All Forum Posts by: Marc Dube

@Don Nelson

Hi Don. Keybank will do a heloan on property that has been purchased with cash. But only on the lower of the appraised value or purchase in the first 6 months of ownership. I can double check on the. Inner of properties owned but I think our max is 6

What is the best way to get connected with real estate investors in central Maine? I’ve been in lending for years but having moved back to Maine from New Hampshire after 23 years I find it difficult to get a solid list of contacts developed. And the loan sizes are much smaller also. Any help would be appreciated!

@Asury Johnso

In the lending world she would not be able to qualify just showing that she has the sub2. She would need to show at least 12 months of payment history to exclude the mortgage debt. Or if she can carry the debt that's another story and she's be fine. Why wouldn't she just get financing for the home herself? She doesn't need to put 20% down there are numerous loan programs out there with much less than that. And the sister can pay her closing costs. Maybe Texas is different but there are 100% financing programs available all the time if they qualify and if not why not just go FHA with 3.5% down? And that can be gifted to her by a family member.

@Kevin Means

What is the scenario you have?

@Robert Leonard

You should go

With residential financing. Less expensive. If I were licensed in NH I’d help you with it but unfortunately I’m

Not. I don’t think it would

Be an issue after closing with a 5th unit because it is not like you are altering the property into a bed and breakfast or boarding house. But you should check with the town beforehand for zoning and permits, etc.

@Michelle DeWoskin

It sounds like the broker didn’t have a good hard money lender lined up initially and was shopping around then never disclosed the extra fees. There are many very good hard money lenders nationally and unfortunately some

Independent brokers who just don’t know what they are doing. If you can find someone you can trust who comes recommended to you that has brokered hard money before then I would stick with them from now on. Or maybe just go direct to a hard money broker. There are websites out there you can use to find good hard money lenders.

@Don Nelson

As long as the property is a residential 1-4 unit home 70% should not be a problem. Are you looking for only a home equity line of credit? Or a term loan?

@Charles

Have you considered doing an equity loan as opposed to refinancing the entire loan? Much lower closing costs so you can keep more of your money. Especially if your rate on the existing 1st Mtg is decent.

Usually won't get a residential lender to lend to an LLC.

@Rusty Scott

If it’s your primary home you can go to 100% with excellent credit and income. I’ve done them before.