All Forum Posts by: Nick Johnson

sling, i just had a face to face meeting w/ a local bank here north of boston...we spoke at first about exit strategy out of hard money into a conventional loan...

he then presents me with the possibility of a staight construction/rehab loan with his bank based on 75% or even possibly 80% LTV based on ARV...with an interest rate of around 7 or under 5/1 ARM & 30 yr...

needless to say i walked out very excited...reasons he is optimistic about lending to me is 1) i have over 5 yrs experience buying/selling and renting multi family property and 2) this is not my primary business, only a secondary form of income 3) MOST IMPORTANTLY they will keep this loan "in house" as i already have over 4 mortgages

so keep calling, yesterday i think i called 6 smaller to mid sized local banks in and around Boston

BG,

Thanks so much for this info! It is really important! It gives me a ton of hope that I will be able to complete this first deal :mrgreen: Just keep me posted with your project and if I get some more info I will post here as well. Thanks again!!!

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Please keep me posted.

Thanks BG!

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Just talked to them.

No title seasoning. NP.

The stated or no doc on NOO. No dice.

Just so you all know.

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Originally posted by Anthony Clayton:

Quicken loans has 30 day seasoning and 80% and 75% cash out NOO. Stated you are looking at about a 8%

Thanks for the info! I am going to check that out right now!

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Originally posted by nationwidepi:

Slinger,
As Jon mentioned, local small community banks are a great option, particularly ones that will carry their own paper, tehrefore they do not have to go with the Freddie/Fannie guidelines.

You will want to use the bank in the area you are investing, as the bank is familiar with that area and not the bank where you live.

Hate to point out another problem, but be aware that some of these local banks will be more apt to loan to a "local" for the property in that area as opposed to an out of state investor. It is just a sign of the times. Keep searching the banks as there are many local ones and one of them should be able to accomodate you.

Is there an easy to to find out which local bank (in the area I will invest) carries their own paper? Or do I just try calling and asking or what is the easiest way?

Thanks guys!

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Originally posted by Jon Holdman:

Either, though you may have better luck where you're investing.

Thanks Jon! I will be looking then to find myself some options.

Thanks to everyone else for the other PMs and so forth!

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Originally posted by Jon Holdman:

Have you tried calling lenders in your area? Local info is going to be best, since conditions are different in different parts of the country. Try making some phone calls to local lenders and mortgage brokers and see what they have to say.

Jon,

Should I be calling where I live, or where I plan to buy/lend? Two different states entirely. Let me know, thanks! :mrgreen:

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Originally posted by nationwidepi:

Stated income is practically gone.
Seasoning is a huge issue right now.
A NOO loan will currently require up to 6 months of seasoning. I am currently seeking creative alternatives around this as it is an issue for some of my current strategies right now. There is another thread about this issue.

Thanks for the reply!
It seems that all I am getting right now is that things are issues, the programs are gone, or that we are searching. Does anyone have answers?
Care to share what you have found so far?

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Not yet. I want to have all my ducks in a row and my exit strategies planned out prior to obtaining the property.

So you think that 70% could be possible?
No seasoning requirements?
Lenient DTI or stated programs?
Cash Out to 70%?
Do tell me more if you have the info.

I would be interested in rate and term as well if cash out is not an option. I am sure it would be less than 70% in those instances.

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All Forum Posts by: Nick Johnson

Nick Johnson has started 23 posts and replied 106 times.

Post: Refi out of a Hard money rehab?

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Post: Refi out of a Hard money rehab?

Nick Johnson has started 23 posts and replied 106 times.

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