Broker: In general terms, a
mortgage or financial broker is a “middleman”
that helps to present the borrower’s financial case in the
best light he or she can to as many lending sources as possible.
Brokers generally get an “upfront retainer”
(usually $1000 and up) without guarantees of performance.
The borrower and the lender in the same transaction may
compensate the broker. And the broker is often in the
position of “seeking qualified borrowers” for a particular
lender—there is not an incentive to find the very best deal,
but rather “a deal”. And the broker often uses the
shotgun effect, seeking any offers to loan and
then requesting the rate and terms. It is an unfortunate phenomenon
that the borrower’s request often becomes “shop
worn” as the request is circulated around the financial
community in which brokers are familiar. Confidentiality
is minimized, the lender establishes rates and
terms, and the ministry may be asked to provide “additional
information” time and time again as the broker confronts
different demands from different lenders.
Banker: Bankers are not “middlemen”.
Mission Management and Consultants (MMC)
is a mortgage banker. We speak “bank” and understand
the entire underwriting process. Our founder and President, has
over 25 years of commercial mortgage and banking experience, closing
loans in excess of $100 million dollars. His vast experience allows
him extensive knowledge in loan review, audits and compliance
issues that every banker must address.
First, we serve as in-house bankers for the
client ministry. We work exclusively for the ministry
client and will not take any fees, disclosed or otherwise,
from any other source in the client’s transaction. Through
the information provided in a one-page Application/Survey Form
we establish the budget right up front—how
much money the ministry can borrow and how much it can afford
to pay. From there, MMC first obtains the documentation,
ascertains the goals and objectives of the client ministry, and
communicates as necessary among the ministry, architect and contractor
to “structure” the loan so as to ensure that not only
are the funds for the budget available, but that the terms and
conditions work for construction process through its several phases.
MMC secures from its lending
sources one or more carefully targeted offers to
finance and presents each to the ministry with a complete explanation
of terms and conditions of each loan commitment. We negotiate
only with senior management at each lending institution. Then,
the ministry client, not MMC, chooses what transaction
will best serve its needs. The MMC package is
thorough, thoughtful, organized, and complete—meeting the
highest standards of underwriting and compliance before it is
ever presented to a lending institution. And it’s
confidential. The loan request is never “shop worn”.
Indeed, because of the precision knowledge of the entire process,
MMC actually pre-underwrites the entire transaction,
thus ascertaining the proper maximum rate and terms that lenders
will be permitted to charge. We dictate the terms for
our client’s request—not the bank! As a result,
MMC’s goal is to obtain one or more lending
commitments under the terms and conditions established by MMC
in the shortest period of time. This is possible because all of
the lender’s work is done for them and all they need to
do is assess risk and price the loan.
There is a considerable difference between the
middleman broker and the in-house banker.
About Mission Management and
Mission Management and Consultants LLC is one
of the leading church finance mortgage bankers in America. MMC
is an experienced team of bankers and professionals, called to
the ministry of obtaining financing for Christian organizations
with new or restructuring existing mortgages. Our mission is to
help Christian churches, schools, and ministries manage cost through
professional financing solutions.