All Forum Posts by: Robert Grant

Do you honestly think we don't want your business Steve?  Unfortunately once you get to our space, and even hard money, we say "No" to deals a lot more than "Yes".  I don't get paid a salary, so I wouldn't be here today if we didn't close loans.  I can tell just by your signature that you probably deal with more fix & flip investors, and we're absolutely not ideal for those types of scenarios.  We are a buy & hold lender so that's why we probably haven't been able to do a deal with you yet. 

I apologize if you felt shunned by our niche/boxy product, but it's always best practice to give you a quick and confident "I'm sorry, we can't do this deal.." than it is to drag you through the mud on a deal that we can't close in the end. 

I've got as many references as you need Tzvi.  Even though I'm in LA, I close a ton of deals in NY as well, so feel free to message me and I'll give you names/numbers.  I've also been with Velocity for 2 1/2 years and have worked with many of the top executives here back in the subprime boom when I was with New Century, WMC, Encore, etc.  We are a very legit player in this market, I assure you. 

Evan, what about just doing a 1st TD mortgage up to 70%LTV (if you've owned it longer than 12mos - or base it off Purchase Price if you bought it less than 12mos ago) under a No Doc product? I would believe the rate would be better than a HELOC anyway.

Yes John, our rates are in the 7's with no points.  But we do have a flat UW Fee - $1995 for Residential and $2995 for Commercial -  Both fees can be lowered if the loan amounts are small.

Hi John,

We do... Are you a broker/RE Agent? 

Best,

Robert

@David Alvarado - We lend in MD and specialize in one product - No Income Verification Loans -  Rates are in the 7's on a 30yr term, No Points, and brokers can make up to 5pts on every loan (Origination & *Rebate - *We pay up to 2pt rebate).  We are a great alternative to Hard Money and a good safety net to conventional fallout.  Email me for a Broker Agreement if you're not already approved/working with us.  I'd be happy to get you set up...

Enjoy your weekend!

Robert

Hi Fred,

I have a few legitimate & trusted HM outlets as well.  But keep my contact info if you ever look to buy & hold one of your properties in the future.  We specialize in a No Income Doc loan, so it's purely based on Credit (650 Min Fico) and Equity (25-30%).  Single digit rates, No Points, 30yr Term and we don't require Income Docs/VOE/Exit Strategy/PFN's/Executive Summary, etc.  This is for both Residential Investment 1-4's and Commercial Properties.  

Best,

Robert

Hi @Mario Gutierrez - wanted to quickly jump in a respond to your original post. There are other options outside of the conventional banking arena as well. There is a really under-served market between traditional banks & hard money and this space is now growing with new lenders to fill in that gap. There are loan programs that are soley driven by Fico/Equity, so you don't have to show income/employment/reserves/exit strategy/PFN's/executive summary, etc. Most of them go up to 75%LTV on multifamily too. If they like the property, and you have 25-30%DP with a good fico, then they'll lend to you. Terms aren't short like HM either. You'll find most of them at 25 or 30yr terms, single digit rates & no points. Feel free to reach out if you'd like me to help point you in the right direction.

All my best,

Robert

@Tzvi Balsam - If you're okay with 75%LTV, then message me directly and I'll give you the rest of the parameters. In NJ, you can bring that deal in directly without a broker involved and there's no PPP if loan closes in an individuals name versus entity.

Best,

Robert

Thank you @Doran Summers, much appreciated my friend!  Feel free to shoot me your email (use my email below) and I'll send you more information on Monday.

Hi @Bryant Diep - Please shoot me an email (email address below) and I'll get you more information on Monday.

@Jordan Lisenbee - @Lorenzo Smith - Please email me at the address in my signature below so I'll be reminded to send you Loan Request Form and more literature regarding our niche No Income Doc program. 

Have a great weekend Gentlemen!!

Robert