Hi all, I just entered the Mortgage world and wow lot of info to soak in. I am currently a loan officer for a broker and I wanted to get some advice and knowledge from the experts.

1. I was told that there are lenders that will lend credit score under 500? is it true and do you have any recommendations?

2. Do you know what states require licence specific to their state for commercial Loans.

3. Where is a good website where I can get rules for different states for their residential Loans in terms of their licensing requirements or if i even need it to do business in that state.

Any general Tips for me to be a great loan officer to provide great service for my customers thanks

Sincerely,
Raj

Yes it is true. Especialy Non Recourse - Non-recourse loans are loans that do not require the personal guarantees of the property owner.

http://www.infinitycommercialgroup.n...se%20loans.htm

This is a short write up on our site.

I may be able to help you or point you in the right direction PM me if you would like.

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Infinity Commercial Group - Commercial Lending Services

Infinity Website

Hi Raj,
E-Mail me at Rax@earthlink.net may be I can help.

I own and operate a brokerage in Califonia.

Rax Patel

Yes there are lenders that lend under a 500 credit score. Their rates are typically very high, but hey if they make the money and need a loan they'll pay it. These are usually hard money lenders.

If you're just starting out, I don't reccomend getting in over your head with commercial loans. Seek guidance and training for that. From what I understand it's a long evil process that definitely pays, but very seldomly.

Go to www.namb.org That's the national association of mortgage brokers. There's all the resources you should need. Experienced loan officers like myself are usually willing to help out. I remember when my head felt like a balloon on the edge of bursting for six months.

Email me if you have any questions, I'll be glad to help you out on marketing tips and so on. Thanks.

__________________
David S. Baker
Sr. Account Exec.
LenderScout Custom Marketing
PH: (866)905-3637
Direct: (866)553-8787 Ext. 6007
Fax: (480)718-8340
www.lenderscout.com
daveb@lenderscout.com

Some of the lenders you want include:
Madison Equity Capital
Tribecca Mortgage
JTI Funding (http://djaapex.net)

You can do a Google search for "asset based lenders". Or, go to http://ScottsmanGuide.com and look for their hard money lenders. Get yourself a free subscription to the magazine. Every loan officer in the business should subscribe to it.

Regarding doing business in other states, go to http://ChoiceFinancialNetwork.com and look at their program. Of course, if you want some inexpensive training and marketing materials, go to http://LoanOfficer101.net :-)

- Joe

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Learn 15 Proven Mortgage Marketing Techniques with my Free Online Seminar. Register at http://LoanOfficer101.net

Here is my two cents worth.....

Sub 500 Fico - Yes they are available but hard money lenders are asset lenders and do not really take account of Fico scores just the equity available in the asset hence max lends between 65% and 75% LTV.

Commercial Loans - There are very few rules for commercial loans except 'buyer beware' The best thing to do is to get yourself in with a commercial broker (like me hint hint, bit of blatent self promo hear folks please forgive me) and learn the business from experiencing their actions or post your loan on C-Loans and then ask the interested lenders to guide you. Commercial, residential, hard money, personal loans they are all the same when it comes to basics Collateral, Credibility, Commitment the rest is just fine tuning. Go to a commercial lender web site and download their application form + SBA 912, 4506-t, rent roll, 1008 you will have the basics. It then a simple matter of criteria, servicing formulas, reading accounts and knowing what to take and what to avoid as a beginner (Like equity or capital raising proposals).
Commercial brokering is great and every day is different, you do not have to do many to make a good living so do not be put off.

Residential Loans - not my field of expertise sorry (at least I am honest), but I would say this if your broker cannot help you work for another broker who will because that is part of their responsibility if they are ethical.

SPAM WAS HERE.

All right, I am going to start a business in the basement of our home. Can you use a business loan or grant as a down payment on a home if your business would be in the basement of the home? What is the best way to handle this if the mortgage is a little higher than you'd like getting started, but in a couple years, it would work out perfect for both home/business?

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federal grants

First you need to find out if you CAN run a business from the basement. Start with Town Hall. Find out the requirements for operating a business. Some areas require the business to be on the primary level due to ADA (handicapped) requirements. Some make you get a Special Use permit and some simply don't allow it. Once you find out if it is OK with the town, now you need to find out if it's OK with the neighborhood. Some covenants do not allow for this.

After all is said and done and you find out you can do all the above. I would not see why you would use a Commercial Loan to buy the house. First off; Unless you have been in business two years, you will find it hard to get any type of financing; Personal or Commercial. Second; You will loose a lot of tax breaks by turning it into a commercial owned property.

Most people that run a business out of there homes (and I am one of them) do it for financial reasons. There is simply No Benefit to me having an office somewhere that I need to drive to when my business is mostly On Line and driving around showing homes. Now if I had to have a staff, I would consider having an office. If I had to have a daily parade of customers coming in my house, I would have a retail location, but since I don't Working from home works for me. I can spend more time working and less time commuting.

So working from home has its advantages and disadvantages. You need to weigh it very closely, BUT. WHAT EVER YOU DO...Do Not Buy Above Your Means. And this is exactly what you said in the above post. You never buy a bigger house just for this purpose. Like you said, its a new business and you can not predict the future and have no way of knowing if this will work or not.

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Larry Jensen, Principal Broker
St. Lawrence Properties, llc
www.StLawrenceProperties.net

What's My Mileage?