All Forum Posts by: Sherman Foster

Can a newbie with very little money get conventional lending for apartments and/or mobile homes?

Yes i did see this on one of monica's websites

Bill,are there lenders that finance small parks?I heard it was difficult to get financing under 1 million.

k.I see.thanks Bill

ok,what are transactional funders for in the real estate area.I've looked up several on-line that help with purchases.

This is not where the seller walks away with nothing.I wana get 80% conventional financing which the seller gets that.I'm asking the seller to carry the 2nd on the 20% for about five years then refinance and pay him off.I wanna use transactional funding to put the 20% in escrow for the bank to see,then they will be repaid at the end of the day plus there fee's.the seller gets 1600,000.00 minus the transactional funders fee which will go on the seller carry as well as the 400,000.00.The proof of funds letter fee is where i'm stuck at.Will a transactional funder help me with a POF letter And funds,then get paid at the close of escrow is what i wanna know.This way i can get the seller to pay for both fee's and add them to the 400,000.00 seller carry.

Thanks Bill for the reply.I've looked at several properties.Where i'm getting stoped at is the proof of funds letter.which this is the beginning process with lenders and some sellers.I've studied a couse showing me how to get a buyers repair credit and use a transactional funder only on the day of closing.Of coure the seller must have equity and must be on board.but i dont have money to pay for POF.I'm looking at a park in texas,78 space,70 are occupied,0 park owned homes,GOI is 294,000,expenses are 101,400,NOI is 192,700,asking price is 2,150,000.00,current balance on loan is 1,100,000.00,city water & sewer,paved streets,etc.What else would you need to know?

I'm trying to get my first commercial property with no money down.I've heard about creative financing,but i don't even have money for proof of funds letter.Is there another way?The owner is willing to hold a private second mortgage through a buyers repair credit.