News: Long Island

Great things are happening at Long Island Commercial Network

Great things are happening at LICN! Relationships are being forged between sponsors and realtors, realtor to realtor, affiliates and realtors. Sherry Rivera of Guardian National Funding was contacted by a company seeking to refinance their commercial property. The borrower was turned down by several lenders because they could not get environmental insurance. She suggested her borrower get their own environmental report. Using this they were able to proceed with financing with Guardian. As a member of LICN, Rivera met Chuck Merritt of Merritt Engineering at one of the meetings and used him as the vendor for this project and a relationship was developed. Gerry Geller of Exceptional Homes Realty LLC contacted Paul Fetscher of Great American Brokerage Inc, to consult on a restaurant he is seeking. Lynn Wagner of Exceptional Homes Realty worked with Bradley Diamond of Coldwell Banker on a listing he had. She brought her client to his listing. She was able to call him and ask questions and felt that as members of LICN they were on the same team working together to make a deal. Wagner also brought in Chuck Merritt for one of her clients. She is a great example of a realtor who knows how to take advantage of the many opportunities that LICN provides including improving her skill in commercial real estate transactions, and getting help in areas she feels she needs answers to. She is growing her commercial business as a result of the connections she has made at LICN. Most of the members look forward to the next meeting to be able to share their "Haves and Wants"- the properties they are looking for and those they have available. They also appreciate the opportunity to post these properties on the website and to send out a BLAST to all the members asking for what they need or announcing what they have. The benefits of the website are going to increase greatly over the next several months. Those who use it will benefit even more. LICN is a truly professional group and enhances the income, skills, and effectiveness of those that take advantage of all it has to offer. Join us at our Summer Gala on August 19 at the Soundview Inn in Glen Cove.
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Columns and Thought Leadership
The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.