the 7 biggest loan mistakes real estate investors make

© 2016 Craig Higdon - 1 - Phone (888) 578-5441 x81 [email protected]

Here’s A Copy of the FREE Special Report I Promised You:

Greetings! Thank you for requesting this FREE report! Buying a commercial property is a major event in any investor’s life – especially if it’s your first time through the process! It is important that you understand how the commercial property loan application and approval process works, what it takes to be prepared, and how to separate the facts from fiction! That’s the purpose of this report…..

And Here’s Where I Can Help You My name is Craig Higdon. I’m with C. S. Higdon, Inc. and I do something very unique. I specialize in helping real estate investors, like you, identify the most cost-effective, low-risk ways available to finance and purchase income producing properties – and I get paid in the most professional way possible . . . on a contingency basis only! In other words, the only way I make money is if, after and when I’ve succeeded in helping you to acquire financing or purchase a building. If I can’t get you financing and you’re unable to purchase a property, you won’t owe me a dime -- whether we spend two hours together or twelve months! But that’s very unlikely to happen. You see, I don’t represent your “typical” bank or savings and loan. I represent a mortgage brokerage – a brokerage that specializes in mortgages and mortgages alone. A broker represent LOTS of different lenders, which means there’s a good chance I’ll not only help you find the best possible interest rate . . . but can help you find financing whether you’re self-employed, have good or bad credit, have a lot of money for your down payment or are just scraping the bottom of the barrel to find whatever money you can.

How do I do this? Simple! I have over 23 years of experience helping thousands of investors just like you! Because I don’t represent a “typical” bank or savings and loan, I’m not locked in or committed to offering you the interest rates and programs of only one bank.

“The 7 Biggest Loan Mistakes Real Estate Investors Make And

How To Avoid Them!”

© 2016 Craig Higdon Phone (888) 578-5441 x81 [email protected]

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I’m able to take your loan application and shop three, six, ten, or even dozens of different lenders and investors in order to find you the best possible rate and program available for your circumstances. I have contacts with lenders all over the country for hundreds of different loan programs. By doing this, I’ll not only be able to provide you with a competitive interest rate ... but I can assure you that whether you have enough money available to put 20 percent down or even less, you’ll have an opportunity to purchase commercial real estate. I don’t care if you have good credit, bad credit, or no credit at all! Now on the other hand, if you were to go to a local bank, there’s a good chance you’ll be locked into taking only the interest rate and program they offer. They’d probably require a minimum down payment on a building of at least 25 percent (or more) and you may not be getting the best rate or terms for which you qualify. The rate they have is the rate you’d get, and if you’re a little short on cash for a down payment ... “tough luck.” Now, with that in mind, who would you rather deal with?

So I’d Like To Do Something Special For You . . . Absolutely FREE of Charge – and Without Any Further Obligation!

I’d like to “buy” you 15 minutes of my time to discuss anything that may be of interest to you. During our time together, I’ll ask you a number of questions, the answers to all of which are confidential and will be shared only between you and me. I’ll detail my basic philosophies and I’ll ask you yours. I’ll tell you how I work with my clients and I’ll ask you if what I offer is something you want for yourself. If it is, then I’ll work out the perfect plan to help you finance a building. If this isn’t what you want, there will be no questions asked, and no hard feelings either. You see, I understand I’m dealing with your livelihood, and more importantly, a highly prized possession -- your real estate! I want our relationship to be a long and enduring one, not just a simple half-hour session. So, if you’re interested in taking me up on this special offer, I can be reached toll-free at (888) 578-5441 x81. I keep normal business hours, but I’m available for evening and weekend consultations as well. Sincerely,

Craig S. Higdon Director, C. S. Higdon, Inc. P.S. I hope you enjoy the “special report” you’re about to read. I think you’ll find it very helpful.


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A Special Report

For

Commercial Real Estate Investors

Commercial real estate can be an amazing source of passive income and wealth development. You’re to be congratulated for taking the time to obtain and understand this report. After helping hundreds of real estate investors analyze their properties from a lender’s standpoint, acquire those properties, and reposition their financing for maximum benefit, I’ve discovered that there are 7 Very BIG Mistakes that even the most experienced investors make time and time again when it comes to commercial loans. Knowing how to avoid these mistakes will not only make your financing process go much more smoothly, it will probably boost your returns and help you reach your goals faster. So in summary, here are those BIG mistakes:

1. Not knowing and correcting your credit situation ahead of time. 2. Not having your income and asset documentation together. 3. Not having your property documentation together. 4. Not understanding that ALL lenders are NOT created equal. 5. Not understanding the impact of “debt coverage” on “loan to value.” 6. Not understand your Financing Options. 7. Not working with an experienced Mortgage Professional.

