- May 3, 2013
- BRA Tabbed to Market, Net leased NH Staples, featured in the Real Reporter
- Download PDF
- May 3, 2013
- BRA Tabbed to Market, featured in the Real Reporter
- Download PDF
- May 1, 2013
- Sanford Buys Prime 27,000-SF Retail Site; BRA Brokers Deal Funded by Belmont Savings, featured in the Real Reporter
- Download PDF
- April 26, 2013
- Gateway to LMA Up for Sale With Parcel 135 Listed Via Boston Realty, featured in the Real Reporter
- Download PDF
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Archive for the 'Distressed Debt' category
Follow these guidelines to fix or help your current credit score.
What To Do
• Order your credit report and search for errors. You can get free reports from annualcreditreport.com. Dispute mistakes! Please keep in mind there are an alarming amounts of mistakes on Credit Reports because of the amount of credit people have and have applied for.
• Pay your bills on time. Your payment track record accounts for about 40% of your FICO score.
• Maintain a healthy mix of credit. A blend of revolving; such as credit cards and installment loans can help boost your score. This is even more important over the past few years with some of the new regulations.
• Apply for your own credit cards. Have 3 open lines of active credit at all times.
What Not to Do
• Don’t max out your available credit. Keep credit-card balances low relative to your credit limit. This is even more important under newer regulations (again – which ones?). My personal suggestion is to never have a 30% credit balance or more borrowed on a credit limit. Example: $10,000- limit on a credit card, never go above a $3000- balance on that credit card, etc.
• Don’t dawdle when shopping for the best rate on a loan. Confine loan shopping to a few weeks so that credit inquiries won’t weigh on your score. Please do not have 10 Banks pull your credit in 10 days.
• Don’t open up a bunch of credit-card accounts you don’t need, thinking the higher lever of available credit will boost your score. Your FICO score will generally drop a few points with each new account.
• Don’t close old credit-card accounts in an attempt to improve your score. You’ll lower your total available credit, which could damage your score.
Ask me how to increase your score in 90 to 120 days?
Take out two new lines of credit (Yes, believe it or not I said take out two new credit cards) and use one for gas and one for groceries. I would suggest getting major Credit Cards (Visa, Mastercard, Amex, etc.) Use them, pay it off, use them, pay it off, use them, pay it off, etc. Never adding any additional monthly debt, paying all of the charges off every single month. This method will add 20 to 40 points to your Credit Scores in months.
Sources: Fair Isaac, WSJ Research
Questions? Comments? Use the form in the sidebar or call me!
Brian Cav is a Mortgage Banker in the Greater Boston Area with over 10 year of experience in the Financial Industry. Feel free to contact him at:
bc@SmarterBorrowing.com, tel 617.771.5021
Last Friday, the New York post reported that One Madison Park is headed for foreclosure.
Click here for article
As the industry has speculated for many months, Simon has made a $10B unsolicited bid to buy General Growth Properties. We do think there will be other bidders, but we predict that Simon be successful in their attempt to acquire GGP.
As the industry has speculated for many months, Simon has made a $10B unsolicited bid to buy General Growth Properties.
We do think there will be other bidders, but we predict that Simon be successful in their attempt to acquire GGP.
More stories about Styyvesant Town...great article in The New York Observer about the listing broker who sold the property to Tishman.
AND, more stories about the Peter Cooper transaction fall out.
Yesterday the Hanover Mall in Hanover, MA was sold at auction, back to the lender. Walton Street Capital of Chicago purchased the mall for just under $100M in 2003. The special servicer, CW Capital was the high bidder, the credit bid was $36,700,000---close to 65% less than the 2003 acquisition price.
Read the stories:
We believe exactly what is happening in the residential market, will occur in commercial, and probably worse. For example we think residential is in about the “3rd inning” here in MA. You would think the number is higher, but we tracked only $51.3M (courtesy of MLSPIN) in Bank Owned Property Sales in the City of Boston 2009; that’s it. To keep this stat in perspective, according to the tax records, Deutsche Bank has 501 properties in Massachusetts “on their books” OREO, that had a credit bid value of $118M! With Obama’s referendum on “foreclosure bans” coming to a close soon, the flood gates haven’t opened just yet. If what Bank of America is doing in Nevada, (Releasing 6K homes to the Nevada Marketplace) is any show of the times, watch residential home inventories to increase, further delaying recovery on pricing. http://www.lvrj.com/business/bank-of-america-to-release-homes-81453352.html
I am the Founder and Principal of Boston Realty Advisors. Please check in weekly to review my blog entries. I value client/reader feedback!
Sources from this research are from Public Tax Records supplied by The Warren Group and data compiled by MLSPIN.