The opinion of the court was delivered by: HANNUM
Presently before this court is the claim of a business broker for his commission for services allegedly rendered in effecting a commitment for a net loan of $225,000.00. After hearing and due consideration in this matter, the court makes the following:
1. Plaintiff, Jay M. Miller, is an individual with his principal place of business located in Philadelphia, Pennsylvania.
2. Plaintiff is a financial consultant who arranges business, commercial and real estate loans for prospective borrowers.
3. Defendants, J. Douglass Corson and Harry L. Hand, are individuals trading as Corson and Hand, a partnership, with their principal place of business located in Wildwood, New Jersey.
4. Defendants build, manage, rent and sell real property and the buildings erected thereon.
5. In early January 1967, defendant Corson advised Charles W. Gross, Esquire of his need to borrow several hundred thousand dollars. Mr. Gross suggested to Corson that plaintiff Miller might be able to obtain such financing.
6. Corson handled negotiations on such matters as financing for the partnership of Corson and Hand.
7. On January 19, 1967, Corson and Miller met in Wildwood, New Jersey where it was explained that Corson and Hand needed approximately $250,000.00 to $300,000.00 to pay off loans and real estate taxes.
8. No specific amount of interest was indicated as acceptable by Corson, or obtainable by Miller, except that Corson indicated his desire to keep the interest "as low as possible".
9. As security, Corson offered land owned by Corson and Hand in the Windsor Shopping Center, ...