[Gustan Cho]

Initially you need to complete the online mortgage loan application. If employed, 2 years W2S, 30 days paycheck stubs, and 60 days of bank statements

[Gustan Cho]

Point-of-sale systems are commonly used in various retail settings, including grocery stores, restaurants, clothing boutiques, hardware stores, and many others. They help businesses manage their sales, inventory, and customer interactions efficiently, improving overall operations and customer service. Point-of-sale systems pay residual income for business brokers.

[Gustan Cho]

Recourse and non-recourse mortgage loans are two different types of mortgage loans that determine the lender’s ability to seek repayment beyond the collateral (typically the property) in case the borrower defaults on the loan. The main difference between them lies in how the lender can recover their losses in the event of a default:

1. Recourse Mortgage Loan:

   • In a recourse mortgage loan, the lender has the legal right to go after the borrower’s personal assets and income beyond the collateral (the property) if the borrower defaults on the loan and the sale of the property does not cover the outstanding debt.
   • This means that if the property’s value decreases significantly, and it is not sufficient to cover the loan balance, the lender can pursue the borrower’s other assets or income sources to make up the difference.
   • Recourse loans provide more protection for lenders and can be riskier for borrowers because they are personally liable for any shortfall in the event of foreclosure or default.

2. Non-Recourse Mortgage Loan:

   • In a non-recourse mortgage loan, the lender’s sole recourse in the event of a default is the collateral itself, which is typically the property being financed. The lender cannot pursue the borrower’s personal assets or income beyond the value of the property.
   • If the property’s value is insufficient to cover the outstanding loan balance in a foreclosure sale, the lender must absorb the loss, and the borrower is not personally responsible for the shortfall.
   • Non-recourse loans are generally considered less risky for borrowers, as they provide protection against personal liability in case of a default.

It’s important to note that the classification of a mortgage loan as recourse or non-recourse can vary by jurisdiction and may also depend on the specific terms of the loan agreement. Additionally, the availability of non-recourse loans may be more common in certain types of mortgages, such as residential mortgages, as opposed to commercial real estate loans.

Before entering into any mortgage agreement, borrowers should carefully review the terms and seek legal and financial advice to fully understand their rights and obligations in the event of a default.

[Gustan Cho]

Alex,so you think we met our rate resistance cap?

[Gustan Cho]

Can you please get together with Felix later today concerning a $1.2 billion development real estate deal in Costa Rica 🇨🇷. Ocean front and waterfront 600 acre deal.

[Gustan Cho]

Phenomenal great product

[Gustan Cho]

Thanks for sharing the news. Seems like a break and light at the end of the tunnel. By the way, Ronda Butts has a developer client who owns the land ready to build. Can you please introduce Lorentino to Ronda or contact Ronda. It’s a ongoing client.

[Gustan Cho]

Lisa, perfect timing. GCA Mortgage Group is going to endorse and enter into a preferred referral partner agreement with The Credit Couple for credit repair, credit rebuilding, and credit restoration services for our residential and commercial loan borrowers. I had a two hour teleconference call with Amber Woodard, President and co-owner of The Credit Couple this morning and we are in talks of entering into a endorsement arms-length transaction referral partnership program with The Credit Couple. Amber Woodard will be doing due diligence on Gustan Cho Associates dba of NEXA Mortgage and Amber and I are going to regroup throughout the day into the rest of the week. We both like what was covered in this morning’s conference call. Amber Woodard is a former full time teacher and professor at the university level and takes her career in helping people rebuild and re-establish credit seriously. We are trying to work an infrastructure where we can streamline the credit prep programs for our clients, realtor partners, and loan officers on this forum as well as our websites. Please stay tuned.

[Gustan Cho]

Eric, I know you build condominiums. Without the land cost, how much can you build a multi-family building for. More interested in a two to four unit multi-family.