Attorney Tom Miller
AttorneyForum Replies Created
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Chicago is staring down a massive $1.1 billion budget gap for 2026, with financial pressures mounting after a controversial pension bill added over $11 billion to the city’s long-term liability. Mayor Brandon Johnson now faces intense scrutiny from business leaders, residents, and political opponents as concerns grow over public safety, economic decline, and population loss.
The Chicagoland Chamber of Commerce warns that the city’s current fiscal strategy could stifle business growth and drive employers away. Rising property taxes, increasing crime rates, and an exodus of residents — particularly in Chicago’s Black community — are painting a grim picture for the Windy City’s future.
Mayor Johnson’s proposed plan aims to eliminate debt and increase investments in public services without raising property taxes. But can Chick go balance the budget while tackling crime, boosting economic growth, and keeping residents from leaving?
We break down the full story — the politics, the numbers, and what it means for Chicago’s future.
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I have a stocked pond, but during harsh, long winters, many fish die in the spring. Does anyone know how to protect fish from dying? I like to know how to kill all the Snapper Turtles 🐢 in my pond. What can I do with the green algae that are coating my pond? Thank you.
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I have heard of PELOTON exercise equipment, but never seen it or known anyone who has it. However, I ran into this 23-page manual about PELOTON exercise equipment and programs. Seems informative.
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I have tomatoes, runner beans, cucumbers, and courgettes all starting off in pots. I am currently digging the outside over and in the poly tunnel for planting out. There is still rainbow chard growing from last summer, making it one of my favourite things. My landscaper does it for us. How can you start your own garden? Step by step.
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That’s a powerful vision—and one that’s definitely in demand right now. Blending business development into your strategy to support self-employed folks and entrepreneurs is not just smart; it’s also deeply impactful. Here’s a structured approach to help you do that while continuing to grow yourself and your offerings:
1. Define Your Value Proposition for Entrepreneurs
Before you jump into strategies, get crystal clear on:
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Who you serve: Niche down—freelancers, coaches, solopreneurs, creative entrepreneurs, etc.
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What they need: financial clarity, scalable strategies, time management, client acquisition, or all of the above?
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How you help: Translate your existing experience into clear, benefit-driven outcomes.
2. Create a Business Development Framework
You’ll need a simple but powerful framework you can apply to your own work and to your clients’ businesses:
3. Package Your Services Smartly
Offer tiers or service bundles that match different growth stages:
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🟢 Starter – For brand-new entrepreneurs (clarity sessions, offer development)
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🟡 Scaler—For growing businesses (automation, lead generation, systems)
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🔴 Strategic—For mature businesses (growth strategy, partnerships, team scaling)
This allows you to grow with your clients.
4. Integrate Learning & Personal Growth
You’re growing too! To ensure you’re leveling up while helping others:
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Schedule regular upskilling time (e.g., 1 hour/day for learning sales, marketing, finance tools)
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Join business masterminds or coaching programs
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Track your own KPIs as you would for a client—make yourself a case study!
5. Position Yourself as a Growth Partner
Entrepreneurs don’t just need a service provider—they want someone in their corner. So:
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Focus on long-term retainer or advisory roles
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Offer accountability check-ins or strategy calls
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Celebrate wins with them—it builds loyalty and referrals
6. Automate Where Possible to Free Up Time
Use tools for:
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CRM and client follow-ups (e.g., HubSpot, Dubsado)
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Automated scheduling (Calendly, TidyCal)
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Proposal and contract templates
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Email marketing and funnel-building (ConvertKit, ActiveCampaign)
Would you like me to help you sketch out a sample offer suite or create a landing page outline for this business development idea?
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GCA Mortgage Forums News – Weekend Edition (March 10 – March 16, 2025)
During the week of March 10 to March 16, 2025, there were some noteworthy stories in different sectors, such as politics, economics, environmental issues, and social issues. Here’s a summary highlighting the primary stories in the limelight throughout the week.
Political Affairs
America—China Relations:
- This week, the new tariffs on Chinese commodities worsened the tensions between China and the United States.
