All Forum Posts by: Marcos De la Cruz

Marcos,

Agents will need to know more about what you are purchasing and what the eventual use/result.  What type of structure:

1-4 family

5+ unit apartments

Mixed Residential/commercial use

vacant building

raw land

They will also need some info on what will be happening:

1. Buy and rent out

2. Flip

3. Renovate and hold for rent

4. Short term rental

The Location, Condition, updates, etc. will all also help an agent narrow down the possible markets for you.  

Look to independent agents (with multiple companies).  I have seen Bo Bond from CP Insurance answer questions in the forums and I think he is in TX.

@Marcos De la Cruz @Caroline Gerardo   I do. In Texas. We are a balance sheet lender so lend our own money. We do not broker it out, we make out lending decisions. It is my money. 

It is a advised line so it is not able to be used for anything, but it can be used to buy 1-4 unit business purpose property (non-owner occupied). However, the reason I always ask what the use is for because it is short term money so if the answer is to get cash out for a down payment for example you would be better off getting a fixed first lien. 

@Marcos De la Cruz @Caroline Gerardo   I do. In Texas. We are a balance sheet lender so lend our own money. We do not broker it out, we make out lending decisions. It is my money. 

It is a advised line so it is not able to be used for anything, but it can be used to buy 1-4 unit business purpose property (non-owner occupied). However, the reason I always ask what the use is for because it is short term money so if the answer is to get cash out for a down payment for example you would be better off getting a fixed first lien. 

 @Marcos De la Cruz     This should not be a hard loan to find. What are you looking to do with the equity?

There is no bank or normal lender who will do a first position HELOC today. They use short form title and automated valuation data tools that do not line up with a loan in first position.

There were some last year. All pulled out.

Hard money for a year, get a full title insurance policy then try to do a HELOC

You need 721 score, full doc and no LLC

 @Marcos De la Cruz     This should not be a hard loan to find. What are you looking to do with the equity?

 Hey @Marcos De la Cruz I just sent you a PM.