We started to broker deals to mr. Schneider... He seemed to want to do all the deals we sent... He asked for only 5,000 in upfront fees now. Not this 7,500 and his rates are very attractive. At 10% i got several responses. And many of my good clients wished to do business with him... He sent out his term sheets. Which he said was from his atty...
I did due dellegence on the man and his practices... Upon reading of over 20 people that said he was not doing deals only taking upfront fees. I gave mr. Schneider the opportunity to proove he can do deals... My firm asked him for the following docs and proof to illustrate that he does deals... Not very hard if a person is really doing deals.
1. Provide name and address of your atty that has closed the loans for him. And have them supply 10 hud 1 documents to satisfied clients so that we may call them. No response yet
2. Provide the names of 10 people he has closed loans with... (i personally can supply over 100 if asked... Please note... We are not saying that he is not doing deals... And only taking fees... But as for all the new vendors we do business with. We ask for the information we have asked for... To everyone... The ones that can supply it... We do business with. And the ones that cant... We dont... My suggestion is to ask everyone for this criteria when dealing with new private lenders... As the economy is tough, and people are changing their business practices... If mr. Schnieder can supply thiese documents, we will love to be able to work with him. But it would only seem reasonable that anyone doing legitimate loans would be able to provide the documents requested...
3. If mr. Schneider is to do busienss with us. Or any person in the future, he must not accept any upfront fees... He may charge for the appraisal, to a 3rd party, in the mortage business the money comes at the closing. We have all lost deals, and we have all had deals close... The ones that close. You get paid. And the ones that dont it is the business we have chosen...
So far mr. Schneider has not been able to supply us with any huds... No call from his atty... Etc... So we have given him the opportunity to provide this info. And if he does we will report our findings... These are easy items to supply if a person doing the volume that mr. Schnieder says he is doing...
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