All Forum Posts by: Lesley J.

I understand the need for one per loan, and yes they do become dated... but i'm curious that you think getting a hard money loan is trying to beat the system? I think of it as simply part of the process and something necessary because there are precious few other ways to finance.

well that is true, I had one come in at 40K and i'm sure it would have sold for 80K but the appraisal spoiled the deal regardlesss of the true resale value...

Thanks for the info.... The reason given was that there had been a stop put on the loan because of the anti-flipping rule but it did not apply in this case so he put in this request for an exception and the conditions of the exception included 2nd appraisal. I was told that the loan would not be saleable with only one appraisal.

given the time crunch due to the 60 day delays, the balloon is approaching and I can't afford to mess around... so I am paying for the 2nd appraisal just so I can get it put to bed and move on to the next thing...... but I still find it an offensive practice unless there is a valid reason for the first appraisal to be suspect.

Lesley

I'm in the process of refinancing a hard money loan. I bought a nice property, fixed it up and it is now rented on a 12 month lease. So far so good.

the original appraisal was for 90K, and I borrowed 50K. The lender of course wanted another appraisal and this one came out at 102K. Smiles all around :D....

I am only requesting a loan to pay off the HM loan, no cash out. I am well within the LTV. I have good credit in the 700's and I intend to hold the property so no flipping going on ........

Today the lender informed me that a stop was placed on my loan because it was a flip. He contested that by requesting an exception. This was given and the loan can now proceed but the lender requires yet another appraisal, that I have to pay for.

I have practically had to give over the birth cert for my firstborn child, and have waited a full 60 days to get this far when originally promised a closing by the end of July. I am constantly asked the same question over, ie: to prove that there is no loan on another property I own in Florida.. on which there hase NEVER been a loan, but how do you prove a non existance, its easier to prove something exists.

At the point where I was asked to pay for yet another appraisal I have dug my heels in...... the two appraisals i already have are reasonably close, and i have been given no reason that the appraiser had anything out of line in either appraisal...

i'm considering going to another lender, but since this one has cost me 60 days time loss at the HM loan interest rate and the cost of the appraisal it's hard to start over again...

any thoughts or advice would be helpful.. I repeat I have GOOD credit and have never been turned down for a home loan before ever!!

Lesley

Thanks, i couldn't find it online, and was wondering if i was missing something.

I have alot of leg work to do, my diligence period runs out on Wednesday!!

I am working on an REO deal that is in need of Rehab, the property has been half rehabbed already and needs more. It appears that the garage has been converted into a master suite.

I am trying to figure out if there have been any code violations or if there are open permits for this work. I have been on the miami dade website and found that there was one violation in 2005 for starting work without a permit but it seems to be related to damage after hurricane Wilma. and appears to be closed.

How can I find out if there are any open permits without knowing the permit numbers?? it's obvious the work already done needed permits but i can't find the records.

thanks

Lesley

I am looking for a hard money loan on a S. Florida property that is 65% LTV based on the ARV and not the purchase price.

Even though I live here i have not done an investment property locally, and it seems this state is different, all my other loans have been based on the Appraised value of the property after repair in Georgia...

Lesley

I recently had similar, an appraisal using reo's that came out very low, both the realtor I worked with and I were shocked as we had run a bunch of comparables..... so then if you are at 50% LTV with a hard money loan, you suddenly get a massive downpayment you didn't bargain for because the amount you can borrow shrank which is not cool!! i'll remember this info for next time, thank you!

No problem Bill :)

The lender of course has seen the executed contract, but they want to see the sellers contract which he is not willing to produce for them.

I like your suggested workaround.. :), I had considered something like this but you have clarified my thoughts here.

thanks...