Being aware of, evaluating, and preemptively correcting these seven things will help you avoid most of the costly mistakes associated with commercial real estate financing, as well as help you earn significantly more profits in less time. Enjoy!

“The 7 Biggest Loan Mistakes Real Estate Investors Make And

How To Avoid Them!”


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BIG Commercial Loan Mistake #1

Failing to Examine And Repair Any Credit Problems Prior To Applying For Your Loan

As with any other loan, your credit plays a major role in obtaining financing, how much financing for which you’ll qualify, and what kind of an interest rate you’ll get on the loan. Unfortunately, most people don’t pay attention to or monitor their credit files on a regular basis. If you’re going to invest in real estate, this is an absolute “must.”

“So, what is good credit?” Good credit for a commercial investor usually means a person has about twelve to fifteen solid pieces of seasoned credit with several real estate loans either showing as active or having been paid off successfully. For example, car loans, current mortgages, and charge cards which are at least two years old and show no late payments. Again, for real estate investors, successful maintenance of real estate loans is a “must.” Now granted, not everyone is perfect (in fact, very few are!) and we all have our ups and downs, so don’t be worried if you have a few 30-day late payments or some old collection accounts on your credit report. Today, credit reporting systems use a complex method of evaluating credit patterns which is distilled into and issued as a “credit score.” The higher the number, the less risk there is that a borrower is likely to “default” on a loan. Most underwriters (the people who would approve your loan) and underwriting systems that review your track record are looking for trends. In other words, they’re looking for a history or recent pattern of good or bad credit. Isolated incidents should not affect your ability to get a loan.

“How Can I Repair My Credit?” In most cases, a simple letter or phone call to the credit card company or business that originally gave you the “credit” can put you on the right track to having that “scar” removed from your report. It may not even be necessary though, based upon your recent credit patterns! Sometimes they’ll require you to pay-off the balance of your debt or send in a letter explaining why you were late with your payment. Don’t pay any creditor off without talking to a qualified professional credit repair specialist first! However, if you have a history of recent late payments, you’re probably going to have to let time take its course (although there might be trick or two here you can use). I can


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help you determine that through a quick review of your credit report, at no cost or obligation. I suggest that you obtain your credit report from www.AnnualCreditReport.com, get all three bureaus and all three credit scores. Doing so from this site will NOT affect your credit score and most lenders will accept this credit report for underwriting purposes. If you DO find “derogatory” items, then you will want to engage a credit repair specialist to help remove them and increase your score (call me for a referral). There are a million scenarios I could review, but I think it’s important you walk-away with two key thoughts from this: 1) Your credit can make or break your ability to acquire a loan; and 2) you must know what is on your credit report, your credit score, and begin to examine and, if necessary, repair any credit problems immediately.

“What role does my investment history play?”

Your investment history or “track record” will play an important role in whether or not a lender will want to finance your next property. Investment properties are often looked upon as a higher risk than if you were buying your own home. However, if you have a proven track record of successfully selling or managing investment properties with a profit, then you are more likely to get your loan.


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Not Having Your Income and Asset Paperwork in the Right Format for the Right Lender

What I see a lot of real estate investors do is to take the loan paperwork for granted. BIG mistake. Remember: You’re trying to borrow hundreds of thousands or millions of dollars. You need to make a GREAT first impression. Once I get a borrower’s credit squared away, I deal with the income and asset documentation. I often ask for complete Federal tax returns for three years, all schedules and supporting documents … then only get the first page of the State return! And then it becomes a scramble to get the rest of the pages together in a presentable package. I have to be straight with you here and tell you that I no longer deal with investors who aren’t serious about their loan files. They aren’t serious about their investments and I politely ask these paper-misers to get me the complete set or to please find someone else with whom to work. There are people like you out there who need real money and I have to get it to you!

So here’s what you have to know about loan file documents: There are two sets of documents with which we have to concern ourselves in a commercial real estate finance transaction. The first set concern your documents and the second concerns the property you’re financing. In this section we’ll focus on your paperwork.

“What personal documents do I need to have ready for the lender?”

