All Forum Posts by: Aaron Kerwin

I talked to my lender at Castle & Cooke in Denver, CO and for them, the seller now turned buyer would just have to show that the existing loan was being paid by someone else for 12 mths and they won't count it against their DTI. I think the servicing company helps by providing easy & verifiable proof of this. However, it was not required with this lender.

I can play it either way. We will occupy the property parts of the year and will STR it out when not in use. I am open to investor lending, but that is never as friendly. BTW, I have found a number of places that will lend in the area. Haven't worked out the applications and details of the loans they will offer just yet, but that will be coming in the next 48hrs.

Hey BP community! We are looking for a lender who can lend in Florida for a 2nd/vacation home or STR purchase near St George Island, FL. We are under contract and would like to put 10% down. Does anyone have a recommendation? Thanks!

After hearing the same podcast, I have been hunting to find a company that will service an existing loan already with another servicing company. Looking at the bigger loan servicing/subservicing companies I haven't found one yet. They want to work with mortgage lenders and brokers. I am starting to wonder if some boutique companies are out there offering subservicing services, but I haven't found them yet. 

Really the angle Pace is talking about is that the loan is being contractually paid by someone else, not too different than having your rentals leased and still qualifying for additional loans because those mortgages are paid.

Maybe another approach here is to have the Subto contract be offered to the lender as proof that the prior/existing loan is being contractually paid by someone else.

I am curious if anyone else has done Subto and has solved the problem of how the seller can get another loan.