Swans Crossing
Swans Crossing
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Swans $10 Swans – Loveyooz |
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Crossing $22.99 Crossing |
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Swans in Love $10 Swans in Love |
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Winged Migration $17.98 … |
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Gurdjieff’s Music for the Movements $27.73 All products are BRAND NEW and factory sealed. Fast shipping and 100% Satisfaction Guaranteed…. |
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Stephen Paulus: Songs $7.92 … |
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Swan Crossing Sign Funny Ringer T by CafePress $29.50 Swan Crossing Sign t-shirts and gifts. This funny wildlife design is a great gift for any swan lover. Please take a look at all our cool swan products. Funny . About our Ringer T: The Ringer T has made a fashion comeback, and ours is a popular favorite. This classic style is sure to impress even the most discerning t-shirt connoisseur with an eye for retro-coolness. Great for relaxing in comfort y… |
Loan Philosophy: The Difference Between Lenders and Investors
As a mortgage broker, I have the pleasure of seeing quite a number of potential loan transactions. I used the word "potential," because not all of them work out. Actually, there are quite a few turkeys in with the swans!
A common scenario is a refinance or a purchase where the investor comes to me with something like: "Man, this is the BEST property in the area, it's worth $5 Million Dollars, and I'm buying it for $3 Million! I need a 90% loan and I need it NOW!" OK ... so I've exaggerated just a bit. In reality the value of the property will probably be accurate for the market, but I'll still get the request for the high loan to value.
Until recently, I probably couldn't have gotten a 90% loan on a commercial property except in the limited case of a Small Business Administration guaranteed acquisition loan. First, because no one offered a 90% loan on commercial property and second, because the property most likely wouldn't have supported the debt service.
The big change in that scenario has been the advent of the "small balance commercial lender" in the last couple of years. They blend commercial and residential underwriting methods to get higher LTVs. I'll save an article on this kind of lender for later because I want to focus on the reason why a conventional commercial lender doesn't really care how great of a deal the investor is getting in a particular property. It's because there is a very basic difference in philosophy between lender and investor.
An investor is concerned with maximizing the return on his equity. Whether through leverage, adding value by making improvements, or adding value through improving a property's cash flow, the goal is to make as much money on the equity investment as possible. The return he receives is commensurate with the risk he takes with his equity investment
A lender is concerned with something entirely different: Getting paid back! A lender approaches a loan as an "investment," as well. In fact, in the loan business we often call our lenders "investors." But these investors approach their investment from the standpoint of managing their risk in return for an acceptable rate of return: The note rate on the loan. The property that the investor views as a growing asset the conventional lender views solely as security for the loan. (Again, I'm not talking about private lenders who might have other motivations).
So when you hear an investor say something like: "I don't understand why they didn't give me the loan! The property is worth SO much and they can always take it back if I don't pay!" Well, the reality is that the lender doesn't want the property back ... they just want their money back, as agreed.Craig Higdon, "The Mortgage Black Belt," is a commercial mortgage broker. He publishes the weekly "Investment Property Insider" e-zine and the "Real Estate Secrets Blog" (www.RealEstateSecretsBlog.com). Sign up now and get a bonus FREE report athttp://www.InvestorPropertyResouces.com/CommercialNewsletter.
Article Source: http://www.simplysearch4it.com/article/44707.html
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Coevolution $35 Zoologist Jochen Lempert has consecrated himself to animal photography. Relating to his scientific fieldwork in humorous and poetic ways, his serial black-and-white photographs attempt to give order to nature. This monograph features studies of swans in swimming formation; profile portraits of duck-like birds with charismatic beaks; images of a monkey wedged under a rock and a deer crossing the street. Lempert's photographs of baby strollers lined with all variety of sheepskins are dry and funny; his studies of waves have an understated power. |
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Holter Graham $48 High Quality Content by WIKIPEDIA articles! Holter Ford Graham (born February 11, 1972) is an American actor, film producer, and film editor. He is best known for portraying Deke in the 1986 comedy- horror Maximum Overdrive by Stephen King, Driver from The Diversion (2005) film, Barry Stickland in Fly Away Home (1996), I.Q. in the original Hairspray (1988 film), Christian in Two Evil Eyes (1990), Billy Gunn in Swans Crossing (1992) TV show, and as Erik Hanson in the popular TV show Law & Order (1995). |