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loanofficerxyz
75 Posts |
 Posted - 10/27/2005 : 8:46:31 PM
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This mixed used commercial property is in DE, the borrower middle score is 650, self-employeed, need stated income, 70%LTV, loan amount 350,000.
Any lender would do this at decent rate at 7% to 8%, not interbay like rate (2 digital rate, way too high).
Thanks. |
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juowon
13 Posts |
Posted - 10/28/2005 : 12:55:51 AM
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| Hi Helen give me a call i have many stated programs from LOW DOC TO NO DOC. |
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sunsetmtg
121 Posts |
Posted - 10/28/2005 : 5:26:41 PM
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We offer stated/full doc small loan programs
Wayne Cue
Sunset Mortgage Commercial
Direct/Correspondent Lender
Phone 402.612.3666
Email sunsetmtg@gmail.com |
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Stated
151 Posts |
Posted - 10/31/2005 : 11:20:28 AM
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Helen~
If it is a true stated deal, esp. a property in DE, you will not find a more competitive rate than what we offer.
Sincerely,
David Chick
Interbay Funding, LLC
Account Executive
Direct: (215)793-8802
Toll: (877)207-6099 x8802
eFax: (305)817-5217
davidchick@interbay.com
http://www.interbay.com |
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schultz.fir
895 Posts |
Posted - 10/31/2005 : 12:09:06 PM
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| WaMu will do this on an Option ARM |
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swmsn
4209 Posts |
Posted - 10/31/2005 : 12:17:20 PM
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XYZ: I can take a look at this. It all depends upon many issues to figure out a rate. What is this property? What is the rent roll? What is the cash flow? Financial docs are the most important before you do anything else. Nobody can accuratley quote you a rate without knowing specific info. What is the goal of the borrower? Contact me and give me the specifics.
Shawn |
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loanofficerxyz
75 Posts |
Posted - 11/01/2005 : 08:41:02 AM
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Hi, David:
You probably are right, the lenders I found who offer better rate are not in DE. Maybe your rate is better after all in this particular situation. I'll contact you soon.
Thanks.
Haiyan
quote:
Originally posted by Stated
Helen~
If it is a true stated deal, esp. a property in DE, you will not find a more competitive rate than what we offer.
Sincerely,
David Chick
Interbay Funding, LLC
Account Executive
Direct: (215)793-8802
Toll: (877)207-6099 x8802
eFax: (305)817-5217
davidchick@interbay.com
http://www.interbay.com
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Stated
151 Posts |
Posted - 11/01/2005 : 08:47:04 AM
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I look forward to hearing from you.
Sincerely,
David Chick
Interbay Funding, LLC
Account Executive
Direct: (215)793-8802
Toll: (877)207-6099 x8802
eFax: (305)817-5217
davidchick@interbay.com
http://www.interbay.com |
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loanofficerxyz
75 Posts |
Posted - 11/01/2005 : 08:47:37 AM
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Wow! Option Arm for mix-used commercial property?! I definitedly will check that out. Thanks.
Haiyan
quote:
Originally posted by schultz.fir
WaMu will do this on an Option ARM
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loanofficerxyz
75 Posts |
Posted - 11/01/2005 : 09:10:49 AM
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Thanks. That part I know. I start my broker career from commercial. I studied almost all types of commercial lending methods out there.
Conventional way, Creative Way, Cross Collateral, 100% financing, with equity partner,venture capital, using 0 Coupon Bonds, or using other financial instruments as collateral, credit enhancement, self-liquidating, asset based lending, Hard money loan, you name it, I probably had took time to work on them. Later on I found it is too difficult and take too long to close commercial deals, so switch to residential mortgage which can provide me with daily bread and butter, while still working on some multi-million dollar deals and wish to "Get Rich" over night...
These days I found some lenders offer small commercial mortgage program that underwriting like residential mortgage, especially mixed used with apartment or 5+ units apartment. Old saying:" There is no rate sheet for commercial loan". However, there IS rate sheet for commercial mortgage now. Like Interbay, Greenpoint. However, Greenpoint not lending in DE.
Anyway, I open to any ways to make a deal works.
quote:
Originally posted by swmsn
XYZ: I can take a look at this. It all depends upon many issues to figure out a rate. What is this property? What is the rent roll? What is the cash flow? Financial docs are the most important before you do anything else. Nobody can accuratley quote you a rate without knowing specific info. What is the goal of the borrower? Contact me and give me the specifics.
Shawn
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swmsn
4209 Posts |
Posted - 11/01/2005 : 3:08:22 PM
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I read what you said. I think you have to know more so what the main reasons all of the loans that died did. what did they have in common. For sure it was something. The borrowers a lot of times do not know what they are doing. Getting together the financials is the key. You can make a cheat sheet ( similar to a prequal) that would determine very fast if the deal is workable or not.
Silver Hill is growing very rapidly as well. Check out their website. |
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Stated
151 Posts |
Posted - 11/02/2005 : 06:45:50 AM
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Helen~
I have created this said "cheat sheet" you will be able to determine if your borrower is right for Interbay. Contact me or give me an e-mail or fax to send it to you.
Sincerely,
David Chick
Interbay Funding, LLC
Account Executive
Direct: (215)793-8802
Toll: (877)207-6099 x8802
eFax: (305)817-5217
davidchick@interbay.com
http://www.interbay.com |
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loanofficerxyz
75 Posts |
Posted - 11/02/2005 : 2:04:17 PM
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Number one problem, people want 100% financing, but don't even have money for 3% to 5% closing or commitment fee, maybe their projects were not real or pie in the sky type in the first place. Number two problem, small business owners does not keep any financial record for their business, expecially like restaurant owner or business where clients pay cash, before I got into residential mortgage, I didn't know there is program for stated income where no financials and tax return required. Number three problem, for SBA loans, they charge 3% guarantee fee, although can finance into the loan amount, plus lender fees, brokers fees the clients thinks us charge too much fees, they like to compare with residential fee charges. Number four problem, I guess I was too honest to tell my client the rate and fees going to be after I got offer, then they went to somebody who told them what they want to hear at beginning. And finally I don't think they got a better deal from me. Number five problem, I didn't get paid when they got the money ( this is problem get leads from internet where the client and lender all located in states far from mine, I don't know if it worth the effort to chasing or sue to get my money back. This problem is not so serious with local clients) .
As a whole, gained some lost some. It was not so easy to close deals with clients have no credit score and no financials in commercial area. Most of my clients are those types. No like residential, you can get a home mortgage one day out of BK at 580 score, even with stated income. 95% close rate and able to close loans every week.
Residential loan is what I need, Commercial loan is what I love. It is very proud to tell "See that tall building at the cross of the streets? I got the financing for them."
Thanks
quote:
Originally posted by swmsn
I read what you said. I think you have to know more so what the main reasons all of the loans that died did. what did they have in common. For sure it was something. The borrowers a lot of times do not know what they are doing. Getting together the financials is the key. You can make a cheat sheet ( similar to a prequal) that would determine very fast if the deal is workable or not.
Silver Hill is growing very rapidly as well. Check out their website.
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