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All Forum Posts by: Catherine Coy

Catherine Coy has started 3 posts and replied 150 times.

Post: Has anyone used MBANC to finance an STR?

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

MBANC has 129 (4.8) reviews. That's pretty good. Also, consider a DSCR [debt service coverage ratio] loan for STR.

Post: Are we on the verge of a wage / price death spiral?

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

Currently, America is being mis-managed.  If we don't get back on track--fast--we're heading toward a depression.

https://amac.us/are-we-on-the-...

Quote from @Joseph Lo:
Quote from @Trish Mccoy:

Go as high up in VRBO as you can- start with President - start tweeting - FB - Call Corp etc... 


 Don't sell me any crap. Looking for a solution and advice only. If you have nothing to say just advertising, keep it to yourself!!


I did not perceive that Trish McCoy was trying to sell you anything.  She was giving advice like anyone else.  You owe her an apology, in my opinion.

Post: Feedback on STR, Hit me with your best shot!

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

I agree with John Underwood.  That's not a "lake house;" that's a house with a lake nearby that one must get in a car to get to!  How about "luxury lake-close" or "luxury lake-adjacent?"

Post: Heloc or hard money loan for a brrrr method

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

These days, credit unions have the best rates on HELOCs.

What kind of "assistance?"  What kind of "services?"  "Hang around" where?


Post: Can't qualify for a loan but have the money

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

Brian Wilson, try this...

At Silver Hill Funding, LLC, you can take advantage of our to lock in deals for your non-bankable clients.

It's the ideal solution for those borrowers who can't provide tax return documentation. Instead of reviewing tax returns or bank statements, our team will simply focus on the FICO, LTV, and 3rd party consumer credit information to approve your best-credit commercial clients.

Here’s a quick look at our guidelines:

  • Loans from $100,000 - $2 million
  • Terms: 5-Year ARM or 30-Year Fixed
  • Purpose: Purchase, Cash-Out, R/T Refi
  • Documentation: No tax returns, bank statements, or operating statements*
  • Occupancy: Investor & Owner-Occupied
  • Max LTV: 75%
  • Min. FICO: 700
  • Min. DSCR: 1.0x


Go online and find your nearest Silver Hill Funding office.  It's wholesale only, so they'll refer you to a loan originator in your area.

Post: Newbie here-please recommend market to start with

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

Bill Gatten wrote:

<< Next, instead of your taking the property's title (deed), 'you are assigned a beneficiary interest in the trust ('which affords you full (100%) fee-simple ownership benefits...and control of the property--without the need for a down payment or bank credit qualifying. >>

Where's the seller in all this?  Does the seller just give the property to you?

Post: Newbie here-please recommend market to start with

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

You can do a bunch of keywords like "safest cities in California," or "Texas cities with the highest poverty rates," or "cheapest cities in Illinois."

Post: Newbie here-please recommend market to start with

Catherine CoyPosted
  • Lender
  • Huntington Beach, CA
  • Posts 151
  • Votes 30

<< isn't it a federal crime to commit fraud on a mortgage application by claiming a rental will be a primary residence? >>

Yes, it is.  Occupancy checks are on the rise.

https://singlefamily.fanniemae...