- The Biden government justified its position on the newly imposed tariffs by citing national security issues and predatory dealings.
- This resulted in an immediate backlash from Beijing, which stated it would defend itself.
Congressional Hearings:
- The House of Representatives conducted several hearings, starting with Technology Regulation and working with major tech CEOs.
- Lawmakers were worried about Big Tech corporations’ lack of data privacy, misinformation, and monopolistic powers, indicating a change of behavior toward more regulation.
Economic Statistics
Inflation Rates:
- Regarding the decreasing rate of inflation, the February Consumer Price Index reported a CPI of 2.8 %, a decrease from 3.0% in January.
- Just like in January, this figure provides some needed comfort to the Federal Reserve as it fights to maintain an unstable monetary policy.
Market Updates:
- The Dow Jones Industrial Average showed volatility over the week.
- It closed down 0.5% on Friday due to worries about increasing interest rates and geopolitical conflicts.
- Market participants pay particular attention to the Fed’s signals regarding future monetary policy tightening.
Real Estate And Housing News
Low Housing Inventory:
- According to multiple reports, the inventory of houses for sale is at critically low levels, which is exacerbating the rise in home prices.
- The National Association of Realtors pointed out that there is a serious need for more construction to meet the demand, particularly in the market for affordable housing.
Interest rates:
- The rate on 30-year fixed mortgages remains steady at 6.68%.
- This stability may trigger some homebuyers to act before rates rise.
- Experts advise buyers to look at multiple lending institutions and programs to secure the best-suited financing for their needs.
Debates About The Environment
Policies to mitigate the effect of climate change: An Intergovernmental Panel on Climate Change (IPCC) published a report about the need for more definitive actions to reduce the impacts of climate change. The report highlights the importance of reducing carbon emissions and investing in renewable energy resources to help mitigate the effects of global warming.
Wildlife Conservation:
- The effort to reintroduce beavers into England’s ecosystems is gaining momentum.
- Conservationists consider this a win for biodiversity, considering beavers are a keystone species for wetland health and water quality.
Social Developments
Healthcare Accessibility:
- Advocacy groups have been pushing for more access to healthcare services, especially mental health services.
- Many claim the American healthcare system is fundamentally broken.
- One of the most recent polls highlights that many people face challenges obtaining necessary care.
Education Policy Changes:
- As with many other areas of the educational system, there are also inequities in funding and resources among schools, leading to variations in student educational outcomes.
- The Department of Education’s recent policy change was meant to address those issues by implementing new equity guidelines.
Cultural Highlights
Film and Entertainment:
- The wait is over.
- Multiple studios revealed their summer line-up, and the entertainment industry has been resting excitedly.
- Forthcoming films people look forward to are sequels to well-known, loved franchises and entirely new original content.
Art and Exhibitions:
- A new exhibition displaying art by contemporary social issue artists opened in New York City, capturing the public’s attention.
- The exhibition’s purpose is to spark dialogue about identity, community, and social change.
- From March 10 to March 16, 2025, several critical developments occurred.
The socio-economic level is continuously changing and always complicated. Everyone involved in these issues, from the business world to ordinary citizens, needs to be informed to know how to respond to the challenges while making the most of the situation.
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Shifting from Residential to Commercial Mortgage Origination
Shifting your focus to commercial mortgage origination offers a strategic opportunity to broaden your scope of business and increase your revenue.
Below is a detailed outline for making this shift.
Acquiring the Commercial Lending Process
Education and Training
- Take courses on real estate financing from the MBA.
- Enroll in programs offered by the CMSA.
- Obtain the Certified Commercial Investment Member (CCIM) designation.
- Become a member of NACLB for information and networking opportunities.
Recognizing Major Changes
- A borrower’s capacity to repay is less important than what is generated from the property.
- Debt service coverage ratio (DSCR) and LTV (Loan to Value) are also critical, along with NOI-Net Operating Income.
- Specific documentation is required, like rent rolls and operating statements.
- 60-90 days period for closing as compared to 30-45 days for residential
Mentoring
- Observe operations of skilled commercial lenders.
