a lending story with great ending!!!!! Need a real broker?

Question

For many months, I've been trying to refinance by 154 unit apt building in Garland, Texas. I tried 2 brokers (both on BP) and wasted time and money to no avail. Now the good part... I want to reccommened the following:
 Kevin Townes
VP Principal business banker
Wells Fargo Business Banking
Dallas, TX
[Contact info removed]

Now the particulars. I have received a committment for 25 year amort at 4.46% with 10 yr balloon. No 1% loan fee and Wells found the appraisal for $2600 (I had been charged 5K by BP contact) AND Wells picked up the fee! I even negotiated a HELOC type 2nd to draw from if any emergency funds needed in the future at same rate on a 12 month renewable basis. This was a rate and term refi, which is all I asked for.
     This lender did everything that was promised and we have received a clear to close, as soon as docs are completed. Kevin even met me at the property and returned me to the airport when I needed to fly out. Good guy. If you have any commercial needs, this is the person to talk to. E-mail me with any additional questions or contact him directly. This has been a very rewarding experience and I'll save 5K per month. Good luck. Rich

Mike H. · Answer

Obviously, you're in another stratosphere in your investing lifecycle. But its fun to see the numbers.

Just curious though. Since you've been doing this for so long, do you still get a kick out of saving yourself that much money by changing the paperwork (i.e. new loan)?

For me, I love seeing the numbers I save myself when I'm able to lower property taxes and/or insurance - or get a loan with better terms. Its amazing how much it starts to add up.

$50 a month in savings doesn't sound like much. But when you multiply that by 17, its awfully fun to see. Its like finding 10k sitting on the side of the road - all for doing nothing but putting in a little extra work.

You just "found" a 60k pile of gold just by putting in the extra effort to find someone good to do your refi. I can only imagine how good it must feel to find that much in one shot.

But thanks for the share. Hopefully, we'll all get to the point where we can pick up an extra 60k a year from simply re-doing a loan. :-)

Jon Klaus · Answer

Thanks for posting all the details, Rich.  And for emailing me.  This refi is a big deal.  An extra $100K and $4100 a month is huge.  Congratulations!

Rich Weese · Answer

I wanted to post all of the closing information on this loan. It recorded several days ago and here is additional updated information. There were a couple of small changes and additions. The final closing rate was 4.55%. The heloc was a 24 month renewable second. The actual monthly savings were a little over $4100. I also received just under $100,000 in funds above and beyond the payoff and closing costs.

The appraisal was done by BRG Incorporated real estate appraisers for Emma Lou Rhodes MAI of Wells Fargo.

I continue to be very well please with Kevin Townes and would recommend him to those attempting to find a commercial lender. Rich

Rich Weese · Answer

Thanks Tracey. Book is available and there is a LONG thread here on BP explaining how to obtain either a Kindle or paper copy. Thread is same name as Book .

Jon- I'll have a full copy of appraisal soon. Don't know the name. All I asked for was a rate and term, and we expected about 67% loan. Appraisal came in so high, the LTV aggregate is only 61%.
 Rich

Tracey Williams · Answer

Congrats Rich,
I wish I get to read your book one day!
Tracey

Jon Klaus · Answer

Rich, congrats on this refi. I know you've been working on getting it done for a good while. What's the LTV ratio now?  Who did the appraisal?

I just drove down Walnust last week. Your collateral is looking good.

Rich Weese · Answer

Dale- good luck

Kevin- not sure if I'm rich or busy, but your communication would always be welcome. Rich

Dale Osborn · Answer

Rich

Just sent him an email to see if does MHPs in CO as am looking to refi it to a lower rate.

Kevin Yeats · Answer

Rich, wealthy people and busy people maintain a "short list" of people who they will contact when needing something ... or return their phone calls when a short lister calls them.

Rich Weese · Answer

Kevin- I'm not even sure what a short list is! I know your posts always seem to come from a knowledgeable source and be well thought out, so you can certainly be on my short list. (even though I still don't know what it is)

Mike- Of course I get a kick out of saving money on a monthly payment! I'm pretty well set in life, so this won't change my lifestyle, but it is fun. When the appraisal came in MUCH higher than expected, I even teasingly told the VP at Wells I wanted more money. He said he knew that was coming, knowing me. The money becomes simply a way of keeping score to me.
      As to the $50 per month, I STILL have a sheet with a list of about 20 homes I owned over 30 years ago. It details how I was going to increase each rent, apply increase to pay off one mortgage, and then use that additional monthly rent to pay off another, etc. I had it all planned out as to when all would be F&C and how much income and value I'd have. I pull that out every once in awhile as a reminder. I've also shown it to kids and older grand kids to show them it wasn't always easy and it can be done.

This lender has been great and worth a call if you need commercial loan. A  complete straight shooter. Rich

a lending story with great ending!!!!! Need a real broker?

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