All Forum Posts by: Tevis Verrett

What Bros Guifre and John have written are spot on.  You and family are, unfortunately, radioactive to any banking institution.  You MUST have at least a FICO of 740 and previous experience for a commercial bank to assume the risk on you.

My two cents, you can also bring in a credit partner with golden balls FICO, so that you can cash to a new loan.  Otherwise, seller carryback and assumption of the original paper is your best bet.

@Raymond E. Hopkins

Let me tighten up a couple misconceptions.  

First, when you are in a particular deal, you will see other "deals of the century" because you are a baller and in play.  Please know that more deals like this will be forthcoming.   

Secondly, as your HM lender, I have a vested interest in your success. We are team mates. I will do all I can to help you refinance me out of the deal. Most HM lenders are only in the deal for 6 months, we don't concern ourselves with hurting you with DTI ratios, we WANT you to complete the deal. Hope this helps.

I will only report to the four credit agencies if you stiff me.  I have never foreclosed on a borrower (thank goodness) but have had to send folks to collection. . .it is the collection agency that destroys credit.

I am a note buyer.  I neither have the time nor patience to 'teach' someone how to vet a performing or non-performing note.  You better bring your A-game.  If you bring me shopped around crap, you will be blackballed.

I am looking for clean paper with Allonge intact, and borrowers whom are looking to loan mod and are eager to work with the lender.  

. . .then you have my attention!

I agree with Travis.

If you are so secretive as to not share, you will turn off a Funder. Private and hard money is relationship oriented. Why would I lend you $1MM if you start out the conversation holding back?

Also, we won't have that conversation until you have the property under contract, saving time and aggravation. Finally, either liquid money or assets to cross collateralize for anything approaching 100%. And as we are mitigating risk, be prepared to validate experience.

This will go a looooong way toward solid numbers in your funding solution.

Tevis

Good gracious, gentlemen!

This DEFINITELY woke me up, and made my head explode-the perils and potential land mines awaiting the new note buyer.

I have voted you both up, this needs to be made into a Sticky!

Tevis

A bigtime good for you, K. Marie! Do more of this!

Tevis

David hit the nail on the head, we still want to make sure you are invested into the project, and you will need to justify such a large rehab budget compared to purchase price.

We would be interested in talking with you!

Happy holidays, all!

Tevis

will PM you!

Tevis

@Dennis Rodriguez interesting story, interested in how this turns out.

I will make you a colleague of mine and follow your story!

Tevis