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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 the industry has to offer. Our Exclusive Investor Associate LT Business Consultants (www.ltbusinessconsultants.com) who manages combined investor pools that go well into tens 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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