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Commercial loan demand in late March and April is typically very, very weak. Commercial real estate investors don’t want to mess around with paperwork, especially when they have just finished the painstaking task of preparing their tax returns. In most cases, their complicated tax returns are not even done yet for 2020, so they have little choice but to put off shopping for a commercial loan until their tax returns are done in the mid-part of April.

The sun is also shining.  Many avid golfers are looking forward to their first rounds of golf for the year.  Many a nun has been run over by a golfer speeding to the first tee box.  Haha!

I once asked my mentor in commercial real estate finance (“CREF”) from 45 years ago, Bill Owens, what I should do when the commercial loan market slows to an absolute halt.  “Sometimes you just have to go fishing.”

Bill would actually fly to Mexico and go deep sea fishing off the coast of Baja California.  Lucky guy.  With the drug gangs rolling bags of severed heads down the middle of Mexican highways (this actually happened) in Guadalajara, I wonder if he still goes to Mexico to fish?

Why should you care if commercial loan demand is weak?  Suppose you own a business, and you have a balloon payment coming due on your commercial or industrial building in the next year.  It might make sense to apply right now, especially if 2020 wasn’t a great year for your company.

Commercial banks are very optimistic about the future.  With the passage of the whopping $1.9 trillion stimulus package, you can bet their Boards of Directors are  screaming at their Senior Vice Presidents of Loans to make some stinking commercial loans.  Commercial loans can be very profitable for the bank.

If your marginal commercial real estate loan request is the only lending opportunity available to the bank this month, your deal may suddenly look a little stronger.  Kinda reminds me of when I used to go to nightclubs as a bachelor-hound-dog 45 years ago.  I suddenly got taller (I’m only 5’5″ tall) and better-looking as last call approached.   Hey, girls can wear beer goggles too.  Haha!

If you are not working every day towards building a loan servicing portfolio, get OUT of the business. The money commercial real estate finance is in servicing!

By George Blackburne

Another Great Recession might be on point.  The mainstream business media picked up the same theme on Thursday and Friday, as the Dow lost ground. There will be some severe economic consequences from the coronavirus.

Even if COVID-19 never gets out of control in the U.S., hundreds of thousands of small businesses in China are in serious trouble, especially with tens of millions of their workers confined to their homes.  The owners of most small businesses in China have no more than four months worth of operating expenses in savings, and small businesses employ 60% of China’s workers.

And the thing is, many of these small Chinese companies manufacture parts for American companies.  As a result, the worldwide supply chain has been shaken.  We can’t manufacture our own high-value goods without many essential parts coming from China.  Container ships coming in from China are coming back only 25% full.

Clusters of COVID-19 are now out of control in South Korea (602 cases, 3 deaths), Japan (135 cases, not counting cruise ships), Italy (132 cases), and Iran (43 cases, 8th deaths).  A worldwide pandemic is a virtual certainty.

I am writing this article on Sunday afternoon.  It will be interesting to see if the U.S. stock market get hammered on Monday.

Now on today’s training in commercial real estate finance.

In this week’s FinFacts, a superb, free publication of George Smith Partners, one partner, after returning from this year’s Mortgage Bankers Association Commercial Real Estate Finance (“CREF”) Conference, wrote about the competitiveness of bridge lenders:

“Bridge Lenders:  Floating rate bridge loan spreads used to be stratified, ranging from 2% to 6% over LIBOR, depending on the transaction dynamics.  That’s so 2017 (the old days).  Now there’s a race to the bottom occurring, with lenders bunched up at 2% to 4% over LIBOR.  More and more of them are pushing to the bottom of that range.”

“So how do lenders differentiate themselves?  Deal structure, credit officers are casting a wider net (One lender even remarked: We will do some funky stuff), source of capital (mortgage REIT vs CLO execution vs leveraged debt fund), flexibility, certainty of execution (we met with senior committee members that stressed their lean and efficient approval process), and borrower costs (exit fees can be waived).” and increased leverage.  Lenders are more willing to listen to stories.  For  example:  We will look at heavier risk for strong sponsors.”

