actually close the deal! Oh my gosh, if you can close two commercial loans using C-Loans, your income will skyrocket because we will let you start buying our commercial leads, even if you are otherwise unqualified.
Its a helluva deal. By the way, our own income skyrocketed within three months of imposing these tougher lead-buying standards. Les Agisim, a mortgage broker not much different from you, has closed 51 commercial loans for C-Loans. Do you know why they are closing so many deals? They started out as lead buyers, and after 5 closings we listed them on C-Loans as a Proven Broker. Now they don't even have to pay upfront for leads.
The leads arrive daily in their inboxes. Advice: If given a choice between submitting your commercial loan to a sleepy, salaried banker on C-Loans and one of our Proven Brokers, choose the Proven Broker! They close deals. So I have a harsh truth: If you have a commercial loan and fail to enter it into C-Loans. If you could close just two loans using C-Loans, you could start buying leads. Then, like Sheldon Sontag, you could get listed on C-Loans.
A half-dozen pre-screened commercial leads would appear magically in your email box every day for the next thirty years. All of these wonderful things will happen if you simply start entering all of your commercial loans into C-Loans. Topics: commercial mortgage licensing. Posted by George Blackburne on Wed, Dec 4, One of my loan officers brought up an interesting issue today.
He was afraid to work a commercial loan lead on a California commercial property because the mortgage broker controlling the deal was licensed in another state let's say New York. The issue of licensing for commercial loan brokers is not as clear cut as one might think. There may be some shades of gray. Now be careful here. I am not writing today as an attorney expressing a legal opinion. I am just throwing some thoughts out there as a practicing commercial mortgage broker.
Do NOT rely on this article! Let's suppose the borrower is located in New York, as well as the mortgage broker. The property is commercial, rather than residential, and it is located in California.
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