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NJBROKER722
49 Posts |
 Posted - 01/31/2008 : 12:13:59 PM
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| I have a deal in NJ..Borrower has been self employed for 25 years but need to go stated. He is purchasing a 5 unit residential Property. Please call 856 740 5210 ext 210 or email rdicintio@marcolemortgage.com. Borrower is looking to make offer ASAP |
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robertvictor
49 Posts |
Posted - 01/31/2008 : 12:25:06 PM
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| We would go stated on this deal if we can take a commercial approach to the five unit. He has the scores for it. Why can we not qualify him for a commercial loan? |
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danielk369
466 Posts |
Posted - 01/31/2008 : 12:27:18 PM
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| you have mail... |
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Mark_GMC
583 Posts |
Posted - 01/31/2008 : 1:10:58 PM
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GMC has recently expanded it commercial programs and now offers:
CONVENTIONAL, SMALL BALANCE, and HARD MONEY Commercial Programs.
We offer loans from $150k to $10M+ and can lend to all FICO scores and most property types, depending on which program your scenario fits into.
Please feel free to take a look at our latest commercial flyer at http://www.gmcmortgagecapital.com/docs/MS/GMC-Commercial-Flyer.jpg
If you have a scenario to present, we offer a QUICK solution at http://commercial-ms.gmcmortgagecapital.com This only takes about 60 seconds to complete and our commercial desk will get back with you quickly as to which program best fits your scenario's needs.
Please feel free to contact us directly at (954) 332-3567 x201 if you prefer. We're more than happy to give you an honest, straight forward conversation concerning your deal and our ability to get it done. We look forward to speaking with you soon! |
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dkny
218 Posts |
Posted - 01/31/2008 : 1:33:24 PM
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If I'm not mistaken in NJ apartments loan considered commercial if there is more then 5 units. 5 and less still count as a residential property. Please double check.
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kenvphan
452 Posts |
Posted - 01/31/2008 : 2:30:06 PM
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| dkny, I am in agreeance with you, definitly residential. NJ is 7 plus units for commercial. They are special.... |
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mwgreco
1212 Posts |
Posted - 01/31/2008 : 7:12:44 PM
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| That's the first I heard of it and I have been writing in NJ for 16 years |
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msancheznj
2252 Posts |
Posted - 01/31/2008 : 7:17:53 PM
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5 or more residential units is considered Commercial, the thing is the Brokers need to have a Residential License in order to originate anything with 6 residential unit or less.
The other problem is only Fed and State Banks can put prepays and lockouts on these types of mix-use and/or multifamily with 6 or less residential units. |
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