All Forum Posts by: N.A N.A.

Is it common for bankers to make loans, for themselves, in someone else's name? Utilizing the funds personally?

When in question...Instead of searching through google, I just search here. I recognize the member and already know their knowledge is worthy.

I only have a second. It's obvious that this loan isn't just about one single property. This is for multiple properties. I care Mr. Mike or I wouldn't be asking. I've had to write down instructions for one banker on how to utilize his hp12, one had NO clue on dsr after asking him since the last three acted like it was such a big deal. It's just a bunch of extra planning they are trying to push around since the market is different. In time it'll fade but until then I just deal with it. This is the first time in 12ish years, I've dealt with gibberish. This is for a line of credit for dozens of SFR and a complete new relationship. Some of these guys don't even have internet banking. It's like playing cowboys & indians.

How is it that four different local bankers (two within the same bank) can come up with different DSR? Are they factoring in utilities for both personal and potential vacant rentals? Personal/work vehicle payment? All piti on personal and rentals? One says 20% off the top of market rent and another 25%. How do they account for the two paid in full properties that are just unimproved waiting for repair and to be rented? Only one bank requested the market rent amount after the improvements. They really don't tell you how they arrive at this figure and every single thing they factor. How do we know? I've heard... 1.2, 1.25, 1.3 & 1.9 which is an extreme difference. I'm so sick of banks, I could just scream.

Dan please explain why you feel your bank is getting low on funds? I'm getting sick of arrogant bankers stating they can get money, but are not able to produce. Banks in Oklahoma are scared of their own shadow. We are just as solid as the next guy, yet neither one of us are seeing the funds.

Jesse R I wish you were correct. I have two paid in full properties that are needing financing for improvements. Community banks in my area are paranoid with the most solid investors. It is the bankers past decisions that are now killing our present and future. We are the individuals that never made them sweat and now they are certainly overlooking the loyal & worry free customers/investors.

Corey you are so correct...

Thanks Jon... I'm impressed...

Travis, how is this deal coming along?

How can you tell if your odds are greater (a bank that is lending for a LOC) by evaluating the comparison chart on banktracker.com? I had one banker tell me that they are at 75% wanting to reach around 81%. Yet another that expressed they don't want money just sitting in the vault, they can always get more. In this crisis they can "always" get more? I'm speaking of local banks in Oklahoma, not FL, CO or CA. What is your opinion? If you don't mind checking a random bank in Oklahoma and give me your thoughts.