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‘Joker Broker’ Kills Another Real Estate Loan

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Mortgage Professional America | 09 Jan 2013, 02:11 PM Agree 0
I received a call a few weeks back from a broker who sends us real estate mortgages occasionally. He had a client that owns a property free and clear, a rental property.
  • Brian Wieber | | 09 Jan 2013, 03:24 PM Agree 0
    The broker, besides the borrower is the most important person in the transaction. He does need to make money. When a hard money lender charges four points and leaves no room for the broker, what do you expect. You are a moron Corey.
  • Steve Downey | | 10 Jan 2013, 10:36 AM Agree 0
    Corey said:
    I promptly answered the broker saying, “I thought the borrower absolutely needed a 12 month term?”
    The "Joker Broker" said:
    The borrower also required at least a 2-year mortgage in order to allow him time to liquidate some other assets and have the ability to pay us back.

    Edit your articles, Corey. Also, 4 points to the lender, 9 % interest on Low LTV, in todays market? Who's the "Joker"?
  • yafit yacoby | | 10 Jan 2013, 05:53 PM Agree 0
    Sorry to say, but we are all here to make money, however, the borrower is the most important person in the transaction. Both the lender and the broker deserve to make money. The lender and the broker should team up in working on the deal together, and the lender should give the best interest rate possible. The number of points should be discussed between the broker and lender taking the borrower into consideration and then share the points equally.
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