All Forum Posts by: Thomas J.

For starters, I disregard every brokers opinion about everything. If they were so smart they wouldn't be wasting their time chasing buyers and sellers.  Right now they're bragging about selling people's homes and they're not even *selling* them. Techonology has thankfully made brokers obsolete. I can't wait until they finally crack down on their illegal trade practices.

As far as a bubble.... inflation, interest rates, shortage, people getting loans who shouldn't be " airbnb" "investors", and a shortage and the fact that no one is working.... yes, it's here.  Oh how quickly we forget the 2008!

I have the short term financing in place from a local hard money lender, but I need the long term money in place before I begin construction as I don't intend to sell the building any time soon.   Anyone got any ideas?

The issue with qualified mortgages is that you can only get a certain amount before you’re done. A lot of lenders won’t even do more than 5. And that’s just nuts to me. Non qm opens up worlds to people like me, if you can get the right loan officer and the right underwriter - but that’s the tricky part. 

The title is it an entity. Citadel has been a nightmare to work with like most of these bait and switch type non qm lenders who just throw everything they can against a wall to see what sticks. I might give them a call. Thanks for the tip. I just need to put the money to work on other projects. 

A conventional loan probably wont work on this. I’m looking for a lender in the non QM market. 

It’s shocking to me how many investors in this business don’t even know what that is. 

Does anybody know of a lender who can do a cash out refinance of a manufactured home? it’s paid off. Income and credit are not issues  

Before you post, please understand that this is not my first rodeo. I fully understand that it’s a longshot. The manufactured house is on a permanent foundation. I know that Citadel has a loan program for this, I’m trying to find others that do also, because fit Adele isn’t very reliable with their underwriting guidelines.

Bump

Bump

I’ll check them out but I doubt they have what I’m looking for. 

That doesn't even make sense. Who would want a note for 20,000 instead of that in cash at closing?