Category: Multi-Family

Categories
Film Funding In The News Large Projects Money Available Multi-Family Preparation Private Placement Programs Real Estate Projects Referral Partners Trade Programs

Platform Manager – Trading Programs

This is in response to an email that I wrote to Greg, a Platform Manager, in response to an email that Steve wrote:

This web post is old news and everyone is well aware of all these sites. For your Broker to make this assumption it tells me he does not understand.

At no time are the client’s funds at risk. At no time is the client asked to purchase any bank debentures.

The client’s funds are not Moved, Pledged, Liened, Encumbered, Blocked, or Hypothecated and no other signature is added.

We do not ask the client to set up an account in any other account-PERIOD

How can this be a scam?

You will never get any federal-S.E.C. or government agency to confirm or deny these platforms exist.

You might also find it interesting that Bank of America, Wells, Chase and Citi Bank all introduced programs in Sept. that were then closed in Nov. due to over-demand, and in Dec all these banks can afford to repay their TARP money?? Did those banks suddenly make all that money from, loans?

I can only tell you what we have closed with, what we have accomplished, and what works.

We have total transparency.

I can get your client on the phone with the partners and my Trader, however until compliance docs are complete, and then your client will be talking to the Trader direct. I cannot by law connect your client to the Trader until the CIS docs are complete. There is no obligation to your client even after he talks to the trader. Your client can walk at any time.

You can also let your Broker know you are dealing with the Trader/Trade Group direct and that I am the platform manager. We are the last stop.

FYI

The listed statement below;

1) (Funds are “Good, Clean, Clear, and of Non-criminal Origin”)

This true for any bank swift since the Patriot ACT

2) Non-circumvention

Non-disclosure

NCND’S that are created by Attorneys/Traders Sellers are enforceable.

You have my procedures to move forward.

Thanks

G

If you have a project that needs funding and you have $1,000,000 or more we’ll be able to use those funds towards funding your project. Read everything on this website concerning trade programs.

Call me at 925-352-6000 which is my cell phone or email me at joe@joetufo.com

Categories
Articles for Publication Hard Money In The News Money Available Multi-Family Preparation Real Estate Projects

How to Properly Pitch and Submit a Loan Request to a Bridge Lender/Fund Manager

How to Properly Pitch and Submit a Loan Request to a Bridge Lender/Fund Manager

This article was written by Brian, one of our Funding Sources, March 1, 2010. I added a few comments.

As you know banks are barely lending in these uncertain economic times. So the Bridge Lenders/Fund Managers that are still lending are seeing an increase in submissions that are overwhelming them. You must be aware that most Bridge Lenders/Fund Managers are usually a 1 to 5 man operation and are not used to receiving 100 calls a day and 3 to 6 hundred emails a day with scenarios.

Though ACP is larger than most Fund managers we still suffer from the same problem. When a Fund Manager gets overwhelmed he usually defaults to saying “No” to any deal that is poorly presented; and let me tell you 50% to 70% of deals presented to our firm are presented poorly. So from a Fund Managers perspective let me guide you to presenting your file in a professional and attractive way thus enhancing the possibility of getting interest in your loan request.

The Preparation Before Presentation

75% of commercial and 25% of residential deals I am pitched are from a broker chain. Let’s face it. Brokers, in my opinion, are the life blood of our industry no matter what the banks are trying to do to them. But deals that are presented to me from a broker on the back side of a broker chain I don’t take very seriously nor do I spend much time on. So if you are in a broker chain…penetrate it professionally and speak directly to the borrower, with permission of all brokers of course.

You want to make sure of what the borrowers needs are and there is only one person that can express it to you and that is the borrower. Make sure the borrower is ready for a Bridge Loan. Be candid and upfront with the borrower about what typical bridge loans costs are and what the condition of the capital markets are. Let’s face it borrowers want to avoid getting a Bridge Loan at 9% to 13%, 2-5 points and terms from 1 to 5 years if they can avoid it…don’t blame them! So many brokers submit and procure LOI’s from us just to have a “back up”. Don’t do this for you are not making friends with the Bridge Lender/Fund Manager! Make sure the borrower is ready, if they are not don’t waste your time or the Fund Managers time.

Know Your File

There is nothing worse than a broker pitching a deal to a lender and the broker truly has no clue. This is a quick step in the direction that will not be fruitful for you and certainly is not a relationship building experience. As a fund manager I must tell you I will go higher LTV’s and farther outside my box for a broker that knows his way around his deal! If you add the fact that I have closed deals with that broker in the past I am more willing to stretch for that proven relationship. So you as a broker always want to build that relationship and that usually starts with a proper presentation and intimate knowledge of your file.

