ANALYSIS OF REAL ESTATE BUSINESS AND BANKING INDUSTRIES OF THE USA AND KAZAKHSTAN, PORTLAND, OREGON, USA
Last summer the author had a wonderful opportunity to observe Real Estate Businesses in Portland, Oregon, U.S.A.
Marshall Commercial Funding, Inc was the fist place of internship. It is a mortgage firm that finds financing for most types of commercial real estate of loans in excess of $1,000,000. I had the opportunity to work on the underwriting of St. Clair Place, a mixed use retail/office building located in Bend, Oregon. The borrower provided the historical operating statements and current rent roll for the property. With this information I inputted the historical data into a three-page Preliminary Loan Analysis Excel spreadsheet. This analysis sized the proposed loan and estimated the sources and uses of funds at loan closing. I showed I had the ability and understanding to do this type of loan analysis which is critical to the everyday duties of a commercial real estate loan officer. I strongly believe with practice I could become a good real estate loan analyst.
Another internship I had at Northwest Mortgage Group, Inc. I had the privilege to be mentored by Howard Hudson in Real Estate Financing. Northwest Mortgage Group is approved with more than 50 different, competitively priced lenders, making it easy to fund all types of loans, ranging from low-down and first-time buyer programs to sophisticated multimillion dollar, super-jumbo loans. With the help of Howard Hudson, I did in-house processing and document drawing. Northwest Mortgage Group has the latest automated underwriting systems: Freddie Mac's Loan Prospector and Fannie Mae's Desktop Underwriter. These systems are joined with their warehouse lines of credit, giving the unique ability to fund loans internally. I was able to get acquainted with these underwriting systems and understood how these underwriting systems work to fund different types of loans. I set up and had a real interview with a person who wanted to confirm if he needs to refinance his house.
At US Bank, I was mentored by Alec R. Vesely, Vice President and Client Manager, with whom I had a discussion on American Bank System and US. Bank Corporation. I learned that U.S. Bancorp, with $247 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,542 banking offices and 4,895 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee, which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. I also had a chance to visit Foreign Exchange Department where I learned about how currency exchange system works in the U.S. At the end of our trip to the U.S. Bancorp, I was allowed into the bank vault. Bank vault is a safe and secure place where money, valuables, records and documents can be stored. Vaults protect their contents with armored walls and a tightly fashioned door closed with a complex lock. Vault technology developed in a type of arms race with bank robbers.
Today, the real estate market in Kazakhstan is experiencing uncertain times. Practically all the players – developers, realtors, investors and speculators – have firsthand knowledge of the meaning of the current liquidity crisis. Being in the US and having firsthand experience there in real estate will help us to be a part of the solution of this crisis. I want to be a generation which will bring a change to this tough real estate market. I want to be involved in finding or creating great mortgage instruments for the betterment of our country. I believe that the real estate market in Kazakhstan remains the most durable sector for long-term investment, given predictable levels of inflation and securities market risks due to recessionary trends in the international and domestic economy. Real estate in our country is in the early stages of development. I want to be an young professional who will emphasize the benefits of market stabilization, professional standards and new conditions for sustainable development. In the future, I want to be involved in establishing new joint ventures with foreign developers, financial institutions and funds, the import of know-how, new technology and architectural concepts, and the implementation of really high-quality projects. I strongly believe that the experience that I gained while being in the US will definitely help me achieving that.