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Mortgage Broker

Real-Life Activities

Real-Life Communication -- Solution

Here's what you could say:

Hi Mark. Good to see you again. So I had a chance to run your records through the computer. I also talked with some of my best lenders. And they said a lot of good things about your business proposal and records. But they will not be able to give the loan you wanted. I'm sorry about that. But I do have some good news. We can set up a loan for $850,000.

It would run over 20 years for 7.75 percent, and is closed for the first five years. So after five years, we can look at it again. But until that point, you are locked in at 7.75.

And if you take this mortgage, you won't get final approval until you meet the following conditions within the next 45 days.

You have to get the city to inspect the building. You have to get a formal value appraisal for the building. And you have to get an environmental impact assessment done.

If these things are not done within that time frame, there is no deal.