“Also, more heavy bridge loans (major renovation, unoccupied properties) are being priced almost like light bridge.  As one lender remarked: No cash flow, no problem, for the right deal.  Geographic:  Secondary and tertiary markets are being considered, and the right deals are being priced tightly.  Yet many high-yield lenders are still in business, now offering high-leverage, non-recourse construction loans or going very high up the capital stack.  The net needs to widen as nearly every lender indicated that their marching orders are to increase production over 2019.”

Okay, so what on earth is the difference between a heavy commercial bridge loan and a light commercial bridge loan? A light bridge loan is where there is only some minor renovation and/or the property is a proven location.  You may be able to negotiate a bridge loan at just LIBOR plus 2.0% or LIBOR plus 3.0%.

Examples of Light Bridge Loans:

1. You just found a good tenant for your standing office building, but you need $350,000 to pay for tenant improvements.
2. Your borrower’s restaurant has been a money-maker for 20 years (proven location), and the borrower needs another $1 million to expand his seating capacity by another 35 tables.

A heavy bridge loan is one involving substantial construction and/or market risk.  If you can even find an interested bridge lender, you may have to pay as much as LIBOR plus 4% or even higher.

1. 1. You are converting an old hotel to student housing.  All kinds of problems happen when you open the walls of older buildings (termites, asbestos, illegal wiring and/or substandard plumbing).
   2. You need $1.5 million to convert an existing, vacant retail building to a restaurant, and there is no guarantee that the market will appreciate a restaurant in this particular location.  Maybe the people located in the surrounding area don’t make enough dough to dine out often.  Maybe the new restaurant has inadequate parking or is hard to negotiate by car.  We have all seen restaurant after restaurant fail in the same location.
   3. You are converting the shell of a failed big box retail store to self storage, a popular adaptive re-use.  That’s more than a trifling of construction, plus you have risk that people don’t like two-story self-storage buildings.

P.S.  I wonder if the Chinese Communist Party (“CCP”) will survive this crisis.  The average Chinese citizen despises the tight control of the CCP, but they tolerate it because the CCP has been improving their lives annually.

What happens when the growth rate in China plummets from 6% to 7% annually to a negative number?  The largely-peaceful protestors in Hong Kong taught the Chinese people how to bring a government to its knees.  Think this is a far-fetched scenario?  Everyone was shocked at the speed at which the Russian Communist Party lost power.  Could beautiful young Chinese girls soon be sticking flowers into the gun barrels of surrounding Chinese soldiers?

Most of you are too young to remember this, but when Russian soldiers and tanks surrounded the Russian pro-democracy protestors in 1991, led by Boris Yeltsin, some beautiful Russian girl started sticked flowers in to the gun barrels of the Russian soldiers.  In less than an hour, the surrounding Russian army brigade changed sides and pointed their guns outwards, protecting the protestors.

Boys are so easy.  🙂

By George Blackburne

Now that I have mentioned it, you will start to hear the term, Modern Monetary Theory, all of time.  The commentators use it a lot on Bloomberg, CNBC, and Fox Business.  The financial commentators will often just use the acronym, “MMT”.

According to Wikipedia, Modern Monetary Theory (MMT) is a macroeconomic framework that says monetarily sovereign governments should sustain higher deficits and print as much money as needed because they do not need to worry about insolvency, and inflation is a distant possibility.

The key to MMT is that the sovereign government borrows in its own currency, pays it back in its own currency, and controls the printing press to print more of its own currency.  Countries in the European Union – France, Spain, Italy, and Greece – are examples of sovereign governments that do NOT have this option.  They use the Euro, which is a currency that they don’t control.

Interesting note:

Since I started this article, Boris Johnson and his conservatives won a landslide victory in the United Kingdom.  The U.K. will be leaving the European Union (Brexit) on January 15th.  The pound has soared!  Apparently investors think that the Brits are going to do better financially without Europe.

The Japanese, in contrast to EU members, can borrow in yen and repay their debt in yen.  If the debt service on Japan’s debt, denominated in yen, becomes unbearable, Japan can simply print hundreds of trillions of yen, buy back their own debt, and retire it permanently.

In other words, as long as inflation remains tame, the U.S. should go ahead and pass a $1.5 trillion infrastructure spending plan, even if the deficit soars to $2.5 trillion annually.  We spend the money to repair our bridges and upgrade our airports.  Then we take another look at inflation.

