Mar 1, 2019
Independence is leaving the commercial
real estate business. Listing agents are being hired by commercial
apartment lenders. Yes…they now work for the lender!
Gone are the independent real estate agents that represented the seller only. Today, listing agents have two bosses, 1) the apartment seller/owner and 2) the apartment mortgage company they are employed with. How do you serve two masters? The listing agent is almost forcing the buyer to use their commercial mortgage company; IF they want to be considered in “best and final.”
What this means to you… is that the buyer is NOW handcuffed to the listing agents’ lender…and will not get the best financing available. Your listing agent is now a mortgage originator and getting paid to push mortgages to the buyer, too! How is that possible? The listing agents mortgage company will not shop other agency lenders. The listing agent’s lender… will not get you the best interest rate, best leverage, and best terms available. In today’s podcast, Paul and James bring you up to speed on how and why this is happening and how it will impact you in the future.
To receive our FREE page WHITE PAPER REPORT on the (updated) 2019 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming educational events at Old Capital Speaker Series please visit us at OldCapitalPodcast.com
Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.