Be Prepared to Answer a Myriad of Questions

The Bridge Lender/Fund Manager will have many. Once again I can’t stress enough, know your file. If your loan request is a commercial down, know the total of all income of the project. Also know the type of leases that this property has. Are they full service, modified gross or triple net leases? If there are credit issues find out if there are any believable excuses behind it. If the income on the rent roll is more than on their schedule E (rarely a deal killer) be prepared to answer why that is. If there is cash out know what they are going to use it for.

The Presentation

When getting on the phone with the lender he or she will want to ask the questions so they can make sense of the deal that best suits their needs.

Don’t tell a story; just answer their questions in a quick and professional way. Don’t hide the negatives about the deal because the lender will look sideways at you and your future deals. Always express the negatives upfront and then follow it up with the positives and sell the positives without telling a 5-20 minute story.

If the borrower has other collateral that has lendable equity in it express that to the lender quickly and don’t save it for the last second.

If there are special needs of the borrower, like, but not limited to: the borrower doesn’t want to sign a personal guarantee, express this to the lender before he makes his decision.

If the lender doesn’t like your deal and turns it down don’t get upset or confrontational! If you want to learn why he turned it down don’t give him attitude just ask him why he turned it down so the next time you can learn what he or his fund likes and doesn’t like.

If the lender likes your deal then great:  be prepared to email him the file quickly. This is not the time to collect conditions because that takes time and your lender will hear 100 deals after yours that could be better/safer or he will have forgotten your good deal because of all the bad deals he has to listen to. So submit your file immediately after the positive conversation!!!

Prepare to Submit Your Loan Request

OK you have a lender that is interested in your file, don’t blow it by submitting him a crazy discombobulated, and unprofessional file via email! A well submitted package is paramount to keeping your professional image alive and a lender interested in YOUR file over the others! A list of items most lenders will need to make a proper decision are as follows…

–Executive Summary – Yes I know you have already explained this all over the phone conversation but it is paramount that the lender can go back to the executive summary and get the story again.
–PFS (personal financial statement) or 1003 – It is paramount that your PFS or 1003 be professionally and fully filled out. Nothing is worse than a hand written and barely legible PFS or 1003!
–Credit Report – A recent Credit Report (not that FreeCreditReport.com stuff) or a detailed explanation of what the borrower’s credit is like (must come from the Borrower). That description should touch on FICO’s, mortgage lates, BK’s, Judgments, etc. We recommend http://www.creditchecktotal.com (Cash Flow Specialists, Inc.
–Pictures of property –Believe it or not this is so important! A deal can go from hot to not or more importantly from NOT to HOT from quality pictures of the outside and inside of the property. So have them ready.
-2 years Personal and Corporate (if applicable) Tax Returns – “But I want to go stated” is a usually response to this request. The Stated days are for the most part over. Every Fund Manager wants to see the Returns. Maybe just for the reason that he wants to make sure they are filing them. A lot of Fund Managers don’t use them and they wind up in the trash can but the fact that you showed them makes us Neanderthal fund managers feel comfortable. Remember Bridge loans can get creative with borrowers that don’t show all their income or show too many expenses………It’s OK to show us the returns!!
–Rent Roll – A clear and concise rent roll that shows tenant’s full name, unit number, monthly rent amount, beginning and end dates of lease is the best!
–Last years or Year to Date Income and Expense Statement– A quick P+L on the property is usually good. Yes we can add back in the mtg expense, depreciation and sometimes a lot of expenses we know the borrower is just writing off to write off.
Submitting Your Loan Request

There are some rules you should follow to submit your loan request. These rules will make your submission stand out from the rest…which in this market is paramount!

–The subject line of the email – Many times you have to email a file broken up into many emails because all the attachments are too big to fit on one email. So the subject line will keep the continuity of your submission. The subject line should have the borrower’s last name or name of the project then the word “Part” then the number of the email. For example Smith – Part #1 next email would be Smith – Part #2 so on and so forth.

–The attachment names – Name each attachment properly so that the lender knows what is in that attachment. Nothing is worse than getting 20 attachments and all of them have crazy names like *0473#-C or something like that. No one wants to go thru 20 attachments to figure out what they are. Once again separate yourself from all the other brokers……….for you are better than the rest!

