Archive for May, 2011
May
31
Should i be asked for a deposit on a long lease?
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I am leasing a shop (4 year lease) , they want quaterly up-front payments, which is fine, but on top of that they want a deposit, of another 3 months, is this standard practice? as i cant afford, basically 6 months rent up-front. As far as im concerned quaterly up-front is as good as a deposit!
no, i know what a deposit is for. but im not giving the landlord an extra £2.5k that i may or may not see again….
Quick House Sale
May
30
Is there really a new mortgage crisis on it’s way?
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May
29
Commercial Mortgage Commission Agreement – Timing
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When is the best time to ask your borrower to sign your commercial broker fee agreement? There is some debate over this. Though, all seem to agree that it should be before the borrower sees a term sheets that you have collected. This may seem a small detail, it’s one of those little ones that can have a big impact on your wallet.
If you’ve ever heard a borrower say, after reviewing a LOI you delivered, “oh, I know this Bank. I’ve talked to them in the past. Well, why do I need you?” than you know what I’m talking about. If you haven’t, than keep brokering commercial loans and you will.
Some brokers advocate getting a fee agreement signed while they are collecting documentation. Others recommend getting the borrower moving first, start reviewing and qualifying the proposed deal, than when they are confident there is something to work on, asking for an agreement then. Other will take it a step further, and only ask for the agreement to be signed when they have been issued an LOI from a lender/bank.
Which is best? I don’t know and I guess it depends on the deal, the borrower and your style.
Some commercial mortgage brokers act as a combination of a broker and an hourly consultant. This is more of a traditional approach and will require additional steps and a more thorough sales process to get borrowers to agree. Often commercial brokers that conduct business this way will only work on an exclusive basis and essentially demand that they will organize and conduct the whole shopping process and no matter what, will get paid. This strategy does have its draw backs though, like being “stuck” on working on deals that turn out to have little chance of funding. And, it can be a very difficult arrangement to sell to the borrower to give up that much control.
The other strategies are really about getting the borrower “pregnant” first, i.e. getting them involved than “slipping” the agreement in at the appropriate time. There’s some disagreement on the appropriate time within this as well. For instance, do you present both the Letter of Intent from the lender and your fee agreement at the same time, i.e. present the overall deal at the same time? Others would say that you are putting yourself in a vulnerable position and that you should get the borrower to agree to the fee agreement first, than after signature, present the LOI. This strategy would probably be more fitting if there is a general state of distrust or just a beginning relationship.
Whatever you decide, don’t depend on mere words or emails to protect you fee. Get it in writing get a commercial broker fee agreement signed or don’t be surprised if you have issues getting paid.
Sell House Quick
May
28
what are the most important items I should look for commercial lease?
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May
27
My husband and I are currently living in an apartment but really badly want to move to a house. We are stuck in the lease until the end of February. When should we start seriously looking for a house to rent? Can anyone help us with a few hints about shopping around for a house to rent?
Sell House Quick
May
26
100% commercial mortgage ?
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May
25
Sydney Southern Cbd Becomes Koreatown Causing Overcrowding of Appartments
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CHINATOWN has a new rival, KOREATOWN, according to research just released by Tim Green Commercial.
According to Tim Green of Tim Green Commercial, “the streets bounded by Bathurst Street, Pitt Street and Liverpool Street has been dubbed “KOREATOWN” by locals”.
Out of 41 shops that make up the “KOREATOWN” area, 24 shops or almost 60% were owned by Korean Australians, 5 shops were owned by Japanese Australian and 1 shop owned by Chinese Australians.
According to Tim Green “after speaking with local real estate agents we found out that students were renting apartments in towers such as Horden Tower, World Tower and Mirramar Tower and overcrowding them with as many as 10 students in 1 apartment. In fact, one unnamed tower has passed a by law giving the building management power to issue immediate eviction notices and $5000 fine to apartments being overcrowded”.
According to the ABS, enrollments in full fee paying courses of overseas students in Australia in the year to October 2007 increased 20% from 2006 to 437,000 and a study in 2006 by the ABS showed that Korea ranked 3rd for the number of students studying in Australia, representing 8% of all foreign students or 25,000 students.
According to various colleges in the Sydney CBD, most of the 25,000 Korean students study in Sydney and at universities and colleges in the city or city fringe.