So here's the "list" of Borrower documents … and keep in mind that they need to be neat, legible, and complete for you to have a greater chance of success in getting your commercial loan: For "EZ-Document" transactions: Advantages - less paperwork, fewer questions to answer; Disadvantages - more expensive, less money for the borrower.

1. Your credit report (see the previous section). 2. A Personal Financial Statement (you can ask me for a form or get one from my

web site). 3. A Schedule of Real Estate Owned (again, you can ask me for a form or get one

from my web site). 4. Two (2) months of your bank, brokerage, or retirement account statements – to

show you have funds to close and for reserves. 5. Copies of the Articles of Incorporation or Organization for any company that

will own the property. You will also want to get your By-Laws or Operating


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Agreement ready, too. Finally, you will need to get a current Statement of Information from your state Department of Corporations or its equivalent so that the lender knows that your company is in good standing.

6. Two forms of I.D. such as a Driver's license and Social Security card (this is for the Patriot Act).

7. A resumé or history of your real estate activities ("people" underwrite your file, so they want to know a bit about you as a person and as an investor). Show them your past projects and how long you’ve been a successful investor or business person … if you are just starting out.

(And you thought that this would be a long list ...)

For "Full Document” transactions: Advantages - less expensive, more money for the borrower; Disadvantages - lots more documentation, more questions to answer.

1. Everything mentioned in the EZ-Document list, plus: 2. Three (3) years of the Borrower's personal Federal tax returns, all schedules,

forms, and supporting statements such as W-2s and K-1s, signed by the Borrower.

3. Three years of any entity Federal Tax returns of which the Borrower owns 20% or more, all schedules (this includes the ownership entity, if you have one).

4. Current interim financial statements on those entities in #4, both Balance Sheets and Income and Expense Statements, dated within 90 days and signed by the Borrower.

OK, so we're getting closer to creating that perfect loan file. Now let’s look into the property’s documentation.


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Not Having the Proper Documentation for the Property

Being Financed

The third thing that borrowers tend have problems with is their property paperwork. Once your credit is handled and your income and liquid asset documentation are all tied up neatly we need to focus on this. I love it when I ask about these items and I get that glazed look in the eyes ... I know I'm in for a real exciting time! This is probably the most important part of the documentation process: Proving how much income the property makes!

“Why are the property documents so critical?”

Remember, this is "income property lending" we're discussing. Unlike residential lending, our focus is on the property and its ability to service the debt in question, i.e., your loan! With that in mind, we want to pay special attention to how we present the information concerning the property's income and expenses. As usual, we have to divide things up a bit depending upon whether we're discussing a purchase or a refinance. So here's my "list" of Property documents, broken into two parts: For Refinances:

1. A current Rent Roll (apartments) or Lease Summary. And please be thorough! Put in all of the information requested on the forms for these reports. Tenant name, unit, square footage, start date, end date, escalations and options. Also note any free rent, CAM charges, etc. Don't make it hard for the lender to evaluate your property ... you want to make it easy!

2. Income and Expense Statements for the past two years. You can substitute the Schedule E's from your tax returns, but also including actual statements will show the lender that you're involved in the property's management.

3. A Year to Date Income and Expense Statement if you are more than three months into a new year.

4. A Trailing 12 Months Income and Expense Statement. This is sometimes difficult to do, but your lender is going to extrapolate this, so again ... make it easy! These are especially critical in larger loan transactions.

5. A 12 month Pro Forma Income and Expense Statement. This is your estimate of the income and expenses for the coming year.

6. A Schedule of Major Repairs done during the period covered by your income and expense statements with notes indicating how they impacted the Income & Expense statements. You want to show as little Operating Expense as possible


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to maximize your loan. Capital Improvements are treated differently and won’t affect your calculated net operating income. I see this mistake often.

7. The Closing Statement from the original purchase of the property. Lenders like to know what you paid for a property and how much you have invested.

8. A current Real Estate Tax Bill. For Purchases:

1. Add the Purchase Contract, and 2. The Escrow Instructions (often the same document, referred to as the

Purchase and Sale Agreement). 3. The Preliminary Title Report.

If you are going to get a Construction Loan, call me for documents you will need to prepare for that type of loan request. OK … we’re one step closer to that perfect submission. But wait ... there's more! If there is an entity involved in owning the real estate, we’ll need its documentation, as well. Call me for information on this situation.


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Not Understanding That Different Types of Loans Require Different Types of Lenders

“Why didn’t my bank approve my loan?”

