Commercial Real Estate Lenders and Servicers: Changing Faces
When he became president in 1970, Elsea negotiated a merger with three other Detroit-area real estate firms and renamed the company Real Estate One. By 1999, Elseas sons, Dan and Stuart became co-presidents of the company, while their father served as Chief Executive Officer and board chairman. The father and sons then purchased Johnstone & Johnstone Realtors in 1995 and Max Broock Realtors in 2002. Dan and Stuart Elsea recently announced the acquisition of The Charles Reinhart Company, expanding the companys footprint in the greater Ann Arbor and Washtenaw County area.
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Real Estate Investing Without Borders
The basic idea is that the monthly loan payments, including the principal and interest, from many commercial real estate loans are combined and funneled through the trust. The periodic cash flows and the full principal repayment at loan maturity are similar to a bond and CMBS arrangers utilize this bond-like feature of mortgages to sell the bonds and the loan cash flows, as securities. These complex REMIC Trusts help to provide the crucial liquidity lenders need to refinance existing debt and originate new loans. Most borrowers do not know who oversees their loan until their property becomes distressed and the loan is transferred to “Special Servicing.” The REMIC Trust structure, while extremely complicated, can be simplified by highlighting the roles and responsibilities of two key players: the Master Servicer and the Special Servicer. The Master Servicer is the entity that services the loan while it is performing and is meeting all of its debt service obligations. Amongst other duties, the Master Servicer collects payments from the loans and receives a small percentage of the aggregate loan balance (typically 2 to property management jobs in maryland 9 basis points or 0.02 percent to 0.09 percent per annum).
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Before selecting a city or region of the country to invest in, you must first decide what you want to invest in. Will it be commercial or residential? Will it be multifamily housing or a niche like student housing? Once you make this decision, you can begin narrowing your selection to locations offering the best opportunities. After you find distant locations offering you the best opportunities in your specialty, its time to become a local real estate expert. Beginning this is no more difficult than googling real estate offices in [your favorite location].
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