Real Estate Broker, Promissory Note, Mortgage Financing Expert Witness

Expert No. 83

Education and Training

1956  
Law Degree /Accounting Minor  from University of Denver

1961 to Present  
Colorado Real Estate Broker Specializing in Promissory Notes
All annual continuing education requirements fulfilled

1984  
Certified Commercial Investment Member Designation From National Assoc. Realtors

Practical Experience

As a Real Estate Broker I represented buyers and sellers of residential property, industrial property, and commercial property. Many of my transactions utilized "creative financing vehicles" such as seller provided mortgage financing with a promissory note and deed of trust, purchase and lease-back financing, exchanging equities for equities in lieu of using traditional financing, and exchanging a promissory note mortgage for equity in lieu of traditional financing. The foundation of all of these financing methods was the understanding and utilization of promissory note financing secured by real estate.

As a Business Opportunity Broker I am representing business sellers and business buyers. A majority of these transactions utilized seller provided financing -  a promissory note secured by real estate and/or secured by furniture, fixtures and inventory.

As a Principal when buying and selling real property and business properties for my own account, promissory note financing played a significant role.

As an Investor, for thirteen years, I specialized in the origination of private money mortgage financing which was secured by a promissory note and a deed of trust on real property (a mortgage). I appraised the potential mortgage loan investments, I decided on which to reject and which to fund, and I arranged for the drafting of the loan documents (promissory note and deed of trust), and then I did the monthly servicing of the mortgage payments. During that period of time about 350 potential mortgage loans were appraised and about 175 mortgage loans were originated and funded. I was responsible for having the foreclosure process started when appropriate, and for overseeing its completion. Also, during that time I appraised, bought, sold and serviced numerous existing promissory notes secured by a deed of trust.

Buying, selling, originating, and appraising promissory notes secured by real estate and/or furniture fixtures and equipment have been my specialty and my primary activity for over 45 years.

Mortgage Note Appraisal

Appraisals/Valuation Reports are provided to note holders, attorneys, CPAs and financial planners on a fee basis. The report is tailored to the requirements of the client.

Qualifications

My qualifications to value promissory notes/mortgage notes are the result of having been an active, licensed real estate broker since 1961, who specialized in the promissory note business. I have been engaged in the cash-flow/promissory note/real estate industry for approximately 35 years.

I have always been self employed. My involvement in the real estate and promissory note business has been as a solo investor investing my own money, or as the lead member of an investment group, or as an advisor to other real estate and promissory note investors. My experience has included buying, selling, brokering, originating, servicing, valuing and appraising many sizes and types of promissory notes and mortgage notes in several different States.

As a loan servicer for approximately thirteen years I have been responsible for commencing about 85 foreclosure actions relating to delinquent loans. Essentially, I have worked the whole loan cycle, from evaluating the borrower and the collateral, to closing the loan, to servicing the loan, and to obtaining repayment of the loan. In many cases had to repair and rehabilitate the foreclosed property in order to market it and thereby recover the invested amount.

Transition

Starting about one year age I began transitioning from being a hands-on investor and operator to becoming a promissory note/mortgage consultant, fee note appraiser, and valuation expert in the promissory note field. During the past year or so I have done several formal, written valuation reports for attorneys, estates, CPA firms and private note holders.

I have a BS degree from the University of Denver Law School with a minor in accountancy. I am a licensed Colorado Managing Real Estate Broker. I have earned the designation "Certified Commercial Investment Member (CCIM)" from the National Association of Realtors.

Professional Organizations

Appraisal Institute (affiliate); Appraisers Association of America (affiliate); Colorado Bar Association (affiliate); Mile High Exchangers; National Council of Exchangers; National Association of Realtors; Colorado Association of Realtors; Denver Board of Realtors. 

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