About
Durante Parks is former residential investor that made thr transistion into commercial financing and investing succesfully.
After purchasing 20 plus properties, Durante was informed by his preferred lender that he no longer qualified for any additional financing unless he paid off some of his mortgages. At this time, he was earning more money that he had every earned and didn’t understand why he could no longer qualify for any additional mortgages.
The next day, he gatherred all his financial records and made a personal visit to his banker and spent 3 hour attempting to get his financing back on track. He realized that if he didn’t get this resolved, he would be virtually out of business.
What he discovered during this meeting was a a new term that he convinced him to get out of residential investing as fast as possible. Although he had numerous properties and was considered by many of his peers to be a very savvy investor, Durante realized that he had some serious problems that would only get worst with time. The term ”Full Recourse Financing” and “Personal Guarantees” took on a new meaning.
Durante left this meeting with the following understanding.
Property Zoning Restricitions: All properties Zoned for personal use will always require personal guaranteed and full recourse. This meant that as long as he purchased residential properties, he would always have to guarantee the loans.
FICO Credit Ratings Restrictions: Because all residential properties are Zoned for personal use regardless of whether they cash flow or not. Personal Credit Ratings determine whether a loan is approved and the rate you will be offered. The higher your credit rating is, the better the rates and terms you will be offered. The lower the rate the more expensive the loan would be and the less favorable the terms will be.
Durante reconixed a major flaw in the residential investing business that wasn;t taught by his instructors.
Any successful investor would eventually run into this “Credit Trap” for two reasons:
1: As Durante purchased more properties, his personal debt increased with each new mortgage. This caused his Income To Debt Ratio to decrease with each purchase.
2. Rental Income Not Reported. Although all of the properties cash flowed, the real problem was that the tenants’s rental income was reported to the credit bureau. The Lenders reported the mortgage every month but the rental income was never reported. This was a major flaw in the system.
Durante’ elected to sell all of his properties and to flip a commercial property rather than attempting to purchase one. He concluded that if he couldn’t qualify for any residential mortgages, he certainly wouldn’t qualify for any commercial fiancing. So flipping was his next option.
He locate a 600 unit complex put it under contract, ran a ad to sell if and received 2 offers on this property. One of the offers cam from a gentlemen that was a retired Bank Executive. This relationship lasted 3 years and Durante was personally mentored and trained by this executive in the inside world of commercial financing. During this period Durante financed over $100 Million Dollars in commercial properties and serves as a point man for several private banks in a multi billion dollar syndication.
Today, Durante runs a successful commercial financing business specializing in “Non Recourse” commercial loans and he has developed several unique and nice training programs and products.
Paper Boot Camp
This cash flow notes course deals with the details of buying, brokering and selling commercial paper. It focuses on How To Locate, Analyze, Buy And Sell Cash Flow Notes in a step by step process. It includes a work book all the forms and documents needed to stare a successful notes buying business. Click Here For Details About The Paper Boot Camp
Portfolio Financing Conference Audios
This is the unedited audios from a 3 day portfolio financing conference where Durante’ tell the entire story of how he financed a portfolio of 31 commercial properties valued over $100 Million Dollars using his Bank to Bank financing program.
(Click Here For Details About The Portfolio Financing Audios )
Virtual Money Broker Tool Box
This Financing Tool Box contains commercial lenders and Commercial Property Buyers. The Lenders provide Money Brokering opportunities while the Commercial Property Buyers provide Property Brokering Opportunities. This tool is ideal for Money Brokers, Commercial Property Investors and Realtors. This is the actual tool box that Durante designed for his personal use. A complete commercial Master Money Broker Tool Box integrated into a Web Site ” Virtual Money Broker”
Click Here For Details About The Virtual Money Broker Tool Box
Financing Data Bank Software
This Software provides a automated solution to information and data management. It provides a way to manage lenders and inventories of commercial properties. It also includes a direct link to the Virtual Money Broker Tool Box creating a complete financing system.
Click Here For Details About The Financing Data Bank
