by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
The title is a funny play on words from advice Jeff Brown and Ron Feinberg gave me last week. When I returned from Inman last week, the market started melting down. I pride myself on my cool head but some days the Awshits sneak up and dominate my mind; Friday was one of those days.
IndyMac- discontinued neg-am
Bear Stearns- repriced neg ams by adding 2.25 points to the fee (thievery)
American Brokers Conduit- I didn’t know they were owned by American Home Mortgage until it was too late.
World Savings- a workable solution but their margins are so expensive. Now, they’re cheaper than the rest.
Jeff Brown told me that some smart company would figure out the void in the market in less than one month. Ron Feinberg said six weeks. I called the 2-3 borrowers and explained that the repricing may have made the neg-am loans a poor recommendation; it just didn’t fit into the plan I had created for them.
Look who slipped in the back door with killer pricing and terms. I’ll be damned! It took less than a week!
Jeff Brown says:
Kinda disappointed – off by three whole weeks. 🙂
That’s one in a row. 🙂
August 7, 2007 — 8:19 pm
Robert Kerr says:
Those are some hefty fees and rate adjustments.
August 8, 2007 — 5:19 am
cher says:
Hi Brian,
My husband and I hope to meet with you and Jeff next week. Have enjoyed reading your blog. Good news about Downey. They gave us one of our first loans when we first started buying property through Jeff.
August 10, 2007 — 9:10 pm