All Forum Posts by: Martin Yip Toll So

@Martin Yip Toll So You are making a mistake treating your debt relationships as strictly transactions. You are going to turn off a lot of lenders with your post because you are clearly going to shop every term sheet that's turned over to you with a focus exclusively terms with no regard for the servicing, loan administration and most importantly what that loan officer can offer you in the future. This is one of the biggest mistakes I observe.

While terms are important, take the time to get to know what each banker has to offer, their capacity and how they can help you grow. Bankers move around, rates increase and decrease, market conditions change, but these personal relationships can remain a constant throughout your career and will be critical to your success.

I continue to work with a number of loan officers who issued me my initial loans 12 years ago. The two primary banks I worked with no longer exist and all of my original banking relationships have moved onto different banks/lending institutions. In fact, I just originated a loan with a loan officer at the 4th bank in which we've originated loans together & now originate $8M loans with bankers who originated $80K loans for me when I started. These relationships, if cultivated properly, will allow your borrowing to outpace your balance sheet. The earlier you recognize this, the better off you will be in the long run

"I was wondering if any lenders out here on BP are willing to play game...." is not the best choice of words.

"there are 2 conditions I require..." is right behind it.

Stuart hit it on the head. Hope you change course and the rest a smooth sailing for you. Good luck.

Hey there,

I'm sorry if I came across the wrong way. I'm a new RE investor in general and my intention was to shop around here if anyone is wiling to offer a better rate than my current one.

I mean no harm/offense to any lenders out here, but I thought it would be a 'fun' post to do to attract some attention and traffic. I guess I am in the wrong so my bad on this.

Perhaps I am coming from a perspective of a conventional strategy where banks barely interact with their borrowers and treat them like a statistic on their Excel spreadsheet - again my bad on this. Maybe because I'm new and I don't really understand the concept of having a "personal relationship" between lender and borrower yet. Most of the time I've been taught are that lenders are just people who are willing to get paid as long as you meet their criteria, nothing else

Thank you for the feedback everyone, I will try and communicate better the next time I post

I understand things are much different in CA with vast majority of the lending handled by the 5 or so banks in the entire country.. But when I bought property in Kelowna BC and got a CA bank loan the bank for sure wanted to create a relationship with me as a client.. brokers are just not as prevalent. in the US brokers for these types of loans are out there by the thousands some good some not so good.. when you find a good one you want to be loyal to them.

Thanks for your feedback! Yeah definitely I'm still stuck in the Canadian mindset. Glad you found Kelowna nice by the way!

0 Votes

Quote from @Kevin S.:

Quote from @Stuart Udis:

"I was wondering if any lenders out here on BP are willing to play game...." is not the best choice of words.

"there are 2 conditions I require..." is right behind it.

Stuart hit it on the head. Hope you change course and the rest a smooth sailing for you. Good luck.

Thank you for the feedback everyone, I will try and communicate better the next time I post

2 Votes

Quote from @Jason Wray:

Martin,

If you have a lender who is going to offer you a Foreign National DSCR purchase loan for $100K or under with a rate of 7.625%, you better find a way to close fast. More than likely its a 3 year or 5 year prepayment penalty - So you cannot sell it or refinance for 3-5 years. (make sure you check).

Most Banks & Lenders now have a $125K minimum loan amount and when a bank tells you their minimum loan amount it means "After down payment" Most investors confuse that part.

Hopefully the loan officer who quoted you that is familiar with FN and DSCR loans.

The loan I have right now is the loan from the bank - a conventional loan.

0 Votes

Hey guys,

I'm an out of country investor (let alone out of state) from Canada. I've gotten approval from a US bank by using my Canadian credit history- RBC Georgia NA (a subsidiary from RBC Bank Canada).

The loan terms are:

-25% down

-7.625% interest rate

-7/6 ARM

-30 year loan term

I was wondering if any lenders out here on BP are willing to play game and see if they can beat this rate. However, there are 2 conditions I require

- I'd be limited to a DSCR loan since I don't have credit history in the USA yet.

- I don't need a 7/6. A 5/1 ARM or lower is fine by me.

- Minimum loan amount of 100k is fine. (props to you if you can lend 75k or less)

Lets see what you guys got!

Thanks,

Martin

0 Votes

Hi Bigger Pockets!

I've recently came across this technique of assuming the sellers mortgage when purchasing the house. I am a Canadian investor and I am looking towards diversifying my portfolio in the US. Given that I do not have any American credit established, the technique of assuming a mortgage is very attractive to me.

However, my concern is that will I be eligible to assume a mortgage given that I am not American? I've checked out some posts and some people say that although you can assume a mortgage, banks will look at your credit score and unfortunately as I already know, Canadian credit history doesn't follow me when I decide to buy a house in the US

Anyone know the answer to this? Thanks!

0 Votes

Vancouver, British Columbia

All Forum Posts by: Martin Yip Toll So

Martin Yip Toll So has started 2 posts and replied 5 times.

Post: Approved for a loan. Let's see if any lenders here can beat this rate!

Post: Approved for a loan. Let's see if any lenders here can beat this rate!

Post: Approved for a loan. Let's see if any lenders here can beat this rate!

Post: Approved for a loan. Let's see if any lenders here can beat this rate!

Post: Can Canadians with no credit history in USA Assume the seller's mortgage?