All Forum Posts by: Ben Carmona

Jason,

Portfolio lenders and small local banks where the property is located are the way to go. Since these loans dont have conventional guideline restrictions you'd be fine.

Actually knowing how to interact with these lenders is the key. Since this is relationship based it would be best for you to know some key points.

I'd be happy to go over this with you and may even have a lender or 2 for you.

just a few but can you provide more details about the deal

thanks

Dave,

You need to catch up with your local banks or use portfolio lenders. Commercial loans are not restricted with seasoning requirments. Nor are the restricted to the # of properties financed. You may need to consult with a professional on this.

FYI..Northpointe wont do E Detroit incase you happen to be in that area. They also have minimum loan requirements.

If I'm not mistaken they only allow brokers to submit deals. I have a client that has a small blanket loan with 2 properties approved. Waiting on title and appraisal to come back. Pretty smoothe so far.

A stated income loan is not to fictiously state that you have income. They are designed to state the income that you really make but write off. Or maybe you make it but dont report all of it.

Anyway, if you dont have income how are you managing any debts? Do you have any debt?

Probably going to need a hard money loan as commercial lenders want to know your overall debt service.

I was looking at doing a purchase loan for a customer. Their terms sounded similar to yours + I still had to add on my broker fees. Rate was a little lower though. It sounds like you're going through the Wells retail office. If they're are showing the 2.75 as discount points then its probably legitimate. It's costing the bank themselves 2.75pts just to get that rate for you. If they went with a lower rate you'd pay more discount points; if they went with a higher rate (which is probably not availabl) then you'd you get less points.

The big issue is if the Wells rep realizes that there is no seasoning for this and can they really deliver a cash out loan. If this is just a normal conventional loan then they're probably not aware the guidelines have changed.

You should look into commercial loans. There may not be seasoning with the local bank + the cost would probably be less.

any luck?

Anna,

Ever find the lenders for your foreign national buyers?

Adam,

Foreign national loans are available but they have high costs. Decent terms though.

Use a commercial loan. Rates should be well under afore mentioned terms.