According to Tim Green “the predominant types of shops indicate spending habits of the Korean community as there are 6 Korean hair and beauty shops, 7 Korean café/restaurants and 3 Korean convenience stores (with 2 more planned further down Pitt Street), hence one could assume the community spend most of their leisure time getting their hair and beauty treatments done, or eating out or shopping. In fact Noble Hairdressing has 2 outlets within 100 metres of each other”.
“Go to any place around the mid city shopping area on a Thursday, Friday or Saturday at 9pm and it is relatively quiet but go to the corner of Pitt and Liverpool Street and you can hardly move because there are so many people” says Tim Green.
As a sign of the times the City Convenience Store on the corner of Liverpool and Pitt Streets recently converted from a standard convenience store to a Korean convenience store. According to Jamal Gebara, owner of City Convenience Store “at night about 80% of customers are Korean students and Australians of Korean descent, whist during the day they (Koreans) make up 40%. I can only presume that they are studying during the day and go out after classes finish to either work in the area or shop and eat”.
FOR FURTHER DETAILS CONTACT : TIM GREEN 0418 289787
“Tim Green Commercial is Sydney CBD’s largest Australian owned commercial real state agency and specializes in leasing, managing and selling of commercial property”
See www.tgc.com.au
Repossession
May
24
Lombok Real Estate?
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Lombok Real Estate and Property Investment Services, offers property and real estate site listings in Lombok and also investment plans including for overseas investors and also sales property and commercial real estate, vacation villas rental holiday, flatlands and lands for sale, private houses, home rental, bungalows, apartments, hotels to shops at many attractive locations, such as city centers, villages, riverside, side lakes, forests, beachfront, hill top, rice fields and valleys in Lombok Indonesia visit more detail at http://www.lombok-global.com/lombokproperty.html
Quick House Sale
May
23
Default payment on a commercial lease in Ontario?
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I leased a property (and did not sign a lease).
I missed a single payment, but first and last was already paid.
I went back to my leased place to find the locks changed.
what are my options to getting my possessions back?
Did he have legal right to lock the doors without giving a chance to rectify the problem?
What are my legal rights in this situation and what are the landlords?
May
22
Discount Food Sector Expanding Into New Commercial Property
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Many of today’s headlines are quite rightly concerned with the international downturn the credit crunch is causing. Tales of redundancies, bankruptcies, slashed sales figures and financiers losing millions from their real estate investments are reported on a daily basis. Consumer confidence is falling and Great Britain is officially on its way to recession. One of the hardest hit sectors is the properties industry with realtors worldwide experiencing huge downturns in profits. Commercial properties simply aren’t leasing or selling and personal property sales are also at an all time low. Land is no longer worth its weight in gold and financiers are panicking and rapidly decreasing their investment property portfolios. However, some industries have benefited from the credit crunch. One of such industries is the discount food sector which has been experiencing unprecedented growth during what they are calling a credit crunch boom.
Aldi one of the key discount food retailers has recorded a record 23.9% year on year growth for the year ending November 2008 and plans to open between forty and fifty new stores a year across the UK and Ireland in a massive commercial property investment. One of Aldi’s key commercial objectives for the following year is to join forces with discount hotelier Travel Lodge. Aldi and the budget hotel chain plan to develop joint hotel and store sites throughout the UK and are currently undertaking a major commercial properties investment. The first joint hotel and store site will be in Newquay Cornwall and is due to open in the autumn of 2009. Travelodge are planning to develop a 74 room hotel above Aldi’s existing Newquay store. The next joint venture will be undertaken in Middlesbrough and will involve the pair becoming involved in a commercial property deal to launch a joint store and hotel in November 2009.
The Managing Director of development for Travelodge has reported that this new venture is enabling both companies to send out a clear message to the UK that the UK budget sector is going to make the most of the economic downturn. The credit crunch means that there are more commercial properties for sale and for lease available on the market than ever before giving Travelodge and Aldi availability to commercial property that wouldn’t have been accessible to either of them before.
The budget food and hotel sectors aren’t the only industries benefiting from the credit crunch and several online dating companies have seen an unprecedented increase in new members since the economic downturn has taken hold. New members are reportedly looking for new ways of meeting people that don’t involve spending money out on the town.
Repossession