- Work with junior commercial brokers or experienced commercial brokers for assistance on initial deals.
- Commercial real estate investment groups.
Types of Commercial Loans
- Conventional Commercial Loans
- Credit Unions, Banks
- Usually, Terms are 5-10 years with 15-25 year amortization.
- Compared to residential, lower LTVs (65%-75%)
- The primary consideration is the borrower’s creditworthiness and the property’s performance.
SBA Loans
- The general purpose of SBA 7A loans up to 5 million
- SBA 504 loans for commercial real estate and equipment financing (Max limit is $5.5 million)
- Lesser believed payments and longer terms of payment (maximum 25 years duration)
- Needs further proof and endorsement of SBA
CMBS (Commercial Mortgage-Backed Securities)
- The greater amount of funding (commonly starting with $2M)
- Availability of non-recourse clauses
- Fixed interest for 5-10 years
- More severe penalties for paying beforehand
Bridge Loans
- Financing is limited (start is 6 months, and max is 36 months).
- Closer to the mark interest rates but quicker to close.
- Utilized for acquiring, refinancing, or repositioning a property.
- Advanced relaxed standards for nursing.
Hard Money/Private Money
- The main reliance is on evaluating the property to give loans.
- Loans close quickly but incur higher interest charges and more fees.
- Normally issued for fix-and-flip properties or other transitional buildings.
- Not much documentation is needed.
- Becoming Affiliated with Wholesale Commercial Products.
- Affiliated with the bulk purchase of commercial products.
Research and Identification
- Build a list of readily participating commercial wholesale lenders available in your region.
- Go through their programs and study the guidelines and requirements for being a broker.
- Take part in mortgage and trade fairs.
Application Process
- Bundle and submit supporting documents along with broker applications.
- Present your business plan alongside your given industry experience.
- Prepare to undergo merciless assessment reviews of your business.
Sign NDA and Broker agreements.
Building Relationship
- Set intro meetings and presentations with an account manager.
- Encourage specific submission platform training.
- Learn to justify claims made on their documents.
- Remain connected and not disengaged.
Eligibility and Requirements for Commercial Brokers
- What so ever is outside of commercial is just business.
- Form the business type your commercial deals with using LLC or Corporation choices.
- Obtain all relevant business permits.
- Get Errors and Omissions Liability Insurance.
- Acquire, Lease Out, and/or Register Office Spaces
Financial Needs
- Have sufficient funds to cover running costs, leasing, and other expenses.
- Form alliances with various financial institutions.
- Open Accounts in Trust (Escrow) whenever necessary.
Professional Background
- Possess relevant skills and experience to support funding requests (Subordinated debt).
- Prepare and present reports of successful funding.
- Gather professional recommendations from former clients.
Generating New Clients For Investment Loans
Active Promotion
- Legal practitioners with an emphasis on real estate.
- Specialized accountants and tax inspectors.
- Real estate brokers and property sales agents.
- Real estate management experts.
- Intermediaries and business consultants.
- Commercial banking relations personnel.
- Economic improvement agencies.
Business Expansion and Advertising.
- Create a digital presence that promotes and focuses on doing business using commercial funds.
- Develop articles that inform business owners.
- Conduct seminars on investing in business property.
- Conduct responsive online marketing specifically on business funds.
- Create automated email workflows for prospective clients.
Policy Participation
- Become a member of organizations dealing with commercial property investment.
- Take part in selected business chamber activities.
- Go to targeted trade shows, marketing events, and conferences.
- Publish in commercial magazines and periodicals.
Lead Generation Scenarios
Scenario One: Developing Realtor Referral Partners
- John concentrated purely on developing relationships with mass commercial real estate brokers.
- Attends all locally organized commercial real estate social and professional gatherings.
- He created his own “Merchant Lunch and Learn” cadre, where he taught agents the basics of commercial financing and other ancillary services, such as business expansion.
- Assisted agents with preliminary offer analyses before they were put on the market.
- Created an automated system for qualifying properties step-by-step.