I hear this question a lot. One of the things that a real estate investors get confused about is that different types of lenders like different kinds of loans. And even lenders in the same class have different “tastes” for financing. Here are the major classes of lender:

1. Bank 2. Traditional Mortgage Bank 3. Savings and Loan 4. Credit Unions 5. Life Insurance Company 6. Wall Street Conduit 7. Private Money Lender 8. Small Balance Commercial Mortgage Banks

Banks are usually interested in a deposit relationship, like to “keep their money moving” so they make shorter term loans (think construction), and now are essentially front ends to the Conduits on larger permanent loan transactions. Traditional Mortgage Banks have more flexibility, often originating loans for banks, life companies, Fannie Mae, Freddie Mac, The Department of Housing and Urban Development (HUD), and Wall Street. However, economies of scale usually dictate that they do loans larger than $2,000,000. Savings and Loans (if you can still find one) charge higher interest and therefore take on riskier projects such as turn-arounds and vacant buildings for rehab. You generally have to know what you’re doing to work with these lenders. Credit Unions like smaller loans in their own communities and tend to be a bit more conservative than banks. However, their rates and terms can be pretty competitive. Life Companies only want the best real estate around. They offer great rates and reasonable terms, but there can’t be any “hair” in the deal. It has to be a very clean building in a good area with great long term tenants. Wall Street Conduits replaced the Savings and Loans in the early ‘90s. The provided desperately needed liquidity to the real estate capital markets. They


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“securitize” their loans and thus make it hard to pay them off except at then end of the loan term. Again, they prefer larger loans, starting around $3,000,000 Private Money Lenders, also known as “hard money” lenders, do the tougher deals. Usually based upon the value of the project they charge high interest and high points but will finance things your banker wouldn’t be seen in the same zip code with! Oh, and contrary to popular belief, their loans tend to be full recourse! Small Balance Commercial Mortgage Banks are a new phenomenon and offer real estate investors a real wealth of loan choices. They’ll do EZ-Documentation loans and they’ll finance all kinds of properties. Their rates are higher and they limit their loans to $5,000,000, but they are having a significant impact on commercial real estate. And guess what? There are exceptions to all of the above! That’s right … while you can use this list as a guide, it’s not exhaustive. Many factors can go into whether a particular lender would have an interest in your particular loan, including the time of year! There are also minor lender categories that I’ve ignored for the sake of brevity and because they have such a limited impact on the overall loan market. So which is the right lender for you? You’ll have to go to BIG Commercial Loan Mistake #7 to find out!


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Not Understanding How “Debt Service Coverage” Can Affect “Loan to Value”

“The lender first told me 75% LTV but only approved 50%. Why?”

I see this one a lot! One of the key concepts that divides commercial lending from residential is the idea of who is really qualifying for the loan. In residential lending, it’s all based upon how much debt the borrower can afford. In commercial lending it’s (almost) all based on the property! In residential lending you may be familiar with a couple of key ratios: The Housing Ratio (sometimes called the “Front End”) and the Debt Ratio (sometimes called the “Back End”). These both calculate a certain amount of monthly “debt service” (obligations) as a percentage of the borrower’s income. In commercial lending the lenders use something called the Debt Coverage Ratio or “DCR.” You’ll also hear it called the “DSCR” or Debt Service Coverage Ratio. Lenders express this as a minimum number, ranging from 1.10 to 1.50 depending upon a number of factors such as the type of property, its age, and the quality of the tenants. DCR is the lender’s cushion in the event things don’t work out as planned at the property.

An Example Let’s say you have a $1,000,000 retail center that has a Net Operating Income (NOI) of $5,000 per month and the lender you call tells you that they can go as high as 75% LTV or $750,000. They can offer you a rate of 7% on a 25 year amortizing loan, due in 10 years. Since you owe $500,000, you’re thinking: “Great! I can free up $250,000 in stuck equity and go buy another property!” Not so fast! The lender then tells you that the maximum loan will be “subject to a DSCR of 1.25.” So he takes your $5,000/mo NOI and divides that figure by the DCR of 1.25, thus giving him a cushion in the event someone doesn’t pay his rent. In effect, DCR’s reduce the maximum loan amount possible. (In practice, the lender may make adjustments for vacancy, management, and reserves …but I’ll keep the example simple). It looks like this:

5,000 ÷ 1.25 = 4,000 available for debt coverage So now we plug the $4,000 monthly payment into our financial calculator, using a 7% rate and a 25 year amortization. This gives us a maximum loan of only


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$546,000! Looks like you won’t be buying a new property any time soon … The bottom line is that you have to know what your lender’s minimum DCR is for your kind of property in your market. From there, you’ll be able to find out what your real loan will be once you get past the maximum loan to value hype.

