All Forum Posts by: Roger West

In NJ. What types of programs are typically available for borrowers with 800 scores, 1m liquid, looking for 350 to 400k loan to buy land and build a spec for resale. What ltv on the land and what on the build?

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Friend just built a 5800sf home from soup to nuts. Looking to possibly do another home around 2800sf looking for construction to perm lender recommendations for. Friends mid score 800, liquid 1m, experienced landlord with 4 doors, NJ area. loan amount 200k'ish. Then, of course, do more. Also, friend is a licensed home builder - would like to use his co as builder.

Any suggestions?

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Quote from @Josh Starner:

Hey Roger, most towns have the form available on their website. Some require it to be emailed or faxed while others can be submitted directly on the website. This is usually free if you want an electronic copy or the will charge a small fee for a printout. The town clerk is generally the point of contact or the head of construction management. Takes 1 to 3 business days in most cases, if you go in person and are really nice they might just print it out same day.

Awesome thank you!!

1 Vote

Jersey City, New Jersey

PS: Hey Josh, how did you go about pulling an OPRA request? Online for 'construction' only?

Tnx...

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Jersey City, New Jersey

Congrats Josh! Thanks for the report on your flip. Very helpful :)

1 Vote

Jersey City, New Jersey

Quote from @Ronald Rohde:

No offense, a 5 unit isn't going to garner much fees for a mortgage broker. I'd stick with a local CU or bank that you currently have deposits with. Get the smallest lender that can do your deal size.

So avoid mortgage brokers for 5 or less units because they wont make enough in fees?

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Greensboro, North Carolina

Hello,

Spoke with about 8 different local and out of state lenders over the last few weeks and all want 25% down yet Fannie guidelines appear allow 15%. I would like to get 20% down if it still exists.

https://singlefamily.fanniemae...

Any suggestions on who might be able to do this loan for NJ property? Must be conforming - not interested in DSCR (already have lenders for those).

Me= 800 scores, full doc, tons of reserves and 15 years landlord experience with all rents showing on returns. DTI is not an issue with me since PLENTY of income shown.

Thanks.

2 Votes

Quote from @Robin Simon:

cross-country lenders are commonplace and not a problem. Since these loans are "business purpose" and not consumer, the licensing is much less stringent and its easy for lenders to lend in nearly all states

Thank you Robin!

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Quote from @Robin Simon:

You are likely going to want to look for "Non-QM" loans which are much closer in rate / terms to conventional financing but are less stringent on underwriting. DSCR loans specifically are great for people in your shoes since you can use an LLC as the borrowing entity and the qualification is very light (no DTI, etc.)

Thank you! I looked into it and it seems that most Non-QM lenders are in California. Would I be better served looking for a lender in NJ or is this cross-country lending commonplace?

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All Forum Posts by: Roger West

Roger West has started 5 posts and replied 14 times.

Post: Ground up financing NJ

Post: Ground up financing NJ

Post: Construction loan lender recomendations

Post: First Time Flip in the books!

Post: First Time Flip in the books!

Post: First Time Flip in the books!

Post: Need a multifamily mortgage broker

Post: NJ Can't find 20% down Fannie lender on NOO. Suggestions?

Post: Own 4 properties. Looking for financing to buy more.

Post: Own 4 properties. Looking for financing to buy more.