2A — January 11 - 24, 2019 — M id A tlantic
Real Estate Journal
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Account Executive .........................................Alyson Parker Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists .............................Emily Landgraf Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 23 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com
Don’t Let Alternative Commercial Mortgages Scare Your Borrowers F Emily Landgraf or brokers closing com- mercial mortgages, it’s not unusual to work with small business own- ers who don’t qualify for a bank loan. Once a borrower is turned down by the bank, they often assume there are no good options left and are wary of non-conforming commercial mortgage lenders. As their broker, it’s your job to find them the best deal possible and to explain why alterna- tive financing is nothing to be afraid of. Here’s how you can do that: • Explain what type of mort- gage for which they’ll likely qualify and why. Part of the fear of alternative commercial financing stems from the fact that many small business own- ers simply don’t know what to expect. They’re turning to you because you’re an industry ex- pert who can point them in the right direction and guide them through the process. Take the time to explain why they can’t
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qualify for a bank loan, the kinds of rates and terms they can expect from alternative commercial lenders given their particular financial situation and answer any questions they might have. • Emphasize the positive aspects of an alternative com- mercial mortgage. More often than not, the biggest issue bor- rowers have with a non-con- forming mortgage is the rate. If your borrower was expecting or hoping for a bank rate, they might be experiencing a little bit of sticker shock. In these instances, it’s important to direct their focus to the posi- tives of the deal. Sure, the rate might be a little higher than they’d anticipated, but maybe
it’s a fixed rate that ensures consistent monthly payments. Perhaps it’s going to close in a matter of weeks or the lender got them a great deal on an appraisal. Or maybe they don’t need to worry about a balloon payment in the next couple of years because the deal is fully-amortized over a longer period. These are all positives you can emphasize to the bor- rower. • Keep your borrower fo- cused on their business goals. At the end of the day, your commercial borrower needs this money in order to achieve some sort of goal for their business. Whether it’s paying off their debts, refinancing for continued on page 4A
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