Raw land in Montana to be developed into luxury "glamping" cabins
In May of 2023, our client closed on the purchase of raw land totaling 80 acres located in Columbia Falls, Montana. The vast property is located near the beautiful Glacier National Park as well as the ski resorts in Whitefish, Montana. Our client plans to develop a number of luxury “glamping” cabins and other housing accommodations in the Montana countryside - giving park-goers and vacationers ample opportunities for luxury while exploring the state's natural beauty.
The requested loan amount for this deal was $1,110,000 and the property appraised for $1,850,000. The loan-to-value was 60%.
The Right Strategy: Professional and personal development will help you find greater satisfaction
The Right Strategy: Professional and personal development will help you find greater satisfaction
By: Keely Pate, Alternative Capital Solutions: Director of Development
Published for The Scotsman Guide / July 2022
Commercial real estate professionals have diverse backgrounds and experiences. After the initial entry into the business — whether through an employer or a training program — lenders, brokers, credit officers and other industry professionals all navigate their own unique career, both professionally and personally.
Where these professionals find themselves at the beginning of their careers, however, is not the final destination. Expanding knowledge and building new capabilities can lead to increased effectiveness and personal satisfaction. With ongoing regulatory and economic changes, technical advancements, and shifts in personal preferences and priorities, savvy lending professionals continuously evaluate where they are and where they want to be.
Continuing education enables mortgage finance professionals to maintain existing certifications and licenses, keep up with industry trends, diversify skill sets and prepare for new growth opportunities. With so many options in the marketplace, and limited time and resources, it can be challenging to identify the right development path for each professional’s unique needs and future goals.
An ongoing and intentional continuing education strategy can help commercial real estate professionals connect activities to desired outcomes while generating increased effectiveness and satisfaction. To quote John C. Maxwell, the renowned leadership expert, speaker and author, “If you want to reach your goals and fulfill your potential, become intentional about your personal growth. It will change your life.”
You may be familiar with the concept of using a SWOT analysis to consider the strengths, weaknesses, opportunities and threats to a business or product. A personal SWOT analysis can help generate clarity about an individual’s current state of development, and the results can be used to map out an intentional path forward when it comes to professional development activities.
Evaluate your strengths
The first step is to evaluate current strengths in the areas of knowledge, skills and abilities. Then, through self-reflection and constructive feedback from others, consider weaknesses by identifying behaviors that could potentially jeopardize relationships, as well as gaps in knowledge or skills that could possibly lead to oversights or missed business opportunities.
After that, consider possible external threats that could hinder professional performance and results. Lastly, evaluate opportunities that are available within the industry and your community, as well as your professional network and other places.
The commercial mortgage industry, as those involved quickly learn, offers endless opportunity to specialize and diversify. The key for each professional is to identify which areas of specialization and diversification are right for them.
Your desired future might involve the identification of new clients within a current niche, expansion into a different geographic market, or even a new product launch or service offering. Painting the picture of a desired future expedites the decisionmaking process for professional development.
Once the current state and desired future state have been defined, it is time to explore specific continuing education options and evaluate how each initiative will lead to the desired result.
Resource constraints such as time, funds and logistics will largely factor into the selection process. The following programs and activities outline continuing education options that professionals in the commercial mortgage field have utilized, along with the connection to desired business results.
Licenses and certifications
When prioritizing continuing education, mortgage professionals should first understand the applicable state licensing requirements and the educational requirements to maintain that license. After that, optional certifications and other continuing education activities can be considered.
Jobs within the mortgage industry have varying licensing requirements, which also can differ from state to state. Currently, the distinction that drives licensing requirements is consumer lending versus commercial lending. Most consumer protection regulations are not applicable to loans made for business purposes. But regulatory changes may impact licensing requirements, subsequently affecting continuing education strategies for commercial mortgage brokers and other industry professionals.
Professional certifications are usually voluntary initiatives for individuals to gain proficiency and, particularly when granted with an exam, demonstrate mastery of related knowledge. Although some certifications require continuing education, most do not.
Colleges and universities offer a variety of adult continuing education programs. These are typically led by expert industry practitioners or faculty. Ranging in duration from a few days to several weeks, the programs usually include in-person learning, virtual learning and self-paced e-learning. This flexibility makes programs in other cities and states a possibility for professionals with busy schedules.
Networking opportunities
Another reason to take part in continuing education programs is the opportunity for networking. The adage, “It’s not only what you know, but also who you know,” rings true for those in the commercial mortgage industry. An active network of brokers, lenders, accountants, attorneys and business owners offers the expertise needed to meet your clients’ needs.
Establishing a greater presence on social media has enabled mortgage professionals to expand to new geographic markets and reach potential clients outside of their existing professional networks. Online sites offer a wealth of resources that show how to better utilize social media.
Videos on YouTube, posts on Reddit and simple Google searches offer step-by-step instructions and free online tools to help market your services on platforms such as LinkedIn, Instagram and Facebook. Even if the decision is to outsource and have someone else manage your social media strategy, having a foundational knowledge of options and strategic considerations can lead to more informed decisions.
Skill expansion
Regardless of the industry, busy professionals can build capabilities through the expansion of skills outside of their direct job roles. For example, an experienced commercial mortgage professional dedicated time to the study of jiu jitsu. They found that it helped their ability to stay calm and solve problems under pressure.
Developing this skill relates to work situations, interacting with clients and troubleshooting challenging situations. As this person put it, there are many times in jiu jitsu where you are in a bad position with an opponent and panicking will only make it worse. You must learn to be comfortable being uncomfortable and to think through the solution, because overreacting will not help the situation.
A business coach also can help a mortgage professional develop new skills and strengths, including the ability to better understand situations and effectively respond to them. Many people use their own experiences and perceptions to interpret situations, then act without fully understanding the intent and motivation of others. Responding effectively, in a way that meets the needs of the situation, can make the difference in securing a client and closing a deal when the stakes are high.
In a dynamic industry such as commercial real estate finance, professionals who can listen to the client’s needs and develop effective solutions are better prepared for success. Increasing self-awareness and awareness of others helps to develop emotional intelligence or emotional quotient. Having emotional intelligence allows professionals to respond thoughtfully to situations. Utilizing a business coach, completing a personality assessment, and learning about conflict and communication styles are tools that can result in consensus building, clarity, and satisfied clients and stakeholders.
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Continuing education is not a one-way journey with a single destination. Instead, it serves as a resource to help professionals achieve desired results. It is one step within an ongoing strategic process of envisioning potential outcomes and then mapping a strategy of how to get there.
With changing external opportunities and obstacles — and with new programs and continuing education options — regular review and reassessment is a best practice for staying current and achieving fulfilling professional outcomes. After all, if you want to reach your goals and fulfill your potential, become intentional about your personal growth. It will change your life.