–The attachment size – Be cognizant of the size of the attachment for no email you send out should have more than 5 megabytes of attachments. Just because you can send it doesn’t mean your lender can receive it. Now some lenders can receive very large attachment groupings but just because they can receive it doesn’t mean you can send it. Most email systems have a limitation of 5 to 10 megabytes. Remember some Bridge lenders/fund managers are just small shops and don’t have a large emphasis on technology and might be using a restrictive email carrier that can bounce files just for attachments that are too big and no one is notified.

–Follow up – Call the lender within 1 hour of submitting your file to see if he or she has received all your emails. This serves two purposes, #1 you make sure he received all your emails, #2 the lender knows you proactive and if you don’t get an answer within 24 hours you’re going to follow up again. He or she will defiantly work on your file first!

Tips for Those Who Are New to Bridge Lending

–Stick to “The Good Deals” – What is a good deal? The current answer is a deal that closes! In this marketplace there are so many deals out there that just are never going to get funded or will take a monumental effort just to get a maybe. Examples of these deals are out of country request, land loans, development deals, theme parks, golf courses, retreats, coal mines or precious metal mines, quarries, electrical plants, hospitals, casinos, marinas, ski resorts, bio-diesel plants, parking garages or white elephants. (we have other places for these at Cash Flow Specialists, Inc. visit http://www.joetufo.com/blog )These deals you might get a person to say yes to but I would be willing to bet there will be a $25,000 to $250,000 upfront due diligence fee that you will never get back!

Good Deals look like the following: Plain vanilla Residential properties, multifamily, mixed use, student housing, fractures condos, office buildings, retail shopping centers, light industrial, warehouse and rehab or finish construction deals of the above properties. Some hard to fund asset classes that are still getting attention are gas stations or any auto related project, small hotels or motels, assisted living facility, daycare centers and restaurants. Try to stick to the “Good Deals” because in this marketplace those are the deals that are actually closing.

–Upfront fees – Now my company does not charge upfront lender fees but sometimes I wish I did. If you get a LOI that is requesting upfront fees make sure the company producing the LOI is legitimate! In this marketplace there are a lot of “upfront fee scammers”. It’s not the end of the world just proceed with caution

–Make sure the LOI is coming from a legitimate source – There are many ways to get a comfort level with your LOI and the company that produced it. Letter of Testimonials are one way. Make sure the person writing the testimonial is a real company and call them. If a lender wants to earn your business they should have testimonials upon their website that shows the broker or borrowers name and number. This way you can verify them.

Funding lists are also something you should be able to ask for and more importantly be provided with. Any real lender should be able to provide addresses of properties they have lent on so that you can run a property profile on and see the Trust Deed or mortgage in the name of the lender.

Deal plaques, if the “lenders” website does not show deal plaques then they are making no effort at showing you what they funded in the past. Why would a real lender not want this up on their website? Just be careful for unfortunately there are a lot of scammers out there and it is your duty to your borrower to get them involved with a real lender.

Joe Tufo, Certified Cash Flow Consultant, Certified Capital Specialist
CASH FLOW SPECIALISTS, INC.
P.O. Box 844
Alamo CA 94507
925-691-8200 Direct to my desk
800-669-2700 Business
206-984-2853 Fax
joe@joetufo.com
SKYPE: jptufo
http://www.workingcapitalfast.com

How We Work


http://www.facebook.com/joetufo
http://www.google.com/profiles/jptufo
http://www.bit.ly/82XHOB

Fee and Commission Based.

Your #1 Alternative Funding Source. Call Us When Your Banker Says NO!!!

Business and Personal Lines of Credit $50,000 to $10,000,000, Large Project Funding $10,000,000 to No Limit, Commercial Loans, SBA Loans, Hard Money Loans, Church Loans, Factoring, Accounts Receivable Funding, Merchant Cash Advance.

Speaker, Writer, and Seminar Leader

Providing Honest Answers in a Timely Manner No Matter How Difficult the Situation.

Trust, Integrity, and Service: Here Today, Here Tomorrow

Please click on the link below to read our Disclaimer

Cash Flow Specialists Disclaimer

Categories
Approvals Business Lines Of Credit Improve Credit In The News Large Projects Money Available Multi-Family Preparation Real Estate Projects Referral Partners S.B.A Loans

Credit Enhancement and Credit Restoration Services

The through-put numbers are abyssal; recently  Wells Fargo accepted 55 out of 1,000 business applications; Bank of America accepted 89 out of 1,000 business applications. Is it any wonder why so many businesses are shuttering?

The same can be said about personal credit scores. Your goal should be to maintain a minimum 740 FICO across the board – all three bureaus: Equifax, Transunion, and Experian.

