All Forum Posts by: Ben Carmona

There are several foreign national loan programs still around. One lender deals primarily with Eastern FL while the other lends the following:

50% LTV for CA, FL, NV, NJ
60% LTV for NY

$400k minimum value though.

So basically you need some one to coach and consult with you about there options, along with possibly referring you to a source?

Seller Financing.

Creat a note with the buyer. Sell the note at a discount when you're at closing. "Note Buyering Investors" will help you make sure the property buyer will qualify by looking at their info upfront.

You only contract with the property
buyer if the note buyer and you can agree upon the discount note terms.

wow...I feel like my post go unread. You guys should really do a search on this forum for the material you're looking for.

Fannie/Freddie
Cash out...6 months seasoning
Rate/Term...NO seasoning..use Real appraisal value
Cash out on property with no mortgage (paid all cash)...12 months with Fannie to use appraisal value or use purchase + fix...6 months with Freddie to use value.

If those dont work then you can always look at options of getting a commercial/business/portfolio loan. Typically these loan dont have seasoning. Properties needed to rented.

probably need to use a hml then maybe refi both together if your buying at a good discount

I'm not sure that I completely agree that having the property in your personal name will make this easier. It really just depends on the circumstances.

For example, if you were looking to do cashout before owning 6 months it would be much harder to find financing in your personal name. That would be conventional loan and requires seasoning. Howerver, if the loan were done at a local bank/credit union they may portfolio as a business/commercial loan and wouldnt have seasoning. So it just depends.

Once you the relationship made with the right bank, then doing the rest under a business should be simple.

You would need to make sure the lender has releas clauses so that you could sell each property. It could make it harder to sell if you didnt have this.

Discuss with your CPA

Much tougher. There are very few commercial lenders doing these. A few portfolio lenders are but costs are high. Some local banks will still do this if you live in the area where the proeprties are located. They may not need to blanket them. Each one could be done as a commercial business loan.

The range depending on what type of financing source can get it done. Usually from mid 6s to low 8s. Not likely you'd get something with over 20yr amortization. If so, rate would be on the higher side.

Still open for discussion. Fannie baiscally says that they wont count as long as the title and loan are in the business name. Some lenders that sell off to Fannie/Freddie have their own internal guidelines that say they still will count if using a LLC but not a C corp.

Hi Rich,

Can you pass along your guidelines. I'll send a colleague request.

Thanks

Kirstan,

The guidelines you referenced are from Fannie Mae conforming lenders. I'm thinking Freddie Mac you can do cash out based upon the appraisal value after 6 months (not 12).

Is the condo fairly new. There are several restrictions for condos using conventional financing.

If you want to cash out sooner, you may want to explore using commercial/portfoliio/business. Most of these types of lenders do not have seasnong requirments.

Are both you and the properties located in CO Spring?

Let's not forget local banks still do these.