All Forum Posts by: Denise NA

Hi everyone,

Just wondering if anyone can suggest a good, reliable lender on the following financing needs? The needs are simple and straight forward (nothing creative,) but just want to connect with people who are RELIABLE and Trustworthy. So, I don't have to waste SO much time with people who can't perform. Your suggestions are appreciate it! :)

Also, if you are a lender, you are welcome to call me direct if you believe you have some good loan programs that will fit my needs.

Couple financing needs:

1. I need to sell some SFD properties to some end buyers to cash out my free and clear properties. In St. Louis & Decatur, GA. I have A paper end buyers, shows income and asset & need unlimited # of loans (so maybe through LLC or lender who can do the 4th to 10th loan.)

2. Commercial loan ($1m - $5m): I am getting together one or two strong borrower as partners to take down REOs direct from the bank. This will be mostly builder's close-out & apartments. Banks usually have 10 days due diligence & 5 days to close after the due diligence period. So, we'll need a) bridge loan - hard money and/or rehab loan & b) permanent financing. I like to have financing layout & pre-qualified for both prior to looking for deals.

We do need a reliable financing source, preferably direct lenders that are closing loans nowaday. We are looking to build long term relationship with.

Check internet & ripoffreport.com. I don't know if the following is the same company. check out the report. Good luck!

http://www.ripoffreport.com/searchresults.asp?q1=ALL&q2=&q3=&q4=&q5=&q7=&q6=Angels%20Wealth%20Lender&searchtype=0

I am not a lender, just expressed some opinion. If that's okay with you.

Banks are a lot more cautious nowaday, most of the lenders are lending at 50 to 65% LTV for investments. Even traditional lenders are lending at 70 - 75%, and if you are asking at 80%, you get charge for higher fee & higher interest rate.

But banks are not just looking at LTV, remember, there is also qualification of borrowers. So, even if the properties declined 10-15% further, arm gets adjusted, the increase in mortgage payment per month should not be significant (I believe interest rate will stay low for a while.) If interest rate becomes higher, economy got better, then our property will then worth more (that resolve the concern of decline in value.) Also, the performance of the property is taking into account.

So, unemployment rate went up, even the A paper borrower might loose their jobs AND if property is not generating enough income... Knowing this, banks set the limits on the number of the loans individual can have to minimize the risk.

I believe the 'new' loans issued to the borrowers today are 'healthier' than before. We just need to sit tight, and getting beating further for more 'old' loans that are upcoming in default. Then hope, we'll ride out of this period of 3 to 5 years.

Best,

Denise

Sam,

Good job explaining HMLs! Do you have any suggestion of a good, solid, reliable Commercial HMLs?

Thanks!

GEE, I thought I would be the first to announce this to the group! :)
Yes, I was almost in tears when I heard this!!

Cory,

I don't know if is appropriate to ask in a posting, you can pm if you want.

Q:

1. How would you co-op with a broker?
2. how large is each bulk in terms of dollar amount? what is the minimum to get in?
3. at what % discount?
4. when calculating discount, Is 'market value', the market value of 2007 or today's value?
5. can I financing be part of the equation to increase the buying power?

Look forward to connect with you!

Denise

I just called Northpointe. The Commercial loan officer just told me they only cover the areas of Grand Rapids.

Anyone knows a good property management company in St. Louis, MO? Thanks a lot!

I am having hard time finding good, honest contractors and handyman in St. Louis for my REOs purchased. Can anyone help me? Thanks!