We’ve had thousands ask us about reliable, trustworthy Credit Enhancement and Credit Restoration Services over the years.

We have two services that we recommend:

For Business Credit Enhancement we recommend Hector and Peter’s Services:

To date 516 have watched: http://bit.ly/7YtNKh our Derogatory Removal Video.

To date 1099 have read the article: http://bit.ly/7YtNKh

Derogatory Removal Service – Guaranteed Results!

To date 220 have read: http://www.bit.ly/5QqVwG our Business Credit Enhancement Program.

If you are seriously interested in getting your business or project funded you need an 80 PAYDEX score and 77 Experian score or higher. Read out the services by clicking on the hyperlinks.

We’re not for everybody.

We do our best to serve each who is referred to us or contacts us.

We work on either a Priority basis where you pay us a commitment fee which caps our expenses or a Non-Priority basis where we get to you when we can.

To date 3,155 have read http:www.bit.ly/5QqVwG Let Us Help You Get Funded.

To date 1,384 have read: http://bit.ly/8ouk8Y

How to Access the BLOC Category

To date 336 have read How We Work: http://bit.ly/8ouk8Y

To date 756 have read: http://www.bit.ly/4MyKB4

Business Line of Credit Application (BLOC)

To date 1,017 have read: http://www.bit.ly/ezAZ0

Monster Corporations to $1,500,000 (USD)

Most of our business is by referral. If you want to learn about how you will be compensated on referrals:

To date 488 have read: http://bit.ly/2bMnBU

Referral Program

To date 653 have read:http://bit.ly/2855Mv

Referral Program Earnings Disclosure

I am in the process of writing a series on:

Inquiry Removal – Did you know that for a nominal $190 that you can have each inquiry removed from your credit report? A prospective client called this morning and told me that he has 11 inquiries in the past 45 days.

Express Late Removal – I discuss this in detail on the website but briefly, the attorney retainer is $1,000. The removal of each late is $1,000. Each mortgage late removal is $1100. Each collection removal is $1,150. Each charge-off removal is $1,150.

These come with a performance guarantee – if the items are not removed you get your money back.

There’s a Public Record Eraser Service – Foreclosures may be removed on a quote basis – usually $5,000 to $10,000 each. Chapter 7 and Chapter 13 removal $6,000. Tax Lien Removal 10% or $5,000 whichever is greater. Judgement Removal 10% or $5,000 whichever is greater. UCC-1 quote.

There is a Credit Identity Profile – This is the Alter-Ego that many celebrities, professional athletes, and entertainers use. Three Lines of $5,000 to $45,000 is $5,000. Five Lines of $5,000 to $45,000+ is $7,000.

Authorized User Trade Lines:

Level 1 – $5k to $10k – $900

Level 2 –  $10k to $15k – $900

Level 3 –  $15k to $20k – $1,000

Level 4 –  $25k to $45k – $1,100

Level 5 – Over $45k – Quote

Primary Lines – Quote

Debt Negotiation – Quote

Loan Modification – Quote

ID/Theft/FTC Repair – Have you had your identity stolen? Need to get your credit restored? $2,500.

Accelerated Credit Repair – Need Credit Repair but can’t afford the Express Program? Can you afford to wait 60 business days? $1,499.

Need to acquire a seasoned California corporation:

2.5 to 3 year – $5,900

4 year – $7,900

5 year plus    – Quote

Experian Business Lines (Chris) – $1,000 each

D&B Trade Lines (Chris) – $1,600 each

How to Proceed:

Visit http://www.creditchecktotal.com and open an account. The monthly investment is $20 to $25. This will count as a soft inquiry and will not effect your credit score. Provide us with your user name, password, and social security number. We will obtain a customized quote for you.

Disclosure:

Prices are subject to change until finalized. We have two different service providers. Additional discounts for larger files may be available. Updates are verified on http://www.creditchecktotal.com

Joe Tufo, Certified Cash Flow Consultant, Certified Capital Specialist

CASH FLOW SPECIALISTS, INC.
P.O. Box 844
Alamo CA 94507
925-691-8200 Direct to my desk
800-669-2700 Business
206-984-2853 Fax
joe@joetufo.com
http://www.workingcapitalfast.com
http://www.joetufo.com/blog
http://www.facebook.com/joetufo
http://www.google.com/profiles/jptufo
http://www.bit.ly/82XHOB

Fee and Commission Based.

Your #1 Alternative Funding Source. Call Us When Your Banker Says NO!!!

