This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
The mortgage business differs in many respects from selling and leasing of property. It resembles leasing, in the fact that a parcel can carry only so much mortgage, and each mortgage has a given number of years to run. Like the selling of property, the business divides itself naturally into clients and customers - the man with the money and the man with property on which he wishes to borrow - to find who has the money - to get the application.
The Realty Records Co. publishes each week a complete list of the channels through which mortgage money comes. It behooves each specialist in the placing of mortgages to be acquainted with such a list. In addition the Mortgage Indication issued by the Realty Records Co. publishes three months in advance of maturity a list of mortgages which fall due, giving the channel through which the money came at the time of the placing of the mortgage. This is an indication that mortgage money may be obtained from that source. The broker should also maintain a list of institutions making a specialty of lending money. The mortgage business might be classed under the following heads: Building Loans, Replacing Expiring Mortgages, First Mortgage, Second Mortgage. The placing of building loans in Manhattan requires a wide acquaintanceship with the professional builder. To replace the building loan with a permanent loan necessitates the following up of projected buildings as listed in the Record and Guide, a weekly paper devoted to real estate and building information.