Accomplishment: Earned 70% of business from agent referrals with them, averaging a loan size of $2.2M.
Case 2: The Business Banking Alliance Builder.
Sarah fostered connections with business bankers at the local banks who:
- Were unable to process specific loans because of regulatory restrictions.
- Had clients needing amounts beyond their budget.
- Needed shorter turnaround times than the bank offered.
- She developed an organized referral program with distinct lines of communication and offered consistent feedback.
- She positioned herself as a trustworthy information source and provided regular market updates.
Result: In the first year of transactions alone, 18 were generated, which multiplied to an average of $1.4 million each.
Case 3: The Industry Specialist
- Michael made it a point to work solely on medical office financing.
- Joined healthcare industry associations.
- Sponsored medical conference events.
- Created specialized content addressing the novel necessities of medical practices.
- Medical equipment suppliers who knew when the practices were expanding supplied him with relevant contacts.
- For this property type, he built a reputation as the undisputed authority and…
Result: Paid marketing yielded results. He closed 12 transactions in his niche with an average of $3.8 million. Due to his specialized knowledge, he could charge premium fees and close at higher margins.
Networking with Referral Partners
Strategic Partner Selection
- Know the partners most relevant to your target clients and work with them often.
- Aim for quality partnerships instead of focusing on many.
- Research your meeting partners and learn about their business before the meeting.
Value Proposition Development
- Define clearly what their value is.
- Communicate your work as a commercial lender.
- Clarify how you protect their client relationships.
- Show how easily you do their job.
Customer Relationship Building Activities
- Educational sessions for teaching distinctions of commercial lending.
- One-on-one meetings focused on appreciating clients.
- Joint marketing with appreciative client-side events.
- Regular information, status, and check-in updates.
- Appreciation sign check mark before and after events.
- Client supporting events
Systematic Follow-Up
- Set up a CRM to monitor referral sources.
- Communicate schedules and share important updates about the industry.
- Reward promptly and acknowledge referrals on time.
Residential and Commercial Platforms Merging
Integrating Business Structures
- Design unique marketing and branding elements while maintaining relationship cohesion.
- Create and develop branding and marketing materials that tell the same story.
- Consider developing different websites for the entities that interlink.
- Establish relevant workflows for the various types of loans.
Team Development
- Employ and/or train staff to manage commercial documentation.
- Clearly articulate the job descriptions for all positions.
- Collate information to develop shared resources where necessary.
- Develop training programs that familiarize staff with other departments.
Client Education
- Send alerts to inform current residential loan clients about capabilities involving commercial loans.
- Prepare and provide instructional content for the commercial loan process.
- Conduct webinars or seminars for prospective clients dealing with investment properties.
- Develop and provide successful transaction case studies.
Cross Selling Strategies
- Examine residential client databases to locate business owners.
- Search for clients invested in residential premises with high rental yields.
- Conduct analyses of properties that clients are qualified to rent out as investments.
- Develop existing client referral programs.
Licenses and Regulatory Requirements
- Licensing for Commercial Mortgage Brokers can be controlled within the state limit.
- Based on the location, there are different standards that may not need a specific license in some situations.
- This is different from residential mortgage origination, which requires a mortgage loan originator license in all regions due to the NMLS framework.
State-by-State Variations
- Some states have no limit to having a distinct license as a commercial broker.
- Several states also require commercial mortgage vendors to have an official license.
- Some states govern these under laws that deal with real estate brokers or business brokers.
Common Materials
- Fees and information for state licensing applications.
- Conduct background investigations.
- Inquiry into set educational standards which differ significantly among regions.
- Documents that outline experience in the field.
- Verification of the financial standing to undergo a surety bond that fluctuates between $10,000 and $50,000.
Federal Guidelines
- Other registrations could be needed when working with SBA loans.
- The compliance programs for anti-money laundering and fraud.
- FTC and CFPB guidelines regarding advertising and business practices.
Professional Suggestions
- Speak with a legal specialist licensed to practice in your jurisdiction.
- Get in touch with your state’s financial regulatory body.
- Look into membership with some associations that focus on compliance updates.