If inflation is still tame, we could increase military spending by another $1 trillion and bolster our missile forces, bolster our missile defense forces, and greatly expand our Space Force.

I read a military journal article this morning where one of our leading air force generals (just forced into retirement) begged the country to prepare for war in space.  China is already working on a space mothership (think of it as an aircraft carrier in space – see the picture above) from which attack space ships will fly out to destroy our constellation of satellites.  “… and you don’t believe we’re on the Eve of Destruction?”  (Famous hippie song from the 1960’s.)

So go ahead and spend that $1 trillion on defense and then take another look at the inflation rate.  Has inflation increased from 1.75% to 4.5%?   In that case, maybe the country dials back on any extra MMT spending.

Is it a good idea?  I am convinced that a world war is coming, so I am all for it.  If we can spend enough in space and on missiles, maybe China won’t attack us.  I’ll gladly live with some inflation, if that means that my precious kids (and now grandkids) get to live.

But absent a war, is it a good idea?  If Trump died and made me king, I would use the power of the printing press to buy up many of the nicest apartment buildings, office buildings, and shopping centers in Rio de Janeiro, Jakarta, Seoul, Ho Chi Min City, Bangkok, and Manilla.  I would intentionally devalue the dollar to make our manufacturing companies more competitive.  In the process, the rents from those trophy properties would be sweet.

But you know that’s not what is going to happen.  Opportunists like Andrew Yang are going to promise to give away $1,000 per month to every American voter, in order to rise to power.  We are going to teach our people – instead of working hard to advance themselves – to stay home all day, take drugs, and play video games.

In the words of Alexander Fraser Tytler, the famous Scottish historian, in 1807:

“A democracy cannot exist as a permanent form of government.  It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.  The average age of the world’s greatest civilizations has been 200 years.  These nations have progressed through this sequence:  From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.”

He made this famous observation way back in 1807.  Our 200 years of power are long past.  Hail Chairman For Life, Xi Jinping!  It’s important to get in good graces with our future rulers early.  Haha!

By George Blackburne

Why do almost all gas stations now have convenience stores?  Answer:  A convenience store is an extra profit center.  The gas pumps pull in the customers, and while they are waiting for their tanks to fill, the convenience store sell them sodas, snacks, lotto tickets, and hot dogs.

Right now your real estate web site is like a gas station without a convenience store.  You are leaving all kinds of dough on the table.  Over the next five to six years, C-Loans.com could pay you enough dough to pay for a year of college for one of your kids.

But what I am asking you to do is a lot of hard work.  You might have to spend up to… gasp… two whole minutes on this project.  It’s exhausting work earning that kind of money.  Phew.

Just send an email to your web site guru.  “Hey [Steve], please create three new hyperlinks on my home page.  Please find a place to put one at the top, one in the middle, and one at the bottom.  The top link should say, ‘Commercial Loans’.  The middle link should say, ‘Commercial Real Estate Loans’.  The bottom link should say, ‘Commercial Financing’.  Please point all three links to C-Loans.com.”

Just cut and paste the above paragraph and send it to your webmaster.  Voila.  You’re done.  You’ve just added a convenience store to your gas station – a new profit center.

Now here is what happens:  C-Loans is programmed to automatically capture the URL of the referring site and print it at the bottom of our loan application.  It’s automatic.  We don’t have to think.  Bam!  Right there at the bottom of our loan application are the words, “This loan was referred by billsmithrealty.com.”

When the deal closes, we look up the owner of Bill Smith Realty and send him a check for 12.5 basis points.  That’s what happened a few years ago with Alan Dunn, the owner of a site named SpyderCube.  We ended up closing a $17 million commercial loan for Alan’s customer, so we sent Alan a check for a whopping $21,250.

Alan was even asleep when he made that $21,250.  The deal came in late at night.  Can you imagine the thrill of getting a call, “Hey, Alan, I have some good news for you.”  Hot snot, I’ll bet that we made his whole day.

And here’s the thing.  That potential borrower is your referral forever.  Maybe the first deal falls out, but the borrower comes back and applies for a different loan two years later.  You still get paid.  He’s your guy.

Here is another wonderful thing.  C-Loans is not a commercial real estate lender, limited to its own lending programs.  C-Loans does not make loans.  C-Loans.com is merely a  commercial mortgage portal where borrowers can submit their deals to 750 different lenders.  We have life companies, conduits, banks, credit unions, savings banks (S&L’s), REIT’s, hard money lenders, SBA lenders and USDA business and industry specialty lenders.

