Recently I connected and met with Mr. Jim Moore an Army Ranger who served in Vietnam, and Jim has been incredibly successful as a Licensed Loan Originator in Scottsdale and Phoenix Arizona. Jim and his Mortgage Broker Team at Counsel Mortgage Group in Scottsdale are genuinely the community leaders in Arizona when it comes to Real Estate Mortgage Lending. The good service Jim and his team mates at Counsel Mortgage Group are providing the community and it’s residents in Phoenix area is truly note worthy and heart warming. Like for instance recently this team has been helping Disabled Veterans qualify for Veterans Benefits and qualify for home loans improving these Veterans lives. That is admirable on so many levels.
Starting as a Loan Originator
How did I decide to start the Loan Originator Path? I began the journey of learning more about Mortgage Brokers and Loan Originators after taking the Guidance and listening to the Good and Great Larry Ackman talk to Son Bill about his early years of Building Ackman Ziff. Listening to Larry Ackman’s personal story and guidance while talking about Structured Finance in Real Estate. This had a profound affect on me. Added with the fact Jon Gray the President of Blackstone messaged me some good uplift and cheer recently. And there you go, I said “Im gonna do this!” Now I am earning my Licenses in Arizona, New York, Kansas, Washington D.C. and Florida.
I must share as a Mergers and Acquisitions Transaction hunter it’s your job to disqualify or dismiss most of the opportunities or Deal Flow you come across. And in the mean time you find yourself with a ton of free time. So in all fairness it’s good to have a second career that can fill in the gaps of long periods of blank space. So I took the suggestion of Bill and Larry and began my journey going down the Loan Originator career route.
I do recognize I am currently studying to sit for the Series 65 Investment Advisors Exam, however that will be just an added skill and bonus to my already colorful background of learning new useful skills. I am laughing. Because this is just like me. After awhile of looking at the men I admire within Commercial Real Estate, I began to notice something. Most of these heavy hitters within Commercial real estate began and started their careers as Loan Originators. I can not help but to admit I am definitely on to something here. Here is a great example below.
Commercial Lenders
Gary Bechtel is the CEO of Red Oak Capital Holdings, this is a Company that raises funds to deploy for the purpose of short term Mezzanine Debt for Commercial Real Estate Projects and Transactions. Its a niche that took a beating during the COVID Pandemic, However Mr. Bechtel is charging ahead as one of the leaders in this niche of Real Estate Lending. Mr. Bechtel has been incredibly generous and supportive of my move into Loan Origination and for this reason? I call him a friend and community leader I could call. I hope he knows I am always available if I can be of use or helpful to his team of professional problem solvers. He is certainly someone I genuinely take guidance and leadership advice from.
If your investment committee is searching for short term commercial real estate lending? RED OAK CAPITAL HOLDINGS is your go to firm for Commercial Lending.
How do you become a Licensed Loan Originator?
The first step in this journey is to study and take a 20 hour Course and then sit for the Nationwide Mortgage Licensing System Test. (NMLS TEST) After this course of action you begin learning on the Job how to go out and spearhead opportunities. There is much more to add to this. However if you would like to learn more about Loan Origination? I would highly suggest watching Dustin Owen on the Loan Officer Podcast I have been devouring in my off time at night on the road here in the Southwest United States.
In all fairness I do recognize this path will likely take 2 years to fully develop. And I am good with that. And if you are looking to make a career out of Loans Origination or be a Bank Loan Officer? You will likely have different journeys. Here in Arizona according to state law I must spend at least 3 years working with a Local Mortgage Broker before I am able to move up to becoming a Mortgage Broker and open my own shop. In all fairness I can see why and I am good with that. So stayed tuned I will be posting a lot more on this subject as I begin building a book of business and finish my corse work and pass my NMLS test for licensing.
I highly suggest you visit the resources in this post. I am so lucky to find these people and be associated with a few.
Godspeed!
JS