« matrix: construction lenders »
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1 Builder/custom-borrower owns lot:
a) Max loan amount and b) max LTV
2 Builder model/spec: Max loan amount
3 Builder sold: Builder owns lot and has
contract to sell: Max LTV
4 Corporations, trusts and legal entities
5 First-time builder with limited experience
6 Newly self-employed
7 Owner who is a builder
8 Self-build: Max LTV
9 Condos: High-rise
10 Condos: Low-rise
11 Land development
12 Log homes
13 Mixed-use properties
14 Manufactured mobile homes
15 Modular homes
16 Partially completed construction
17 Residential lot acquisition: Max LTV
18 Rural properties
19 Second dwelling on single tax lot
PROPERT Y T YPES
20 100% CLTV
21 Additional advances
22 Blanket loans
23 Construction-to-permanent (all in one loan)
24 Draws on demand
25 Gifted lot
26 Payment reserve
27 Interest-only payment loans
28 Less-than-perfect credit
29 Line of credit
30 On-time completion bonus
31 Principal reductions with re-amortization
32 Remodel loans: Max loan amount
33 Stated income: Max loan amount
34 “No-Payment” option
3 4567 8
9 10 11 12 13 14 15 16
18 19 20 21 22 23 24 25 26 27 28 29 31 30
Bismark Mortgage Co.
400K 70 400K 60 Y
AZ CA CO GA HI ID IL IN MA ME MI NC NV OR TX UT VA WA
Y Y Y Y 400K Y
Please see website for additional information.
75 Y Y Y Y 90
Y Y 75 Y Y
NATIONWIDEexcept: AR AZ DC LA MN MS ND NM NV OR SD TX VT WI WV
Seattle Funding Group Ltd.
AK CA CO HI NV OR UT WA
For California properties, contact the San Diego office at 858-751-0556.
WADOT Capital Inc.
75 Y Y Y Y 75
Y Y Y Y Y Y Y 70 Y Y Y Y Y
ID OR WA
LTVs based on cost-to-construction. ID, OR & WA only
tell lenders you found them in Scotsman Guide
1a 1b 2 3 4567 8
9 10 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 29 31 30 32 17
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« tools & tips »
By Jim Shubin
Evergreen Home Loans
Cultivate Your Client Base
to increase your pipeline, set clear goals and follow through
With all the changes the mort- gage industry is undergoing, mortgage brokers may feel
lost at sea. Instead of allowing yourself
to drift, though, it’s time to set your sail
and reclaim your business.
The key to building your pipeline lies
with your client base. Here are some
tips for increasing your business by
building a strong client base.
First, start by setting clear goals on
how many loans you want to close in a
certain time frame. Write them down,
and then break each goal down by originations and fundings per month.
Now you know your desired closing
ratio. you must determine exactly how
many loans you have to originate each
month and each week to attain that
ratio. Let’s say you want to fund 100
loans in the next 10 months — that’s
10 per month. If your closing ratio is 90
percent, then you must originate about
111 loans in that time frame.
Next, consider and list the potential
sources for these loans. Generally, you
need six sources that are good for two
loans a month each. you probably can
think of that many prospective or current clients off the top of your head.
“Stay diverse enough to
be unaffected by one area
but focused enough to
have a clear view of the
clients you cultivate.”
Now, you have written clear goals and
a client list to help attain those goals.
The next step is to put your plan into action. Start with the clients with whom
you are already working and turn the
service candle up. Give them the first-class service and communication that
will set you apart from your competitors.
Simultaneously, start developing
past clients who have fallen back to
customer status. They will give you the
time needed to refresh and revive that
feeling of trust, and the business will
be there in a short time. Remember, the
No. 1 reason clients leave is that they
think you don’t care.
With these two groups in place, it’s
time to start developing new clients.
a new client can come from many
sources. Consider the three-loans-in-
one principle. The next time your best
real estate agent partner gives you a
loan, give exceptional service, and the
seller’s agent will be an open prospect
to whom you can also give exceptional
service — loans Nos. 1 and 2.
Jim Shubin has been in the mortgage
industry since 1975. Currently, he is a loan
originator with Evergreen Home Loans in
apple Valley, Calif. Shubin has owned net
branches, been a regional wholesale-bank-ing vice president, and trained hundreds of
loan officers and branch managers in the
Southwestern U.S. Reach him at jshubin@