Business and Personal Lines of Credit $50,000 to $10,000,000, Large Project Funding $10,000,000 to No Limit, Commercial Loans, SBA Loans, Hard Money Loans, Church Loans, Factoring, Accounts Receivable Funding, Merchant Cash Advance.

Speaker, Writer, and Seminar Leader

Providing Honest Answers in a Timely Manner No Matter How Difficult the Situation.

Trust, Integrity, and Service: Here Today, Here Tomorrow

The program that I use to attain my goals:
http://www.goalsguy.com/Affiliate/tgg.php?id=1035186

Please click on the link below to read our Disclaimer
http://joetufo.com/blog/?page_id=14

Categories
Approvals Asset Monetization Business Lines Of Credit Church Loans Film Funding In The News Large Projects Money Available Multi-Family Preparation Real Estate Projects Referral Partners S.B.A Loans Stock Loans

Why We Say NO! A Lot and Mean It

Many times throughout each day we receive calls from referrals, referral partners, past clients, current clients, prospective clients, or someone who Googled one of our websites.

Invariably, your project or start-up is “the greatest thing since sliced bread,” is a “billion dollar idea,” We’d “be a fool if we didn’t drop everything and devote all our time for free to get you funded.”

To each of you who expect us to work for free we have this to say – NO! NO! NO! A thousand times NO!

WE’RE NOT IN THE FEE BUSINESS and WE’RE NOT IN THE WORK FOR FREE BUSINESS!

It’s not that we’re uninterested or impolite it’s just that we’ve heard it thousands of times. Here’s our responses:

  • Do we have the time?
  • Will we feel pressured to get it done?
  • Will we be upset with ourself?
  • Will we be resentful of the other person?
  • Will we feel duped, had, or swindled?
  • What do we have to give up to do this?
  • What can we gain (What’s in it for us?)

No is our first option instead of the propensity to say yes that emanates from wanting to please, wanting to be liked, needing to be needed, being timid, avoiding confrontation, not knowing our rights, or feeling: plain and simple, that we should.

We’re in the consulting and funding business. With 33 years (November 1976 to present) of financial services experience in insurance, securities, and finance we may be uniquely qualified to serve you and those whom you choose to refer.

We charge a fee because we do this full-time: 50 hours scheduled a week plus another 20+ working on the websites, writing articles and newsletters, recording audio and video, holding webinars and other tasks to help each  of you.

We take on committed paying clients and then focus all of our effort and energy in getting them funded.

Even at that we fail about half of the time.

In our 10+ years experience in this business about 1/3 of what crosses our desks we can fund (you may not like the rates, terms and conditions but we can fund you), 1/3 is DOA – Dead on Arrival – even with the thousands of pages of information we’ve published, dozens of books and courses we’ve published – let’s face it many of you can’t or won’t follow instructions, and the final 1/3rd is broken: your credit sucks, you have no business credit profile, you have more than three inquiries, you have derogatories, liens and judgments – you’re a mess and it will take days, weeks, months, or years to fix.


Categories
Approvals Multi-Family Preparation Real Estate Projects

Multi-Family / COMMERCIAL PRE-QUAL CHECKLIST

Multi-Family / COMMERCIAL PRE-QUAL CHECKLIST
___________________________________________________________________________________

I need the following in order to pre-qual a deal for you.

  1. A personal financial statement dated within the last 60 days.

  2. A tri merge credit report dated within 60 days.

  3. The last 2 years and year to date income operating expense statement for the property.  If last 2 years not available then I need the last 2 years Schedule E from the seller on this property.  The last 2 years income operating and expense reports plus year to date reports if owner occupied purchase. If the property has been owned for less than 2 years please provide 1 year of taxes and a year to date report. If the property has been owned less than 1 year, please provide a monthly income and expense report (a.k.a. – monthly trailing report), since time of purchase.

  4. If more than 1 unit, a copy of the rent roll dated within the last 60 days.  Signed and dated by either the borrower or the seller.  The rent roll must state an as of date.  Please make sure the rent roll has the tenant name, unit number, rent amount, square footage, lease start and lease expiration date, please note if any of the units are Section 8.  Please also indentify if the rental units are on a month-to-month basis. If property is a mobile home park, please make sure that the pad and the trailer rental amounts are separated. If the property is a triple net deal please advise.

  5. A copy of the purchase contract and earnest money check if applicable.

  6. A brief summary of the loan requested, which should include who, what where, when, why and how as well as your contact information.

  7. A resume on the borrower.

  8. If possible a couple digital color photo’s of the property.