This case involves an asset management firm that asked the plaintiff to use his connections to approach several banks for purchase of the banks’ mortgage loan portfolios. At the time, the plaintiff was working indirectly for the firm as a commercial real estate broker. As a result, the firm and the plaintiff did not enter into a written contract for the plaintiff’s services or otherwise discuss the plaintiff’s compensation for his services. The plaintiff successfully used his connections to solicit the mortgage loan portfolio business of a bank that the firm had interacted with in the past but was previously unable to close any deals with. Prior to the plaintiff’s meeting with the bank, the officer responsible for the sale of the bank’s loan portfolios contacted the asset management firm’s buyer. After the plaintiff’s discussion with the bank officer, both the bank and the asset management firm cut all communication with the plaintiff. Following this exchange, the asset management firm closed upon two mortgage loan portfolio sales, paying more than $75 million. The plaintiff filed suit to get paid a brokerage fee with respect to the above transactions.
Question(s) For Expert Witness
- 1. Do you have extensive knowledge concerning industry standard brokers' commission on sales of mortgage portfolios?
- 2. Are you able to discuss the plaintiff's entitlement to a customary brokers' fee?
Expert Witness Response E-032625
As a seasoned real estate and mortgage broker, I am knowledgeable about the industry standards on brokers’ commissions. It seems to me from the description of the case that the plaintiff was robbed by the defendants. I am extremely comfortable and enthusiastic to review the case and potentially testify.
This expert has 15+ years of experience in real estate and mortgage brokering. He has extensive experience aiding foreign investors and working in complex legal and real estate matters. A graduate of la Sorbonne, he is acutely familiar with typical problems endemic to the field of real estate.