Company Profile: Morningside Mortgage Corporation is a full service mortgage brokerage and real estate consultancy firm founded in 2005 by Grant Stern. The firm maintains relationships with local and national bank lenders as well as private investors, mortgage banking firms and hedge funds. Our firm's founder is often sought out by local and national news sources for commentary on realty and mortgage market issues with a particular emphasis on the condominium market.
Building Strong RelationshipsWorking with Morningside Mortgage Corporation in Miami, Florida is like having a conversation with a good friend. We get to know you, your current situation, and what it is that you would like to achieve. Every customer has a different story, but its always a story we would love to hear.
Once we get to know you, we consider our extensive portfolio of lenders to find the one who has the program tailored to your situation. We work to bring exactly what you need to experience precisely the outcome you desire. And we do it with full disclosure.
So whether you are interested in financing your first home purchase, sending a child to college, consolidating your debt, lowering your monthly payments, or simply building wealth, we are here to help. And we do it personally, reliably and with a commitment to you and your happiness. We look forward to being in touch.
Consulting Services Developer AdvisoryReal estate developers enter their projects with business plans that may be generic, but when their projects take a turn towards the unknown, they call us. Our firm’s mix of development experience and detail oriented knowledge of the condominium space in particular has led us to be contracted by high rise developers to provide project assessment and operations support. ; Realty developers face such diverse problems as re-working budgets and subdivision legal documents for lending standards compliance, or determining reserve and bond requirements and much more. Our experts know the alternatives and can present them where professional service providers may charge you to do their homework. We also provide trusted referrals to professional service providers for areas where expert education or licensing is required, but in a way that our client’s resources are maximized and solutions quickly implemented. Through our specialty-consulting firm Condo Terminators, we’re paving the way in Developer’s Fractured Condominium workouts and solutions by executing the State of Florida’s first Optional Condo Termination under the newly revised statutes. Sometimes, condominium problems, involving shared interests are highly complicated, and the best solution is to wind down the affairs of the existing Homeowner’s Association and seek an investor owner. Other times, it may be best to re-subdivide existing projects to eliminate duplicate condo boards, or to reconfigure the governance of the shared property to allow different uses in different areas of the property to best maintain access to capital. Condominium Certification ServicesToday’s condominium market is a morass of competing lending standards and rules, which affect the marketability of projects, both existing and newly built. Our firm’s longstanding expertise in the condo lending space and extensive study can reap benefits for condo developers looking to exit their projects or existing condos who have difficulty with re-sales due to lack of financing. FHA Condominium ServicesWe’ve approved multiple new construction projects with the FHA insured lending which has allowed developers to sell units during the most depressed realty market anyone has seen. We evaluate a condo project’s characteristics as a whole, and create a report evaluating the project’s strengths and weaknesses with the same underwriting techniques HUD uses to evaluate condominiums. We have prior contacts with HUD’s local and regional evaluation staff, as well as with its national standards coordinators. We primarily focus on the HRAP (HUD Review and Approval) process implemented in December 2009 through which all Florida condominiums are required to be processed by the regional HUD office for approval. FNMA Condominium ApprovalFannie Mae approval, once considered perfunctory, is now becoming more difficult to obtain. Furthermore, Fannie’s condominium approvals are now fractured into multiple categories, with some “approvals” allowing widespread lending and others being fruitless dry holes. We have contacts with Fannie Mae’s national standards coordinators as well as the condo departments of major banks. We primarily focus on bringing projects through the Fannie Mae PERS approval process, which is currently required of all condominium projects in Florida not yet turned over to the unit owners or where less than 90% of units are sold and closed. Industry InsightOur mortgage experts consult in a variety of areas related to the broader real estate industry and contribute insight into banking and lending trends, market trends as a whole and into various service providers whose products enable the modern lending markets to function. Because our clientele is from a vast and diverse group of real people located throughout the State of Florida and investors from beyond, we have a bird’s eye view of market dynamics you can’t get from picking up a newspaper. In fact, newspapers and other local and national media publications often call us first for just that reason. Our realty experts have been publicated in Bloomberg News, The Wall Street Journal, New York Times, Miami Herald, Palm Beach Post, South Florida Business Journal, The Daily Business Review and other local and national news outlets. In addition, our experts have consulted for various industry software companies, institutional investors and customers of theGerson Lehman Group Councils. We are able to offer more competitive hourly rates and project rates for those clients who engage us directly, than through other Consultancy management groups. However, once we've been engaged through GLG Councils, all future business must be routed through their system for compliance purposes. Realty Portfolio AdvisoryReal estate investors often operate as sole proprietors accumulating scattered assets, and debts, over a long period of time.Their managerial skills are excellent when it comes to sales and marketing, or maintenance and repair, but unlike a stock investor who accumulates, they never get a statement on their holdings. Obtaining a portfolio report and analysis can show investors where their profit and loss centers lie, determine the strengths and weaknesses in their holdings and assist in forecasting complicated floating rate debts. These types of reports are fit to be assimilated into Personal Financial Statements as well, useful for obtaining credit from local banks and institutions. Ultimately, having a realty portfolio report can help investors better manage their holdings in a strategic fashion. We also provide specialized services to those looking to make individual mortgage loans, or acquire pools of mortgage loans up to even acquisition support for those looking to purchase small to medium sized financial institutions. Loan UnderwritingOur organization has always underwritten loans internally before sending them to the various banks, which provide wholesale funds to our clients. Now, we provide underwriting services to private investors looking to lend money without holding themselves out to the public. Additionally, as a business partner with Fannie Mae, we provide Automated Underwriting Service to private investors who seek an impartial decision on prospective borrowers. Due Diligence ServicesOur consultants provide real world knowhow and experience to peel the layers back in complex transactions. Lawyers train in the law, CPAs specialize in taxes, MBAs receive abstract analytical training, but as consultants, our job is to decipher complex scenarios and make the first call in a variety of transactions – and assist in professional referrals to certify our findings where needed. Our clients look to us to dissect complex transactions ranging from commercial property and mortgage loan acquisitions all the way up to portfolio review and bank/institutional company analysis.
Morningside Mortgage Corporation 9630 E. Bay Harbor Drive Bay Harbor Island, Florida 33154
What Our Clients Are Saying
"As a Realtor I worked alongside Mr. Stern. He closed a very challenging loan for one of my client's and we closed on the house successfully thanks to his hard work. Mr. Stern is very approachable, flexible and professional. I recommend him to anyone in need of a mortgage!" - Harris G.