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 About
Us
What
Makes Us Unique
NYC Underwriters LLC
(N.Y.C.U.)
adheres to a philosophy that was developed with over 30 years of financial experience, which allows N.Y.C.U to properly underwrite commercial loan files as a hired independent contractor for some of the largest and most astute private investors and fund managers the industry has to offer. Our Exclusive Investor Associates, such as Greenspan Holdings (www.greenspanholdings.com) and LT Business Consultants (www.ltbusinessconsultants.com) manage combined investor pools that go well into the hundreds of millions of dollars.
N.Y.C.U.
also maintains a very select and honest broker client base, who along with our
Investor associates believe in
N.Y.C.U.’s
philosophy and stringent underwriting techniques. Their trust in
N.Y.C.U.’s
ability to handle the most crucial part of the process, relieves them of the
tedious pressures of underwriting and insures them the best possible results.
N.Y.C.U’s philosophy was derived from the theory behind the much needed professional
commitment to the underwriting process. In addition to the above mentioned
investor associates and broker client base that we maintain,
N.Y.C.U.
also provides commercial underwriting solutions on a daily basis to many
borrowers; exclusively through I-Bank (www.ibank.com)
N.Y.C.U.
utilizes only the latest most cutting edge underwriting software tools and
technology provided by Creden Trust (www.credentrust.com)
N.Y.C.U.
through our direct affiliate LT Business Consultants, now offers a merchant cash
advance program through Merchant Processing Services (www.mpsaccess.com)
The commercial programs that
N.Y.C.U.
have access to seem almost endless such as Conventional Mortgages, Hard Money
Construction Loans, Bridge Loans, Mezzanine Loans, Equity or JV Loans, Secured
and Unsecured Loans, Land Loans, Commercial Equity Lines of Credit, Asset Based
Loans, Art & Gem Loans and everything in between.
N.Y.C.U.
specializes in underwriting hard to place loans, such as Construction Loans,
Land Loans, Credit Challenged Borrowers, Stated, No Doc, High LTV’s, etc….
You will find it virtually impossible for any other source to come close to the
diverse programs
N.Y.C.U.
has access to.
Peace of mind; prior to
N.Y.C.U.
issuing any documentation, the client it must first be been viewed and approved
by an
N.Y.C.U.
attorney.
THE DISCOVERY:
Through out our vast experience in the commercial mortgage industry came an idea
that was born from frustration, 1st - although claims of being an underwriter or
having underwriting experience a “Loan Originator” at best, acts as a middle man
between him or herself, the client, the true underwriter and the lender. 2nd -
loan originators and underwriters are cut from a totally different cloth, the
originator is a commissioned sales person and although some are very
knowledgeable they simply do not possess the time, skills, determination or
passion to truly understand and dedicate themselves to successfully underwrite
YOUR LOAN
file properly. This is the main reason for most commercial loans not closing,
after all underwriting is a full time salaried position.
THE PHILOSOPHY:
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.
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.
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