HOT OFF THE PRESS

Beginning April 4, 2011, the U.S. Small Business Administration (SBA) will expand its temporary 504 commercial real estate refinance program to assist more small business owners struggling to refinance commercial loans. This new refinancing option was initially restricted to small businesses with commercial real estate mortgages maturing by the end of 2012, but now small businesses will be allowed to refinance certain owner-occupied commercial real estate loans maturing after Dec. 31, 2012.

The 504 refinance program provides an SBA loan for up to 40 percent of the appraised property value with no less than 10 percent of the remaining amount to be contributed by the borrower. Last September, President Obama signed into law the Small Business Jobs and Credit Act of 2010, which authorized this program through Sept. 27, 2012. Don'yt miss out. APPLY HERE NOW!

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Washington, DC,

Growth in Commercial Real Estate Markets Expected in 2012

Commercial real estate markets have been relatively flat this year, but improving fundamentals mean a more positive trend is expected in 2012, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he said. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.”

The commercial real estate market is expected to follow the general economy. “Vacancy rates are expected to trend lower and rents should rise modestly next year. In the multifamily market, which already has the tightest vacancy rates in any commercial sector, apartment rents will be rising at faster rates in most of the country next year. If new multifamily construction doesn’t ramp up, rent growth could potentially approach 7 percent over the next two years,” Yun said.

Looking at commercial vacancy rates from the fourth quarter of this year to the fourth quarter of 2012, NAR forecasts vacancies to decline 0.6 percentage point in the office sector, 0.4 point in industrial real estate, 0.8 point in the retail sector and 0.7 percentage point in the multifamily rental market. MORE

LAST LAUGH

Final Funny (Long But Very Cute)

It was the final examination for an introductory English course at Baylor University. Like many such freshmen courses, it was designed to weed out new students, having over 800 students in the class. The examination was two hours long, and exam booklets were provided.

The professor was very strict and told the class that any exam that was not on his desk in exactly two hours would not be accepted and the student would fail. One-half hour into the exam, a student came rushing in and asked the professor for an exam booklet. "You're not going to have time to finish this," the professor said as he handed the student a booklet. "Yes, I will," replied the student. He then took a seat and began writing.

After two hours the professor called for the exams, and the students filed up and handed them in. All except the last student, who continued writing. One-half hour later, the student came up to the professor, who was sitting at his desk preparing for his next class. He attempted to put his exam on the stack of exam booklets already there. "No, you don't. I'm not going to accept that. It's late."

The student looked incredulous and angry. "Do you know who I am?" "No, as a matter of fact I don't," replied the professor with an air of sarcasm in his voice. "DO YOU KNOW WHO I AM?" the student asked again. "No, and I don't care," replied the professor with an air of superiority.

"Good," replied the student, who quickly lifted the stack of completed exams, stuffed his in the middle, and walked out of the room.

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This inspiring story is about Bruce Lee, a legendary martial art master.

“Bruce had me up to three miles a day, really at a good pace. We'd run the three miles in twenty-one or twenty-two minutes. Just under eight minutes a mile [Note: when running on his own in 1968, Lee would get his time down to six-and-a half minutes per mile].

So this morning he said to me “We're going to go five.” I said, “Bruce, I can't go five. I'm a hell lot older than you are, and I can't do five.” He said, “When we get to three, we'll shift gears and it’s only two more and you'll do it.”

I said “Okay, hell, I'll go for it.” So we get to three, we go into the fourth mile and I'm okay for three or four minutes, and then I really begin to give out. I'm tired, my heart’s pounding, I can't go any more and so I say to him, “Bruce if I run any more,” –and we're still running-” if I run any more I'm liable to have a heart attack and die.”

He said, “Then die.” It made me so mad that I went the full five miles.

Afterward I went to the shower and then I wanted to talk to him about it. I said, you know, “Why did you say that?”

He said, “Because you might as well be dead. Seriously, if you always put limits on what you can do, physical or anything else, it'll spread over into the rest of your life. It'll spread into your work, into your morality, into your entire being. There are no limits. There are plateaus, but you must not stay there, you must go beyond them. If it kills you, it kills you. A man must constantly exceed his level.”