C-Loans lenders will make permanent loans, construction loans, bridge loans, SBA loans, USDA B&I loans, mezzanine loans, preferred equity investments, SBA construction loans, and USDA construction loans.  A link to C-Loans gives you a chance to earn a big referral fee on ANY kind and size of commercial real estate loan, from $100,000 to $500 million.  Yes, our conduit lenders have made loans of this size on chains of major hotel franchises or portfolios of office buildings.

Important note:  C-Loans usually earns at least 37.5 bps. per closing, so we can afford to pay you 12.5 bps.  On deals of greater than $5 million, our best-rate lenders only pay us 25 bps., so your referral fee would be 8.33 bps.

“Gee, George, this all sounds great and everything, but how do I know that you won’t cheat me?”  For one thing, we didn’t cheat Alan Dunn, and there was no way he would have known that we had closed that big deal.  I am also an attorney, licensed in both California and Indiana.

Lastly, my hard money commercial lending shop, Blackburne & Sons, has been in business for 40 years now.  The average daily balance in our trust accounts is $400,000; and after a loan payoff, there could be several million dollars in that account.  If I ever decide to go bad, I am gonna steal the millions in that trust account, not your stinky ‘ole referral fee.  🙂  Fortunately, I have managed to resist the temptation for 40 years.  I am proud to say that both of my sons and I are Eagle Scouts.  There was a time when that mattered.

But hey, while 100,000 people in this industry may know me, I might be a complete stranger to you.  Trust but verify, some would say.  So here is my proposition:  If you create five or more commercial financing links across your real estate web site, we will create for you a special partner link.  With a special partner link, you will get a copy of every deal that comes from your site.  Just create the five (or fifteen) commercial loans links on your real estate website, and we will create this special partner link for you.  It takes us about 30 minutes to create such as a partner link, so we obviously don’t want to have to create the link unless we are getting some really good visibility.

Now back to the good stuff.  After awhile, you are going to have several hundred of your loan clients registered on C-Loans as your guys, and you are likely to close two or three deals every year going forward.  Every year going forward – think about that.  You will have your old referrals and then you will add to that base of potential referral fees even more clients every year.

And if you create at least five links on your website to C-Loans, you can also use your partner link to imbed commercial real estate loan links in your regular newsletters to your clients.  Remember, with a partner link, you get a copy of every commercial loan application generated by your site or one of your newsletters.

I could see a time when one of your clients applies for a purchase money loan using C-Loans, and you suddenly realize that he is looking to buy another apartment building.  (Please read that last sentence again.)

Important note:  We cannot track links inside of newsletters because there is no referring URL.  To embed commercial financing links in your newsletters, you will need for us to prepare a partner link for you.  Therefore, please create your five referral links to C-Loans.com right away and then contact Tom Blackburne at 574-210-6686.

Now some real estate brokers only like a little bit of referral income, so they only create one Commercial Loans link to C-Loans.com on their home page.  Smarter real estate brokers like to make a TON of referral fee income, so they put three links to C-Loans on every one of their interior web pages.

The way you can easily do this is to have your website guru edit the template of your pages to add these three links.  Then, whenever your webmaster creates a new web page for you, the links automatically appear on the new page, without anyone having to think about adding them.  The more links to C-Loans, the more chances you have have of earning a $21,250 referral fee.

In conclusion, I urge you to add a convenience store to your gas station.  Just cut and paste the following message into an email to your webmaster:

“Hey, [Steve], please create three new hyperlinks on my home page. Please find a place to put a link at the top, one in the middle, and one at the bottom. The top link should say, ‘Commercial Loans’.  The middle link should say, ‘Commercial Real Estate Loans’.  The bottom link should say, ‘Commercial Financing’.  Please point all three links to C-Loans.com.”

Now, the really, really smart guys will add the following:

“In addition, [Steve], would you please edit the template you use to create new web pages for our site to add these three links (top, middle, bottom)?  This way, the next time you create a new web page for us, the new page will automatically contain these three links.”

