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All Forum Posts by: Jeff Chisum

Jeff Chisum has started 7 posts and replied 160 times.

Post: When selecting lending partners, what specific features do you prioritize?

Jeff Chisum
Pro Member
Posted
  • Lender
  • All 50 States
  • Posts 174
  • Votes 102

Outside of appraisal and title they keep control of the entire process; processing,underwriting, closing and funding 

Post: Trying to avoid balloon payments

Jeff Chisum
Pro Member
Posted
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  • Posts 174
  • Votes 102

DSCR

Post: Looking for second home/vacation home lender

Jeff Chisum
Pro Member
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  • Posts 174
  • Votes 102

100% of my business is helping clients with financing to buy vacation homes/STR's. About 90% of my clients use our unicorn 10% down second home occupancy loan. I can help you in Florida. Feel free to send me a DM.

Post: Buying a STR in CHS

Jeff Chisum
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The Schlage Encode is what I’ve had success with.  Easy platform to program guest specific codes.  If in a high humidity area out a moisture absorber in the batter compartment and put it on your cleaners punch list to change out twice a month

https://a.co/d/hjR2Spd

Post: DSCR loan for STR

Jeff Chisum
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Quote from @Mike Morehead:
Quote from @Jeff Chisum:

Easiest loan we do. STR financing is 100% of my business. Have done a lot of deals in Broken Bow. Outside of appraisal and title we control the entire process.

Sent a response.  We play Superman on a regular basis.

 I filled out my info on your website


Post: DSCR loan for STR

Jeff Chisum
Pro Member
Posted
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  • Posts 174
  • Votes 102

Easiest loan we do. STR financing is 100% of my business. Have done a lot of deals in Broken Bow. Outside of appraisal and title we control the entire process.

Post: Hoping to get a survey of DSCR Loan Rates

Jeff Chisum
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  • Posts 174
  • Votes 102
Quote from @Carlo D.:

Acknowledging that a whole host of factors goes into determining the interest rate on a DSCR loan, I was hoping to get a census of what DSCR interest rates you got (or see your clients getting) to get a general idea of the cost of these loans. TIA.


It may be more helpful to throw out a scenario like:


Purchase Price:  500K

20% down

740 credit score

6 months reserves 

1:1 ratio

Quote with and without a prepayment penalty and how long the prepayment penalty is.




Post: Question for Loan Officers

Jeff Chisum
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@Michael Keffer your strongest position and calculation is when you have a full year where the property has cash flowed

Post: Question for Loan Officers

Jeff Chisum
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  • Posts 174
  • Votes 102

We can use income filed under Sched E once it shows up on a tax return.  Bonus depreciation doesn’t count against your income calculation.

Post: 10% Down Second Home/STR Loan Not Dead/Debunking bad info

Jeff Chisum
Pro Member
Posted
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  • All 50 States
  • Posts 174
  • Votes 102

Would love to visit sometime.  I have a unicorn 10% down loan your clients would be interested in.