All Forum Posts by: Clint Worland

The basics of a Short Sale is a negotiation with the bank/s in order to get approval to sell the house for less than what is owed on the loans. There are a lot of moving parts.

Not sure I completely understand your second question. 

Hello all.

My current spread sheet I am using is super old and clunky. Not trying to recreate the wheel here. I wanted to know if anyone has a suggestion of a new updated Pro Forma for flipping houses they like. I don't mind purchasing, just want feedback on ones that work great. Thanks

The deal still look greats with even 50% down however, Its much more attractive if I can get at least 70% ltv

 I have spoke to two separate credit Unions and 3 commercial brokers. Looking for my unicorn. 

 I am on the hunt........

 Great idea as a last resort.

 I think I understand what you are saying

Need help with the DSCR is not high enough. I want to put 20% down but he DSCR is only allowing for 40% LTV max. Any other ways to get up to 80% ltv besides hard money pricing?

Good morning. I have a deal that came across my desk and I am having a hard time waking away from. Here is the situation:

Borrower Looking for $100k for business purposes in San Diego Ca.

I would have a 3rd position lien on his investment home at 85% LTV worth 1.2m currently.

This same home in 2008 was only worth $800k which would mean my lien would be worthless.

Borrower has agreed to let me cross collateralize against his owner occ( would be 2nd lien position at 85% cltv and business and personal. 

Borrower is a dentist with over $100k per month average deposits over last 24 months .

Borrower states that he needs the cash because he just bought another dental practice. (checked yelp reviews and seems solid)

If I am ONLY in 3rd position on investment home , then this deal is too risky for me. However if there is a way for me to Cross (dodd frank?) and get a PG / business then the deal seems much more ideal. Borrer has agreed to a 12 month bridge loan at 15% with 5 points up front.

The return is sexy however I just don't know enough about Dodd Frank and 12 month bridge loans. I was told by someone else that a short term bridge loan does not fall under Dodd Frank even if its on his Owner occupied?

Does anyone know the answer or know who I can call to get the answer?

That's what I thought. Thanks for the info.