Commercial Loan Processing By Nyc Underwriters

By Author: John Tang
Total Articles: 512
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The philosophy of N.Y.C.U. is simple we market ourselves as exactly, who we are TRUE COMMERCIAL UNDERWRITERS which has gained us the reputation and trusted client base that consists of private lenders (N.Y.C.U's Investor Associates). Along with a broker client base who work closely with and trust N.Y.C.U. to underwrite their loan files correctly on a daily basis. The tedious process of underwriting a commercial loan file correctly is the exact reason most loans do not come to fruition, when a file is not underwritten, packaged and presented to the lending source properly the lender will most likely decline to fund YOUR LOAN. It is always convenient for the Loan Originator to put the blame on either you the client or the lender (never themselves), when in fact 98% of the time it is the Loan Originators inexperience or inability to understand the underwriting process as the main reason for YOUR LOAN not closing, N.Y.C.U. prides itself on performing the necessary due diligence to properly package and present YOUR LOAN correctly. The winning edge to N.Y.C.U. is that we underwrite loan files directly for our investor associates, ...
... both as hired private underwriters as well as submitting loan requests from our brokers and borrowers alike. The bottom line is due to our daily relationships both as a hired source and a customer to our Investor associates, we know exactly how to underwrite, package and present YOUR LOAN to them in the correct manner. The missing piece or void to the commercial loan puzzle is that loan originators and or brokers have a volume mentality of throwing a large number of loan files against the wall to see what sticks, N.Y.C.U. refuses to be part of that process and takes the necessary time and effort to package and present YOUR LOAN file correctly, which gives YOUR LOAN the best possible support needed to close.

THE THEORY: Knowing all we know of how deceptive the commercial loan business can be, has led N.Y.C.U. to the theory of putting its extensive underwriting and due diligence experience to work, not only for lenders but for brokers and borrowers alike, we refuse to make false claims by telling a client what they want to hear. What we do claim with the utmost ethics is that we underwrite files for our investor associates on a daily basis and thus the likelihood of YOUR LOAN closing rises dramatically with N.Y.C.U. We know exactly what our Investor associates expect and that familiarity gives us the edge to underwrite, package and present YOUR LOAN file correctly.

The reality is a properly underwritten, packaged and presented loan file has a much greater likelihood of closing.

THE PROCESS: The process to the business in general is simple, but remains disturbing to N.Y.C.U. The Loan Originator Builds a relationship with the customer based on his or her product knowledge, personality and/or references (some are better then others). Some even issue a soft quote, which in most cases is a LOW BALL QUOTE designed to sign the customer up. It is at this point when the real work needs to begin but rarely does. The reason why most commercial loans do not close is the Loan Originator will do one of two things; 1st if the company they are working for claims to have underwriters in house, beware and ask to speak directly to the underwriter (companies claim to have underwriters in house but actually 97% of them do not). 2nd (which is most likely to happen) is the Loan Originator will submit YOUR LOAN to a lender incorrectly, sporadically and mostly prematurely. Maybe by submitting incorrect documents, such as short brief executive summary or incomplete 1003's, with missing Information or a tri-merge credit report with some red flag credit issues, all of this long before it should have ever been presented to a lender. At that time it is to late, as the lender has already viewed the incorrect, premature and or unprepared file and has made up his or her mind by acting on this negative information to decline the loan. At this point the Loan originator submits it to yet another lender and so on and so on. Being in the business we know there are many brokers out there that claim to be lenders. Be aware that 100% of the private lenders we know and do business with daily DO NOT originate loans, when a so called lender is trying to originate YOUR LOAN chances are they not a true lender and are just a broker in disguise.

JUST A FEW LOAN FILES CURRENTLY BEING UNDERWRITTEN BY N.Y.C.U.

1) - $25,000,000.00 Develop. Loan, residential resort, LA
2) - $116,000,000.00 Equity Position Financing, AZ
3) - $200,000,000.00 Develop. Loan, FL
4) - $1,650,000.00 - 67% LTV Cash Out Refinance Land Loan, NJ
5) - $1,500,000.00 - 89% Refinance Mixed Use Property, NY

Statistics along with Common Sense show time and time again that a properly underwritten, packaged and presented loan file has a Much Greater likelihood of closing.

Doesn't YOUR LOAN deserve the best support possible?

If the run around has got you down, call N.Y.C. Underwriters LLC.

Definitions According to MSN Encarta Dictionary:

Underwrite; (transitive verb) to lend the needed support to somebody or something:
to give the needed support to somebody or something; especially through the verification of crucial documentation.

Due Diligence; (noun) appropriate carefulness: the degree of care that a prudent person would exercise, which is a legally relevant standard for establishing liability.