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EXETER COMMERCIAL LLC, Jericho, New York PRESIDENT/CEO The firm was founded for the purpose of providing commercial mortgage funding as a correspondent of various lending institutions as well as a broker for deals not fitting those institutions parameters. Formed a partnership with an established commercial mortgage broker in the business for over 17 years in order to provide clients a one stop shop for their commercial mortgage needs. All loan functions are handled by our underwriting ... [More]

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What Are Your Hopes and Dreams For 2009?
[Self-Improvement:Goal-Setting] The big question at midnight after the New Years kiss(es) is what is your New Years resolution? The usual that get broken within 3 hours are losing weight, being a better father, better mother, work harder, not work so hard, visit my mother in the nursing home more often, drink less, take my medicine, go to the doctor and so on and so on.

World Crisis Management Once Again Falls to the United Nations
[News-and-Society:Pure-Opinion] The world once again finds itself in crisis, with the body that is tasked with handling it, the United Nations, being one of the more ineffectual and anemic institutions that we have at our disposal. Made up of 192 countries, the U.N., since 1945 when it was founded, has done some very good things in its' humanitarian missions (and some not so well). It is when we get to the role of the Security Council and the management of world peace, that it finds itself lacking any semblance of teeth, and in many instances, particularly when Israel is involved, an unbiased approach.

What is "Appropriate" Blog Material and Why Was Mine Pulled?
[News-and-Society:Pure-Opinion] What topics should be off limits in a blog? The answer is that it depends on the nature of the blog, its' stated areas of discussion, the audience that has access to it and where it is posted. Is a blog written by or for Disney a good forum for a discussion of pornography? Should a blog about the history and virtue of war be posted by its' writer on a website that is specifically hosted for discussions of pacifism? The answer to these questions are no and maybe in that order.

Does Baseball Need a Salary Cap?
[Recreation-and-Sports:Baseball] There are definitely bigger issues to ponder these days, but with spring training only a few months away, it's time to take another look at the process by which baseball allows some teams to use the system to get more powerful, while other teams without the TV contracts and big market positions struggle. I know the argument that these teams earned their positions and need to funnel the money that they make back into the team and into a superior product for their fans who expect playoffs if not championship every year.

Athletes, Privileges and the Law
[News-and-Society:Crime] World class athlete. College star. Professional athlete. It is not only a state of being, but it is most definitely a state of mind. What brings me to think about this is the conviction and sentencing of O.J. Simpson for murder. Did I say murder? I mean kidnapping, armed robbery and 10 other charges. This verdict came exactly 13 years to the day from when OJ was acquitted for the murders of Nicole Brown Simpson and Ron Goldman in what many saw as a travesty of justice, while others saw it as a huge civil rights win.

Torture - What is the Correct Definition?
[News-and-Society:Pure-Opinion] Let me open by saying that I totally agree with the premise that under normal circumstances nobody should be inflicted with torturous techniques. Period the end. I don't think that anyone, left or right, would disagree that the deliberate use of torture for no apparent purpose is absolutely wrong and should not be tolerated. That argument however, does not carry a great deal of sway when we are talking about the safety of Americans and our allies around the world, during what can only be termed as a time of immense global insecurity. Not a war by definition, but very unsafe times. An argument exists that by torturing to get imperative information that will hopefully be used to save lives, we may be no better than the enemy that we are trying to combat.

Is Morality a Four Letter Word?
[News-and-Society:Pure-Opinion] I have gotten used to E.D. commercials morning, noon and night when young kids are watching T.V., and they are wondering what an erection is, why it would last more than four hours, why the sink handle is falling off and spurting water into the air, why the couple is going into the bedroom and shutting the door, why these people are sitting in side by side bath tubs, naked, looking at the ocean and so on and so on. The people who censor and who are responsible for keeping these and other inappropriate things off of the airwaves must have been off work or in the bathroom when they discussed airing these. A micro second of Janet Jackson's breast during the Super Bowl raised a national uproar, but somehow these commercials are OK.

Would You Believe We Are in Recession?
[News-and-Society:Economics] You are not going to believe this, but today I heard that the data suggests that despite the fact GDP had only one quarter of contraction, it appears that we are in recession. Technically we would need two consecutive quarters, but many market analysts, those seers of reaction and not proaction, with a smattering of arm chair quarterbacking after the facts have seemingly been established thrown in, think we are already there.

The TARP Versus Other Government Spending Programs
[News-and-Society:Politics] Throughout the history of our Republic, the government has undertaken many large projects, programs and actions for the good of the people. In today's dollars, how do they compare in size with the TARP? In adjusted dollars, only two are more costly. This does not take into account the fact that the TARP may have to grow dramatically over time, which would indicate that it will ultimately be the biggest government "project" of all time. The Gulf War 2 and the war on terror, which at this point is open ended in terms of conclusion, will rival the TARP.

