A mortgage broker connects borrowers with lenders, helping buyers and investors find and secure financing by shopping their loan among multiple lenders, advising on options, and facilitating the loan process, in exchange for fees or lender-paid commissions.
Log in to followWe're four originators and a processor. Purchase volume is holding but refi is basically gone, and two of the four are living off a pipeline that's thinner than it was. I've been…
12 units, small market, all two bedrooms, in place NOI 118k after a 5% vacancy and 250 per unit per year reserves. Current bridge loan matures in five months at 9.1% IO and I need…
Twenty-six files. Eight closings. Two fee splits that actually landed in my account. The setup was supposed to be simple. I do a lot of talking to small investors in my area, and…
Quote in front of me on a $480k cash-out refi of a rental held in an LLC. Broker fee 2 points, plus a $1,495 processing fee, and the lender's term sheet separately shows 1.5 origi…
Pulled two years of debt onto one sheet this weekend because I was tired of arguing about this from memory. Fourteen loans on flips and BRRRR refis, average size around $450k. Six…
This came up three times last month with people my team works with, and the room splits every time, so I want to see the actual count. When you use a broker on a residential loan,…
Working out the first eighteen months of a brokerage and the two paths look genuinely different, not just in marketing but in what the P&L looks like. Conventional purchase lane.…
Heavy rehab, 1920s four square split into three units, all-in budget $1.1 million with $780,000 of it eventually drawn. Bridge loan through a broker at 65 percent of total cost, r…
I've been planning this purchase for over a year and financing was the part I was most afraid of, so I want to write down what actually happened. Small three bedroom, $268,000 pur…
I'm getting ready to put money into a first rental and I've spent the last month just making phone calls. Two credit unions, a regional bank, and one online lender that does DSCR…
Ran the numbers on this over the weekend and I still can't get comfortable either way, so I'll put it to the room. We closed 61 files last year, 44 of them investor deals on the p…
I'm partway through the 20-hour SAFE course and an AE at a fix-and-flip lender told me to stop, that since all their loans are business purpose to entities I don't need an MLO lic…
I've been building the lender list for months rather than doing deals, which is its own problem, and I finally have to pick a lane. The plan is six projects a year, average loan a…
I'm looking at backing a two-person brokerage that wants to move most of its volume to investor loans, and I can't get the revenue model straight in my head. On the conventional s…
Duplex rehab, my usual thing. 265k purchase, 85k of scope (roof, both kitchens, one full electrical rerun), ARV I'm underwriting at 430k and my agent thinks 440k on a good day. Si…
First attempt at a small duplex, $268,000, both sides rented. I went to a broker because two banks had already looked at me funny for being self-employed. He took my paperwork, as…
Bought a two bedroom cottage for $132,000 last spring, put about $28,000 of my own labor and materials into it, rented it at $1,450. Went to my bank for a refinance and got turned…
$2.4M acquisition, 14 units, 1970s brick garden walk-up, 62 percent occupied at takeover with a real path to 92. I wanted a 24-month bridge at 70 percent of cost with 12 months of…
Pulled our placement data for the last four quarters because a couple of our private lenders started dangling tier pricing and I wanted to know what we'd actually be giving up. 38…
Five single family rentals, all owned free and clear except two small notes, combined value I had at about $1.09 million. I wanted one blanket loan to consolidate and pull out rou…