Originally posted by Hans Restuccia:
Originally posted by Hans Restuccia:David C. absolutely agree because we are owned by an attorney everything we do is in anticipation of litigation we will never do anything wrong purposely never worth risking our reputation and license but I find that the brokers bringing us deals often lie to the borrower and we have no knowledge of the representations made by them, but can be used as a defense against us in a FC action hence, my forms will mitigate that.
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There is a reason why SBA doesn fund residential properties. You might woner why the secondary market lenders go with 12 months restricting owner occupancy requirements and don simply say forever. It because a lender can dictate the use of a property zoned residential for more than one year. You can restrict the rights of a residential property owner through lending terms, I suggest you contact your attorney about deed restrictions during the ownership of the owner/borrower. It also best not to mention a time frame in any loan purpose requirement that often implies an unlimited restriction period in the minds of most borrowers and say 18 months later if a borrower asks the lender if they can change any use, the lender only needs to reply with "this is a commercial loan" or "this is a owner occupied residential loan" the lender is under no obligation to provide legal advice beyond the intent of thier loan.
Another good practice is to make commercial loans 12 months in thier original term with an automatic Red Nike Cortez Foot Locker
What part of retired do folks not get, LOL, I do consult, right here! :)
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Edited, just saw your post, yes FDIC gave me a much different insight to banking and lending, so did owning owning the mortgage company and servicing.
Straight answers aren easy to give, there are so many variables in lending, no two loans are alike, similar, but never alike. Concentrate on principles of prudent lending practices and the reasons why certain rules are applied rather than just applying any rule.
intended in the first place.
There is alot of CYA in lending, if you going to be in lending you need to accept the risks, nothing about your affidavit there Hans, but I seen alot of disclosures and paper work as well Nike Cortez Classic Nylon Qs Floral as schemes by lenders trying to avoid issues. Much of it is not customary and appears to be an on the fly brain dump by someone who thinks they have some creative way to limit thier risk. Eye wash is fine for a borrower, they may not realize (99% dont) that something may not be enforcable. What I know is that regulators, law enforcement, attorneys and judges don like odd, creative and restrictive terms or conditions. They want to see customary and prudent dealings. There are many aspects where it best not to say anything and let customary practice rule, that is usually to the lender advantage. :)
Edited May 7 2013, 10:05 by Bill Gulley
renewal so long as the covenants of the loan have been fully met by the borrower, this can be done with or without interest rate adjustments. If there are underwriting requirements added to be met, then the loan is a balloon note and not an adjustable rate note even if it may be renewed. So, if at the end of 12 months, you can call the loan if the intended use of the property changes.
That very true and I sure that why it done. You are trading convenience against liability. You pretty quickly know what a borrower is all about. I try not to lend if they don have a business purpose track record, and if they have a business purpose track record it pretty hard for them to claim it wasn a business purpose loan, so I don worry about it too much. Even if they do remember to fill in the blanks they sometimes write nonsense that doesn support what you Nike Cortez Olive
There is an old saying in lending, "if you haven made a bad loan you haven been making enough loans", at some point you have issues, those provide experience in getting out of trouble and fixing things.
Would anyone care to share the contents of their BUSINE
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David C. agree but I make them go through the process because when they have to hand write a portion of the document it is harder for them to say they did not read it. yes???
That the difference then I only work with borrowers directly. It greatly reduces potential problems.
Hans, everything just evolved over time wearing many hats. If you really interested visit my profile as I listed the major aspects of my experience there.
The best way to show the intent of a loan is to put:Hans has a fine affidavit, if only the "in excess" were removed in the 2. para. If the owner is willing to voluntarily place a deed restriction on the property, all the better. :)
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