Voila!  You have now added a convenience store to your gas station.  I said it would take a whopping two minutes, and you did it in just 97 seconds.  🙂

By George Blackburne

Questions:  Call Tom Blackburne at 574-210-6686.

“Hey, George, recently I have heard commercial real estate loan officers talking about some new ratio called the Debt Yield Ratio.  Is this just a shortened version of the Debt Service Coverage Ratio?”

Answer:  No.  The two ratios are totally different.  The Debt Yield Ratio is defined as the Net Operating Income (NOI) divided by the first mortgage debt (loan) amount, times 100%.

This is going to surprise you, but commercial banks, credit unions, and federal savings banks (the old S&L’s with a Federal charter) all quote pretty much the exact same interest rates and terms on commercial real estate loans.

This is true for huge commercial banks in Los Angeles and for little credit unions in Maine.  No matter where the property is located, as a commercial loan broker, you will always know what to quote.

To be clear, we are talking about commercial real estate loans on standard commercial rental properties, like office buildings, shopping centers, retail buildings, and industrial buildings.

The rates and terms will be a little more scattered for multifamily properties.  Some banks, especially savings banks, love-love-love apartment buildings.  They will quote delicious interest rates and terms.

Smaller commercial banks are less enamored with apartment buildings because their owners seldom keep huge deposits in their company checking accounts.  If they have cash, they immediately go out and buy another building.  In contrast, widget manufacturers might keep large balances in their bank for the the new bank to win.  Banks, especially smaller ones, are all about deposit relationships.

Before we get into the interest rates being quoted by banks on commercial loans today, let’s first talk about terms:

Amortization:

Most banks will quote a 25-year amortization.  A twenty-year amortization is to commercial loans what a 30-year amortization is to home loans.  It’s the norm.

If the property is older than, say, than 35-years, the bank might insist on just a 20-year amortization because the property is getting pretty long in the tooth.  The building is not going to last forever.  The bank needs to eventually get their principal back before the termites stop holding hands.

Term:

Most commercial banks today will give you a ten-year term on your commercial loan.

Fixed on Adjustable:

The typical bank commercial loan is fixed for the first five years.  There is one rate readjustment at the beginning of year six, and then the rate is fixed for the remaining five years.

When the rate readjusts, what is adjustment tied to?  In other words, what is the index and what is the margin?

This is going to surprise you, but most banks don’t say!  What????  The promissory note will simply say, “The rate will readjust to whatever the bank is quoting at the time for similar commercial loans.”

What if the bank tries to raise the interest rate to 20%?  This could actually happen, if the dollar were to suddenly collapse.

In such a case, the bank would give you a window in order to pay off their loan, without penalty, with a new loan from a cheaper lender.  A window is a period when there is no prepayment penalty.  Most commercial real estate loans from banks give the borrowers a 90-day window after a rate readjustment.

Prepayment Penalty:

Banks differ on prepayment penalties.  The penalty could vary from 1% to 2% during the entire 5-year term, to a declining prepayment penalty of 3% in year one, 2% in year two, 1% in year three, and perhaps 1% in years four and five.

So what do you quote on a $300,000 permanent loan on a little retail building in Bum Flowers, Alabama?  I want you to quote 3%-2%-1% and none thereafter.  No bank is going to refuse to make a good commercial loan if it can get a declining prepayment penalty of 3%-2%-1%.

Will a bank ever make a commercial real estate loan with absolutely no prepayment penalty?  The deal would have to be very, very good to get them to waive it completely.

Interest Rate:

Banks all quote pretty much the exact same interest rate – between 2.75% to 3.5% over five-year Treasuries, depending on the quality of deal (more on this below).

Five-year Treasuries as of January 22, 2021 were 0.44%.  Therefore the bank is going to quote you between 3.19% to 3.94% today.

You can always find the latest commercial real estate interest rates and Index values by going to our wonderful Resource Center.  Be sure to bookmark this wonderful reference source.

Quality of the Deal:

Here are the factors that affects bank interest rates on commercial loans –

1. 1. How much cash does the borrower keep in the bank?  The more liquid your borrower, the lower his interest rate.
   2. How old is the property?  The younger the building, the lower the rate.
   3. How gorgeous is the building?  The prettier the building, the lower your rate.
   4. How desirable is the location?  If your building is located on the bets street in town, you may get the bank’s very lowest commercial loan interest rate.
   5. Assuming you are at a bank of suitable size, the larger the loan, the lower the rate.  Big banks make big commercial loans.  Small banks make small commercial loans.  Match the size of your bank to the size of your deal.
   6. How close is the building to the bank?  The further your building is from the bank, the higher the interest rate you will probably get.

