All Forum Posts by: Brandon Statt

@Bryan Larson 

Most banks offer a home euity loan type bridge product that has interest only payments for 12 months to meet your short term needs. Then the note would be called in 12 months or if/when you sold the property.

I would talk to a local community bank that is near you. They will most likely hold the note and be able to offer your more flexibilty.

@Josip Galic 

What exactly are you looking for in your question ? Can you be a little more specific ?

Ally Bank may be a good option for you.

Sounds like a nightmare. I'm so sick of the government subsidizing non-qualifed people into high risk mortgages...... Here's the beginning of another meltdown..

Run for the hills!

@Samantha P. 

In my opinion, its always best to keep business afairs seperate from family matters. In the event that the deal does not goes as planned and you take a potential loss , that could create a very large rift within your family that will be difficult to repair. I would suggest the bank option... Furthemore, if your working with a bank that takes 4-6 months to complete a loan, you're defintely working with a subpar bank/banker....

Hope this helps.

Hello All,

I am looking for a broker or private lender that deals with clients who have substantial cash assets ($400k+) and are looking to create a revolving LOC. I can't do anything for my client on the bank side due to DTI regulations and limitations on how assets affect monthly income.

Any suggestions would help?

Thanks in advance.

@Joe Moore 

Firstly, you need to understand that "MyFico" is a consumer credit reporting product that gives you estimates on your score/history etc. The information "MyFico" shares with you is completely for educational purposes not lending purposes. No lender will accept a consumer driven credit report/score , they are simpy not that accurate. When you apply for a loan, your lender will need to run an application using their own credit reporting systems and algorithms they have purchased from various credit agencies....

The only purpose of a "MyFico" type of product is so you, the consumer, has a good idea where they stand.

Secondly, please don't obsess over the number of inquiries you have on your credit report. Its a very small factor that plays into the total decision, more importantly, if you have a mature and established credit history - you should be even less concerned about it.

Whats the point of having a strong score if you're not going to exercise it.... ?

Let me know if you have more questions.

The process would look something like this:

1. Who did you end up ultimately paying ? Get a receipt or statement from them showing proof.

2. Contact the three major bureuas dispute departments with a letter which includes the receipt.

http://www.transunion.com/dispute

http://www.equifax.com/cs/Satellite?pagename=conta...

http://www.experian.com/disputes/main.html

If you have additional questions please reach out to me directly.

I would recommend that your son get three low limit student credit cards... Discover and Chase are great for that. Then you should consign on an auto loan with him. Over time begin to request limit increases... And then BOOM. He's on the right track. If you have any existing credit cards right now, add him on as an authorized user.. Your perfect payment history will reflect on his bureau score/report. Good luck

@Michael Pullins 

Hi Mike,

A  couple things you should know when you are discussing HELOCS...

Most banks are still pretty hesistant when it comes to revolving lines of credit on investment properties... They all lost their pants during the recession when investors decided to let it all go.

Nevertheless, you can still find some progressive banks out there that are willing to take a chance... Typically, you will see most banks going up to, AT THE MOST, 70 to 75% LTV. They need to make sure you have "skin" in the game as well. Aside from that, there are competitive products on the market that will cover all closing costs associated... so make sure to shop around on that point.

However and most importantly, you should be aware of the repayment period when shopping around for HELOCs. Most on the market begin to call for more than the "Interest Only" payment after 10 years, and sometimes the amortization schedule that the bank chooses might not be to favorable to cashflow investors.... So, my advice is.... ASK A LOT of questions about the repayment period.

PM if I can be of more assistance.