The G-20 Meets and Speaks
[News-and-Society:Politics] It appears, however, that if you look at the words that I have highlighted, the tone contains nothing specific but rather government speak for we have a big problem, these are the areas of importance, we have no idea how to fix them but will push it all off until some time in March so that we have have time to figure something out. We can also throw all of it onto the new administration.

Change Will Make Them Women and Men
[News-and-Society:Politics] John Cougar Mellencamp: "Changes come around real soon make us women and men." Watching the business news recently gets the blood boiling whether it is the continuing slide in stocks, the general feeling of malaise around the world or the commentary from guests. The anger gets particularly high when one hears politicians rambling on.

Is Your Stock Analyst Smarter Than a Fifth Grader?
[Investing:Stocks] "I think we've seen a bottom" If I had a nickel for every time I have heard an analyst say that over the past year, I would have all of my money back from the losses I have from listening to them in the first place. Just kidding, I never listen to these guys.

I Want a Bailout Too
[News-and-Society:Pure-Opinion] At this point in time it is a description of the majority of businesses out there. Who amongst us deserves a government bailout? Who is to big to fail?

Is it the Democrat Or Democratic Party?
[News-and-Society:Pure-Opinion] When the Democrat party is referred to in the media or by other commentators, it is often referred to as the Democratic party. In a bi-partisan way, both parties are democratic, but one by name is the Democrat party.

What is Bridge Or Hard Money Lending?
[Finance] As we all know from reading the papers and listening to the news, conventional banks are not lending. They are certainly not lending to marginal borrowers, and they are not lending to the most pristine borrowers. This has created a great opportunity for those that have the ability to lend, whether they are mortgage banks or individuals with funds. Bridge money lending. As discussed below, Bridge Lending is a fantastic opportunity that has been made even better by the fact that banks are holding on to the money that has been given to them by the government instead of lending it.

Name Your Favorite Wall Street Cliche
[Investing:Stocks] What Is Your Favorite Cliche (even a broken clock is right twice a day)? As a constant listener to business radio and watcher of business TV, I am consistently being given advice by so-called experts that is usually something that could be generated by my 12 year old.

Economic Information For Cocktail Parties
[News-and-Society:Economics] In about 5 days we are going to know who our new president is, and have a better idea of the direction that our fiscal policy is going to head in. Higher taxes, lower taxes, higher taxes for the rich (if earning above $250 K is considered rich), more drilling, less drilling, more green, less green, more government, less government, etc.

It's Beginning to Look a Lot Like Christmas?
[Investing:Stocks] The Conference Board announced the October reading fell to 38, well below the expected number of 52, and one of the lowest, if not the lowest reading since this number has been reported. I was listening to a talking head on the radio who said that it is not what the consumer says, but what they do. These can sometimes be different. They are now unfortunately the same.

Why Does it Pay to Modify Your Mortgage?
[Real-Estate:Mortgage-Refinance] What Happens To Your Home When You Can No Longer Afford Your Mortgage Payment? With the turmoil in the financial markets, rise in unemployment, drop in the equity markets, and the incredible increase in the amount of mortgage lates and foreclosures around the country, is there anything that a homeowner can do to save their home from the lender that is holding the mortgage note?

Don't' Give Up on the American Dream of Owning a Home
[Real-Estate:Mortgage-Refinance] Can I Afford To Buy A Home? A better question, given the steep drop in housing prices and the fact that we are in one of the best buyers markets seen in a long, long time, is can you afford not to buy a home if you have been considering it.

Watching the Numbers That Are Watching the Vote
[News-and-Society:Politics] Measures of Liquidity and Fear - Ahead of the jobs data and in front of the House vote on the bailout bill, I want to take a look at two of the markers for fear and liquidity. These are the ted spread which is a comparison of the 3-month LIBOR and the 3-month T-bill. The wider the spread, it is an indication of a lack of liquidity in the credit markets.

Congress - Do You Think They Really Feel the Pain on Main Street?
[News-and-Society:Politics] Do These Guys Really Feel Our Pain? As a follow-up to the bank bailout resolution for this crisis that may be passed this week, I just wanted to touch on a phrase that is used incessantly by the politicians as they run to the microphones in order to get their piece of face time for the constituents back home. The phrase that pays is that this bill will not just be good for Wall Street, ...

From Exuberance to Business As Usual
[Finance] Monday we had the huge stock market rally on the heels of the news coming out of Europe over the weekend, which took us into the pre-open announcements in the US on Tuesday, which led into a continuation rally, at least at the open of trading on Tuesday (the open was the high). We are now back to the basics of the market, trading on uncertainty, prospects for a recession of undetermined length that will have a large impact on corporate earnings as well as a slew of economic data being released today and down the road.

Stocks, Credit Markets and the Man
[News-and-Society:Pure-Opinion] I am watching and listening, trying to figure it out. Watching the markets and the news flow. Listening to the politicians, government spokespeople and the talking heads of business news. If I can figure this puzzle out, it will tell me where we are going. Then I will tell you.