Moral of the Story:

Always apply to a local bank.

By George Blackburne

Here are some tips on how to succeed as a commercial loans broker:

Tip #1:  Never waste one nanosecond on international loans.  International loans never close.  The problem is one of taxation.  No country in the world wants a bunch of foreign banks to come into their country and take all of the good loans, thereby weakening their own banks.  As a result, if a foreign bank makes a loan across international borders, the host country will tax their interest income at some ghastly rate – higher than 30%.  As a result, if you need a loan in Mexico, and no local bank will do the deal, you need to use the Mexican subsidiary of some foreign bank; Deutsche Bank of Mexico or Citibank of Mexico.  If the subsidiary bank is chartered in Mexico, the tax laws aren’t quite as brutal.  I still would never waste time working on international loans.  You could work on international commercial loans for ten years, full-time, and never close a deal.

Tip #2:  Commercial banks, credit unions, and savings banks (former S&L’s) make 75% of all commercial real estate loans these days.  Start there.

Tip #3:  Big banks make big commercial loans, and small banks make small ones.  Therefore match the size of your deal to the size of the bank.

Tip #4:  Stay local.  Banks greatly prefer to make commercial loans close to one of their branches.  The closer the bank, the more likely it is that Loan Committee will approve the deal.

Tip #5:  It’s easy to find commercial banks and credit unions in Maine, even if you are located New Mexico.  Simply go to Google Maps and type in the address of your commercial property in Maine.  Click the “Nearby button” and then type in “banks.”

Tip #6:  The smaller the commercial loans, the more likely the deal is to close.  Small commercial loans close.  Larger deals?  Not so much.  I would much rather have a pipeline of three small commercial loans than a pipeline of thirty commercial loans larger than $3 million.  Small commercial loans close.

Tip #7:  This is going to sound terribly self-serving, but AnalytIQ Group loves to close small commercial loans in remote areas.  You will have much less competition working on these small or remote commercial properties, compared to competing against fifty other commercial loan brokers in your local big city.

Tip #8:  When you market for commercial real estate loans, you will speak daily with four or five wealthy real estate investors every single day.  Even if they never send you a package, be absolutely sure to keep their contact information and the following additional data:  (1) month of year, e.g. June of 2021; (2) the loan amount; (3) type of loan (first mortgage, construction loan, etc.); (4) property type; (5) city where the property is located; and (6) state where the property is located.

Tip #9:  Someday you will want to send out the following, individually word-processed letter:  “Dear Dr. Su:  You may recall that in June of 2021, ABC Commercial Mortgage Company had the pleasure of working on a $1,300,000 first mortgage on your medical office building in Kansas City, Missouri.  I am writing to you today about earning 8% to 10% interest in first trust deeds.”

Tip #10:  Your ultimate goal in this business is to someday become “the lender” and be able to approve your own loans.  The real money in commercial mortgage finance is also in servicing income.  Commercial mortgage bankers service their own loans, and they are rich.  Commercial mortgage brokers do not service their loans, so when the inevitable real estate depression hits, they are crushed.   Servicing income continues, even during real estate depressions (45% declines).

Tip #11:  Don’t get too excited about construction loans.  They seldom ever close for commercial loans brokers because if the developer had enough skin in the game (equity in the deal), some local bank would have made the deal in a nanosecond.  Banks love construction loans, so if no local bank will do the deal, there is a big problem.

Tip #12:  Don’t waste money advertising in newspapers, online magazines, or on Google Adwords.  You will spend a fortune and never close a deal.

Tip #13:  The best commercial leads come from referrals.  Build yourself a newsletter list of commercial bankers, commercial brokers (commercial realtors), property managers, other commercial lenders, residential mortgage brokers (on a referral fee basis only), residential real estate brokers, attorneys (who know you), CPA’s (who know you), and estate planners (insurance agents).

For More Information Or Help On Closing Commercial Loans Contact AnalytIQ Group.

By George Blackburne