Thank you for the opportunity to share general information relating to the commercial real estate finance industry and letting you know what's new at Cornerstone Commercial Mortgage. We value your relationship and believe better communication is another way we can serve you. |
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Private Money is in the Driver's Seat
Private-Capital providers are enjoying the choice transactions that conventional lenders no longer accept. This has created a new segment of potential transactions that many hard-money lenders have been quick to embrace.
Once relegated to more risky, unconventional or emergency borrowing situations, hard money lending has recently surged in everyday popularity as balance sheet minded banks continue to pull back and general credit availability remains tight.
Where some borrowers never thought of using hard money to develop a project, now are forced to consider this financing alternative which has resulted in a myriad of borrowers in a quandary as to how to proceed. Do we pay the high fees and rates for private money or wait? How long before traditional financing returns? These are questions being asked right now.
Before you start pursuing a hard money loan there are a few things to consider:
- Fewer Hard Money Lenders in the Market - There are still hard money lenders who have plenty of capital and are actively lending; however, many private money lenders have been hit hard like conventional banks with bad loans so their ranks have declined. However, the ones still in the market are actively lending money. It will be awhile before capital markets and banks will be back to normal, if at all.
- Cost/Benefit - Be prepared to pay high rates and fees for hard money. However, even though the rate & fees are higher, it is less expensive than a partner or many cases, the cost of not proceeding on a project which may be even more expensive.
- Conservative Underwriting - Just because you're paying the high rate and fees doesn't mean Private Lenders aren't underwriting deals conservatively, so for now be prepared for conventional style underwriting when talking to hard money lenders.
Over the last year many mortgage brokers have dropped out of the market due to the slow economy, however Cornerstone Commercial Mortgage is still active and assisting clients to find the best possible financing alternative available. We look forward to seeing how we can help you.
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Banking Crisis Means Changes for Commercial Real Estate
October 1, 2008 Wall Street Journal/ Sushil Cheema reports:
Over the last few years, many cities have seen an explosion of bank branch expansions. With the current banking crisis causing banks to consolidate, many people are asking what will happen to all that commercial real estate space.
"It was a trend that the banks started five or six years ago to get back into the consumer bank line," said Jeffrey Roseman, the executive vice president at Newmark Knight Frank Retail in New York, about the mushrooming branches. The banks, he said, realized that deposits are the "bread and butter" of their business, leading them to court their customers by making themselves more highly visible.
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3 Essential Skills
Leadership requires hard work, daily practice and a willingness to stumble and haul yourself back into the game.
Here are three component parts of leadership from established trainers:
1. Listen. Leaders grow antennae, not horns.
2. Trust. It's much harder to rebuild trust, once broken, than to maintain it, so guard it carefully.
3. Learn. All living things either grow or die. Learning means growing.
Adapted from "Building Blocks of Leadership," Ken Bradford, The Leaders Course.
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 Integrity is the Cornerstone of our business
Cornerstone Commercial Mortgage specializes in commercial real estate finance. We act as mortgage consultants, focusing on providing the appropriate financing solutions for each client.
Contact John Lloyd at 702-379-3468 or
619-293-3919 E-mail - John.lloyd@cmlv.net
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 Quality Customer Service is our Guarantee
Kevin Moore
Vice President
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San Diego Office:
2356 Moore Street, Suite 201
San Diego, CA 92110
Las Vegas Office:
375 E. Warm Springs Road, Suite 104
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"Courage is not limited to the battlefield or the Indianapolis 500 or bravely catching a thief in your house. The real tests of courage are much quieter. They are the inner tests, like remaining faithful when nobody's looking, like enduring pain when the room is empty, like standing alone when you're misunderstood."
Charles Swindoll
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