It's a New Week - Pleasure Or Pain?
[News-and-Society:Economics] I am watching a little football, doing a little work around the house, and at the same time keeping my eye on the business wires to see if there are any new developments around the world that could impact the stock markets, but more importantly the credit markets and the willingness of the banks to lend to each other as well as to us, the rank and file citizens currently paying the price. I was not happy on Friday night listening to Chairman Paulson, or Saturday morning listening to President Bush give a brief update in front of the G-7 leaders. It all sounded like so much of an outline to potential solutions that could be put in place, instead of a firm and definite plan that was set to be implemented.

Vote For Your Favorite Political Cliche
[News-and-Society:Politics] Congress Is On Vacation For A Couple Of Days: Let's Take A Vote. Since the Congress is taking a couple of days off, let's take this opportunity to look at some of our favorite cliches that come out of the mouths of our politicians, and take a poll of which are your favorites. I have not been able to get my hands on the list of cliches given to each member when they are sworn in (or so it seems)...

Not Going to Be a Three Legged Stool
[News-and-Society:Politics] The calvary coming to the rescue as stated by a congressman yesterday must have been riding lame horses. I woke up to a picture of Connecticut Senator Chris Dodd saying to the TV cameras that there is no deal because the Democrats will not move forward without bipartisan support. His point is that they will not move forward with this bailout proposal as "a three legged stool." That sounds like some real political courage.

Response to Harry Reid
[News-and-Society:Politics] I was driving in my car listening to a press conference that Harry Reid, Democratic Leader in the Senate was conducting. He said that although this entire mortgage and banking crisis was the doing of the current administration, he and the Democrats were willing to work in a bi-partisan way to solve it. I don't know if that is the case, and while I try and keep my political thoughts to myself in terms of favoring one party over another, I have to respond. While the ultimate "blame" probably stretches back to before the current administration, stories have been told of the fact that members of Senator Reid party have been more that willing to participate in the problem.

The Bailout, Real Estate, Mortgages, Economy and the Stock Market - Oh Boy!
[News-and-Society:Economics] As a participant in the commercial mortgage and real estate markets, I want to know if it will mean that financial institutions that remain will once again be willing to lend. Once we know that they are willing to lend, the question will become who they are going to be willing to lend to.

Underwriting Through the Eyes of the Underwriter
[Real-Estate:Commercial-Property] Getting a borrower to approach you with a commercial mortgage loan scenario is only the 1st step in the commercial mortgage loan process. Upon your first analysis of the scenario, there are a great many combined factors that will determine if it will ever fund or close. The best borrower and the best property means nothing if due to some error, a careless mistake or a poorly put together loan package there is no closing.

September 11, 2001 - Where Were You?
[News-and-Society] It sounds very cliche, but I am sitting at my desk and my mind wanders to where I was on September 11, 2001. Also cliche is that this event is compared to where people remember that they were on the day that Pearl Harbor was attacked or the day that John Kennedy was assassinated.

What Goes Up Must Come Down - And Visa Versa
[Real-Estate] We have been through the cycles of the real estate market before , and we will go through them again. Right? We have seen the rise and the fall of the stock market many times, gold, oil ,copper, coal and any number of other markets and will see them again. Right?

Analyzing a Commercial Mortgage Loan - Net Operating Income
[Real-Estate:Mortgage-Refinance] In my previous article we touched on the basic criteria that make a commercial mortgage loan a much different animal from a residential mortgage loan. In a nutshell, it is the fact that whatever loan amount is desired for an income producing property must be supported by the income that the given building produces.

Analyzing a Commercial Mortgage Loan - Capitalization Rates
[Real-Estate:Mortgage-Refinance] After we have determined an NOI that we are comfortable with, the next item that we will use in the process of analyzing a commercial mortgage loan, is a term that you probably have heard but maybe not completely understood. This is the capitalization rate or the cap rate of an investment.

Analyzing a Commercial Mortgage Loan - Introduction
[Real-Estate:Mortgage-Refinance] If you are a residential mortgage broker or investor that wants to begin to get involved in the commercial side of the market, one of the keys will be your ability to take a look at a property and determine if it is viable in terms of being able to support a loan. You can tell fairly early on in the process if it is worth the time, or is a waste of time.

Analyzing a Commercial Mortgage Loan - Debt Service Coverage Ratio
[Real-Estate:Mortgage-Refinance] We are now going to look at the most important number, the number which will go a long way in determining whether or not a commercial mortgage loan can get funded. It is a number that can get a loan amount cut, or even potentially increased. This number is the debt service coverage ratio, or DSCR.

Whose Country is it Anyway?
[News-and-Society:Politics] With politicians, the peoples business is ALWAYS secondary to their business. What business is that? Perpetual re-election.