“Are we stuck with this kind of underwriting?” Luckily, no. As I’ve mentioned in the previous section, there are lenders that will underwrite on a “global cash flow basis.” These lenders blend residential and commercial underwriting procedures that allow your cash flow from sources other than the property to count towards your debt service requirement. This means that you can conserve cash to get a property that today might be underperforming. So there is hope! See below …


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Not Understanding Your Financing Options

When it comes to financing your commercial real estate property, there are lots options available to you. Here are the basics:

All Cash

Yes, people do buy properties “all cash.” This is the most conservative approach and offers the investor the sheltered income that grows year by year. Returns are lower, but are predictable and offer protection against inflation. The funds can be all yours, or you can raise money from partners.

Down Payment and A New Loan … With A Twist!

You’d have to call this “traditional financing.” You raise a portion of the purchase price and the lender provides the balance. What’s not so clear is exactly how much the lender will give you. As I mentioned above, we’re all familiar with “loan-to-value” and how that figure can get knocked around by “debt service coverage.” I also mentioned that we have some mavericks coming into the market place that let you get more loan than the property itself can support. Unlike traditional lenders who pretend the borrower’s income from other sources does not exist, they actually count that income in an overall debt ratio! They offer real estate investors the ability to conserve capital and acquire more property for the dollars they have available. As more of them come into the marketplace, I expect to see overall rates decline for these kinds of loans. Isn’t competition great?

Types of Loans Most commercial loans do not “fully amortize.” This means that they are due before they are completely paid off. This is because most commercial lenders want to keep reinvesting their money as market conditions change. This applies to fixed rate loans as well as adjustable rate loans. Most carry a shorter amortization period, such as 20 or 25 years. Newer properties and apartment buildings will often get 30 year amortizations. Apartments also tend to get access to full amortization loans, too. As I mentioned in #4, the source of the loan has a large impact on the type of loan you get. Here are some more examples:


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Banks: Adjustable rate loans, shorter pre-payment penalties, higher rates, recourse to the borrower; Construction, Land, A&D Loans.

Mortgage Banks: Low rate fixed loans sold to Wall Street “Conduits” with tough pre-payment provisions; Bridge Loans; Mezzanine Loans, non-recourse.

Insurance Companies: Low rate fixed loans, flexible pre-payment provisions, can lock at application, slow, like large high-quality properties.

Private Lenders: High rate fixed loans, Construction, Bridge, Land, A&D loans, focus on the equity, low LTV, full recourse.

Small Balance Commercial Mortgage Banks: Medium rate loans, a full range of adjustable and fixed rate loans, multiple amortizations, permanent only, pre-payment penalties.

Which loan is right for you will be determined by a number of factors including: Your credit, the quality of the property, the purpose of the loan, the property’s location, the lender’s appetite for that kind of loan … and others. A qualified mortgage professional can be the difference between a successful transaction and one that goes nowhere.


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Not Working with a Reputable, Honest and Experienced Commercial Loan Broker

To Help You Finance Your Property Last but not least, who you choose to help you finance your property can make or break a transaction. Good investors research, interview, and associate themselves with a quality, reputable, service-orientated mortgage banker or broker. This is probably the most important factor in acquiring commercial real estate financing if you’ve understood this report to this point. This is an important decision. It’s not something you want to treat lightly. And being associated with the right broker can not only mean the difference between having your loan application approved or rejected – but saving you hours of frustration and thousands of dollars in long-term costs.

“So How Do I Find the Ideal Mortgage Broker?” That’s not very hard. There are plenty of very reputable, knowledgeable professionals out there to help you. You just need to know what questions to ask to make sure you get into the right relationship. Here are some questions I recommend you ask: 1) Can you furnish me with the name and phone number of three past customers? This is important. If the lender or loan officer is hesitant there’s a good chance they’re trying to hide something. Don’t get involved with them. Always ask for references. 2) If my loan gets rejected, will you return the cost of my application fee? Most broker/bankers will do an initial consultation free-of-charge, and provide you with a pre-approval at no cost. Once you apply for the loan, they may charge an application fee in addition to the cost of an appraisal and credit report. Laws vary from state-to-state, but check the application documents carefully to see what their policy is. Some states require bankers/brokers to return the application fee of the loan gets rejected. However, the law may only require them to return the money if the customer asks. Check with your state banking commission on the details. Most brokers in California do not charge application fees. Most reputable bankers and brokers will tell you about their return policy at the time of application. If they don’t, you may want to reconsider who you are doing business with.


