All Forum Posts by: Darryl Dahlen

This loan would be a small balance commercial loan so while the terms are higher because of the loan amount, there are lenders for this.

You would be looking at 30% down, but the seller can hold a 10% second.

Rates range from Prime plus 3.5 up to 9% with a variety of terms available.

700 Credit score is needed for this program.

PM me if you'd like to know more.

I don't know as you can get a 30 year fixed these days. If you can, run with it. My lenders are offering 5-10 year loans with 20-25 year amortizations.
HUD can offer you a 35 year loan, but I suspect a 16 unit isn't large enough for them to look at.

As the article states, a 504 loan requires the owner occupy 51% of the usable sq. footage of the building. It also requires that the owner occupy 80% within 10 years.
Obviously, this is a problem with an apartment building.

Good to know and I'm happy to see you took the time to do some research. There would be a lot less headaches if people followed your lead.
Let me know if you need a currency exchange company in the future.

Hey Kenneth. What LTV are you looking for and what are the loan amounts?
I have a private investment bank that will go higher than 5 years on their loans,, but aside from HUD/SBA, I don't know of anyone who will do a 30 year loan right now.

Are you referring to a currency exchange company?
There are several out there who are affiliated with various banks around the world. From what I've seen, most companies are based out of Europe with offices in the US.
I have an exchange company I use that has an office in Orlando and they are superb.
If you want to compare notes to see if the offer you got is a good deal, PM me and we'll talk.

I can't believe anyone uses this company. Saj is well known for taking people's money and a simple Google search will give you more than enough information on him and his business practices.
Not to mention a good rating the the BBB doesn't mean all the much.

I think the short answer to your question landlord is that most banks are still in a no lending state of mind. They will certainly work on a file because it would be bad business to say they aren't lending. Afterall, most are publicly traded companies.

Back to the D&B number. I believe if you are on solid ground, having a good D&B report will only put you ahead of the pack as it will affirm your company is strong. Anything you can do to prove to a lender you are less of a risk than the guy next to you is IMHO a smart move.

I'm only try to help educate you so take it as you wish, but you are going to be judged be what you offer here and claiming LTVs of 100% financing is going to bring scrutiny.
HUD is not different from lender to lender. It's universal so I don't see how someone can structure a loan differently no matter where they are since it either goes to the Washington DC processing center or Seattle, WA. The lender, and HUD, structure the loan, not the broker and the cap is 92.5%CLTV under the 223(f) program. There is some leeway with the 7.5% second (if it will be a true 2nd or a mezz loan) but that's about it.
If you aren't aware of the process works, you have to send in some qualifying paperwork (about 14 items) to the lender who drafts up a detailed loan analysis that's quite lengthy. That is the premise for the loan which leaves very little room for brainstorming on anyone's end.
If someone else has different real world experience please correct me if I'm wrong and I will gladly learn from this too.

They are talking about SFRs and you're talking about a commercial program. Not to mention there is more out there than just the 223(f) program.