All Forum Posts by: Waylon Themer

Thank you James for bringing this to my attention.  I will get with my IT department tomorrow to gain an understanding of this.  In order to provide a more robust security platform to our customers we are in the process of changing our primary domain from www.citybankonline.com to City.bank.  The domain citybanktexas.com was only used for our email server.  I welcome you to visit our site at citybankonline.com or city.bank and explore our history, locations, and product offerings.  Also, feel free to reach me at 469-474-9089 or [email protected] at any time.  Thanks again for bringing this to my attention!

It's a good strategy if you are very disciplined in managing the card(s).   Not only are you avoiding the interest of a Hard Money loan, you are also avoiding other closing costs such as admin fees, etc. If it looks like you might run out of promo time, you need to look at replacing the debt with other card(s) in a timely manner.  As Nghi stated, you can completely hurt your cause if you miss the deadline.  If you are buying the house with a traditional mortgage and using the credit card as rehab only, be sure to wait and do the balance transfer after you close so you don't screw up your first lien underwriting.  Good Luck!

Dallas Investors--

I want to introduce myself and our typical product to those who don't yet know me. I have been a buy and hold investor for 10 years and I have been a portfolio lender for City Bank Texas for the same 10 years. I was in Houston from 2013 through 2017 and recently relocated to my hometown in the Dallas, TX area. As an investor and a lender, I have really enjoyed the BP community for the last few years.

Our typical loans have the following requirements and structures:

• Houston area and Dallas area properties
• Up to 75% LTV/Up to 80% loan to cost including acquisition cost plus improvement cost
• Minimum credit score of 680
• Minimum loan amount of $35,000 and maximum loan amount of $10,000,000
• Can blanket multiple properties or do deals one at a time
• W-2 or consistent 1099 income is very helpful but not required
• Can loan on houses, multifamily, office, retail, industrial, and self storage
• Can loan on distressed property
• Up to 20 year amortization
• Up to 5 years fixed rate with typical rates ranging between 5.00% and 6.50% with a 1% origination fee.
• Average closing time on houses is 21 days. But can close as quickly as 10 days if the stars align. Typically 45 to 60 days for commercial property

Contact me at [email protected] or 469-474-9089

As a buy and hold investor and as a lender I simply love talking real estate. Don't hesitate to contact me for anything. I welcome any questions or comments.

Thanks for the mention Jerry! 

Thanks @Jeff Wallace it's been a pleasure working with you!

@Dan K. I only lend in Houston and Dallas.

Thanks for the mention @Jerry Ta!

Great to virtually meet you Seth!  Would love to get together soon!

Thanks for the mention @Jerry Ta!

@Danny N. I work for a local bank here in houston and I have financed numerous small unit multifamily properties in prime areas--particularly montrose and heights. Your personal balance sheet looks impressive so you have already achieved half the battle. As other posters have mentioned, we will want to see that the property itself produces enough cash flow to service the debt after all expenses. You may have to bring a little more down payment to the table in order to achieve this. Also, I would live to hear more about your gas station leases.  

thanks @Jerry Ta!  I would love to work with you @Roshan Koppuzhayil! Feel free to email or call me.  My contact info is in my profile.  Thanks

Great breakdown Joe! I likely had the same Joni (just looking at name spelling and fees), and now have the same Jerry on 6 of my properties.  I think Jerry does a really good job.  No maintenance for 6 months should be the norm.