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Note: Do not confuse and “application fee” with a “good faith deposit.” The former is paid at the time you apply for a loan. The latter is paid after the lender has preliminarily approved your loan and you accept the lender’s terms. Call me if you have questions about this. 3) How long have you been in business? And have you ever had your license suspended by the state banking commission or any government authority? These questions accomplish two things: 1) They demonstrate that you have educated yourself about the mortgage loan process and won’t be taken advantage of; and 2) They help you decide (for yourself) if they have experience and who’s going to help you finance possibly the largest and most important purchase of your life.

I hope this little bit of information I’ve provided to you is helpful. There’s a lot more I could discuss with you and would like to discuss with you, but that should really be done through a personal, private phone consultation. So please give me a call immediately at (888) 578-5441 x81 and schedule a phone appointment. I keep normal business hours. I wish you well on your “Road to Real Estate Wealth,” and hope that I can be a resource to help guide you down that path. Best wishes,

Craig Higdon Director, C. S. Higdon, Inc. P.S. Remember to get your credit report from www.AnnualCreditReport.com (and get all 3 credit scores). I’ll help you to evaluate it, if you like. P.P.S. Since you took the time to acquire and read this report, I know that you’re serious. I’ll even help you evaluate any current property you own for potentially better financing or a new one you’re thinking of buying … free of charge!


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What to do Next It has been my experience that the complexity of the commercial loan process requires a different approach to helping my clients evaluate their financing options. When I started out doing commercial and construction loans, the extent of my service was limited to calling a few local lenders to see what the best rate of the day was. As I got better at what I do, I grew with my clients. I also adapted to their changing needs. Now, I fully analyze a client’s portfolio, investment goals, and risk/reward profile before making financing structure recommendations. This growth process has taught me that I have to coordinate a number of professionals in other disciplines to move a loan transaction to a favorable conclusion. Only in this manner can I truly benefit my clients, earn their trust, and provide valuable advice for transaction after transaction. But first, I would like to meet with you. Coffee, lunch, ice cream, whatever. Let’s spend a few minutes getting to know each other and the scope of our practices. Once we’ve done that, then we can move towards helping you with your commercial real estate loan needs. Please call me at 888-578-5441 x81 and let’s get together. I have also developed a “15 Minute Commercial Loan Review” which I conduct over the telephone with my clients interested in commercial and construction loans. Here is what I accomplish in this fast-paced, no-nonsense session:

Investigate The Transaction - The key to a successful commercial real estate finance transaction is to understand all of the issues that affect the property and the guarantors. Missing a key item can set the process back weeks as we try to convince the current lender to move forward or start over with a new one. This will help you uncover hidden road blocks to your loan closing.

Evaluate Financing Alternatives - There is more than one way to get to the top of the mountain, but not all of them are easy or short! There are nearly as many ways to finance a commercial property and without someone showing your client the way, getting your loan funded can be an arduous experience.

Recommend Financing Structures - At the end of the interview, I will have narrowed the choices down to one or two ways that will get you the financing you need for the project. With my recommendations you will be able to quickly and effectively package your loan request for almost any appropriate lender.

This consultation can take place at your convenience. To secure a time for the consultation, please call me at 888-578-5441 x81 or send an email to [email protected]. Thanks! Craig Higdon


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About the Author

Craig S. Higdon graduated with a Bachelor's degree in Mechanical Engineering from the University of Southern California. He subsequently earned a Masters in Business Administration from Heriot-Watt University in Edinburgh, Scotland. After leaving school, he decided that he did not look good in a pocket-protector and consequently took a job on Wall Street as a retail stock broker. This began 30+ years of work in the financial services sector where he held jobs as an investment banker, business owner, and eventually as a commercial mortgage broker.

Mr. Higdon has been in the mortgage business since 1993 and is a licensed Real Estate Broker in the state of California. Mr. Higdon has extensive background in both residential and commercial mortgage loan transactions, including significant construction loan experience. His personal mission is to help small business owners and real estate investors create wealth through the acquisition of commercial income producing property. As a second degree black belt in Shaolin Kenpo, he considers it his personal duty to protect real estate investors from commercial loan misinformation. Craig Higdon Director C. S. Higdon, Inc.

the 7 biggest loan mistakes real estate investors make

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