- I suggest contacting your state’s Department of Financial Institutions or banking division for some of the requirements in your area.
- They differ considerably, and the criteria shift periodically.
Is there any part of the transition strategy you would like me to expand on?
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Absolutely! The following are some ineligible business purposes for funding an SBA loan.
1. **Refinancing Existing Debt**
Using these funds to settle existing loans or debts is not permissible.
2. **Purchasing Real Estate for Investment Purposes**
Reimbursing the purchase of real estate that is not used to conduct business operations is not allowed.
3. **Gambling Activities**
No funding for gambling operations or any other related activities is eligible
4. **Political Activities**
Funding of any political campaign, lobbying, or any political activities is prohibited.
5. **Illegal Activities**
Business activities that are illegal by federal laws, state laws or local laws are ineligible.
6. **Speculative Businesses or Investments**
Funding of speculative stock or commodity trading is prohibited.
7. **Paying Dividends**
Paying dividends to the share holders is not an acceptable use of the funds.
8. **Non-Operational Expenses**
Personal expenses or unrelated costs are not reimbursable.
For a smoother process when applying for SBA financing, understanding these ineligible uses is critical. From the start, ensure that the intended purpose of spending the funds conforms to the SBA regulations so as not to complicate the request approval process. If you have additional questions or need me to clarify anything, let me know.
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The process of guaranteeing loans through the Small Business Administration (SBA) is crafted to help small businesses receive much-needed assistance while minimizing the lender’s risk. This is an overview of the entire step-by-step process:
1. Getting Familiar with SBA Loan Programs
7(a) Loan Program: The most popular SBA loan is used for numerous things like working capital, real estate, and equipment purchase.
504 Loan Program: Exclusively designated for acquiring immovable property or sizeable equipment.
Microloan Program: Designed to help startups, these loans are smaller in value.
2. Being an Eligible Candidate
Business size: Needs to be within a certain limit as defined by the SBA, which is generally based on revenue or the number of employees.
Business Type: Other business types, like religious organizations and nonprofits, are excluded from qualifying.
Creditworthiness: Business owners require a decent credit score and a well-structured business plan.
Use of the Funds: The funds provided must be spent elsewhere, such as on equipment, inventory, and eligible business expenses, and not paid out as business loans.
3. Locating an SBA Lender
Some lenders do not offer SBA loans; finding one is critical. Once they are verified as approved to process these loans, a search can be done using the SBA webpage to locate the lenders.
4. Steps to Apply
Gather Documentation: Bank- and IRS-approved financial statements, business outline, and many other documents must be combined.
8 Steps in an SBA Loan Application: Steps 5, 6, 7 (Submission Steps 1-4)
* Submit Loan Application. Please fill out the lender’s application form and submit it alongside supporting documentation.
5. Lender Review
* Your application will be reviewed based on the lender’s credit policy and the SBA’s eligibility criteria. During this review, the lender may request further information as well.
6. SBA Guarantee
* After the lender approves your application, you can submit it to the SBA for a guarantee. The SBA guarantees a portion of the loan. For instance, they will guarantee up to 85% of the loan for loans lower than $150,000 and 75% for loans higher than that threshold.
This guarantee makes it easier for lenders to approve a loan since the repayment risk is lower.
7. Loan Approval and Closing
* Once the SBA approves the guarantee, you receive the funds, which can only be utilized for the reasons mentioned in the application.
8. Repayment
* The lender outlines the repayment structure, and borrowers are bound to follow it. Defaulting on payments can have devastating financial repercussions.
9. Loosely defined as ‘discretionary’ spending, post-loan covers: business, fintech, AI, and marketing. Borrowers receive step coupon discounts towards the repayment amount of the loan. Overseen by the SBA, these funds are to be used to support financial aid and business support.
With the guarantee of an SBA loan, small businesses can get the necessary capital while reducing the risk for lenders. Knowing the steps of this process and preparing for every part can significantly increase your likelihood of receiving an SBA-backed loan. If you have any additional questions or would like me to expand on certain topics, don’t hesitate to ask!
