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neversaynever
1044 Posts |
 Posted - 03/25/2008 : 3:10:29 PM
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| Full doc, 20 - 25% down on each, great scores, spec homes in very stable part of Colorado (Steamboat Springs). Experienced developer, who can do this (LENDERS ONLY)? |
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directlending2u
436 Posts |
Posted - 03/25/2008 : 3:44:39 PM
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do they own the lots already ?
i believe i can get these done for you , do you have a number i can call you ?
email me at joshthecloser@gmail.com to discuss
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acassociate
211 Posts |
Posted - 03/25/2008 : 3:52:20 PM
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DO YOU EXPERIENCE IN DOING CONSTRUCTION LOANS??
quote:
Originally posted by neversaynever
Full doc, 20 - 25% down on each, great scores, spec homes in very stable part of Colorado (Steamboat Springs). Experienced developer, who can do this (LENDERS ONLY)?
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directlending2u
436 Posts |
Posted - 03/25/2008 : 3:59:37 PM
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| if directing ? to me yes , i have been doing construction loans for quit some time know and my processor is the best at these , i have done close to 20 already this yr |
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spg_alexc
6 Posts |
Posted - 03/25/2008 : 4:08:27 PM
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Hard money can do:
925-931-1844 |
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neversaynever
1044 Posts |
Posted - 03/25/2008 : 5:26:18 PM
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No One does anything but Hard money for something like this?
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acassociate
Mortgage Agent
100 Posts
Posted - 03/25/2008 : 3:52 PM
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DO YOU EXPERIENCE IN DOING CONSTRUCTION LOANS??
Experience what, numbness in my right arm, heart burn, gas? J/k
Acassociate, I'm shopping fo my LO, who is extremely experienced in this type of thing, just hasn't done one in about a year.
Oh and btw, the sites have the laterals installed, also the mylar is filed. |
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KHufford
5922 Posts |
Posted - 03/25/2008 : 7:29:16 PM
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Citibank does these.
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directlending2u
436 Posts |
Posted - 03/25/2008 : 7:35:33 PM
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sorry but they dont either kyle , they dont do spec
neither does m&i
better sharpen your pencil hufforino |
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neversaynever
1044 Posts |
Posted - 03/25/2008 : 8:36:07 PM
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| still searching.... |
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neversaynever
1044 Posts |
Posted - 03/25/2008 : 9:38:18 PM
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quote:
directlending2u
Mortgage Agent
380 Posts
Posted - 03/25/2008 : 3:59 PM
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if directing ? to me yes , i have been doing construction loans for quit some time know and my processor is the best at these , i have done close to 20 already this yr
You dont sound like a lender to me, why would I call you on this? |
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KHufford
5922 Posts |
Posted - 03/25/2008 : 10:27:22 PM
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quote:
Originally posted by neversaynever
quote:
directlending2u
Mortgage Agent
380 Posts
Posted - 03/25/2008 : 3:59 PM
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if directing ? to me yes , i have been doing construction loans for quit some time know and my processor is the best at these , i have done close to 20 already this yr
You dont sound like a lender to me, why would I call you on this?
UHHH....maybe because he just told you that he has done tons of these and can maybe point you in the right direction? Come on dude, he is just trying to offer you advice. I think he is speaking of a private money type deal that if you cant find a direct wholesale lender then he could co broker it hard money..
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neversaynever
1044 Posts |
Posted - 03/26/2008 : 12:47:37 PM
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| I don't like Hard Money, last time I did one the sec 32 BS and lender rules cut me down to about $300 profit, what a freaking joke. |
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KHufford
5922 Posts |
Posted - 03/26/2008 : 1:08:27 PM
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quote:
Originally posted by neversaynever
I don't like Hard Money, last time I did one the sec 32 BS and lender rules cut me down to about $300 profit, what a freaking joke.
There is no section 32 in private hard money. Especially on investment properties. What lender was that who screwed you over? 300 bucks? Most people make tons of cash on hard money.
Hard money is the new ALT "A" so I suggest getting on board with it, you will be missingout if not using them...
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neversaynever
1044 Posts |
Posted - 03/26/2008 : 1:25:13 PM
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| Hmmm Really. I did one with Imperial Lending, and it was SFR OO, maybe thats why I got jipped out of my money. Anyway, HArd Money would be acceptable, probably 12 month term extendable to 18 if needed. What kind of LTV and rate are we looking at? |
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acassociate
211 Posts |
Posted - 03/26/2008 : 1:35:45 PM
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YES TRY CITI BANK.. THEY CAN DO IT....
CONSTRUCTION CITIMORTGAGE (GEORGE TRUJILLO)
george.trujillo@citigroup.com, 619.303.2270 (w), 619.917.4032 (m)
quote:
Originally posted by neversaynever
Full doc, 20 - 25% down on each, great scores, spec homes in very stable part of Colorado (Steamboat Springs). Experienced developer, who can do this (LENDERS ONLY)?
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neversaynever
1044 Posts |
Posted - 03/26/2008 : 8:35:01 PM
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| Thanks I'm putting in a call in the AM, someone above mentioned they thought Citi was out of the construction game, can anyone confirm or deny? |
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acassociate
211 Posts |
Posted - 03/27/2008 : 5:24:53 PM
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CITI IS STILL IN THE GAME!!!
quote:
Originally posted by neversaynever
Full doc, 20 - 25% down on each, great scores, spec homes in very stable part of Colorado (Steamboat Springs). Experienced developer, who can do this (LENDERS ONLY)?
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directlending2u
436 Posts |
Posted - 03/27/2008 : 6:57:25 PM
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yes citi construction is still in the game but like i stated earlier
1. they do not do spec homes
2. you must go through az branch to do construction loans ,
so when your ready email and tell you where to get these done ,  |
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omegafunding
277 Posts |
Posted - 03/28/2008 : 08:53:50 AM
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We have local sources for these deals. Call to discuss
Omega Funding, Inc
www.omegafund.com
720-279-4345 |
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SuperJumboAE
79 Posts |
Posted - 04/01/2008 : 12:32:58 AM
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We are a portfolio lender that specializes in Super Jumbo Loans ($1M to $65M).
Our underwriters look at many different ways to make a loan work – especially with income. Our investors understand the self employed borrower and can often give them credit for income that others might not. When borrowers DTI requirement is a little over limits, we look at other ways to make the loan work – like cross collateralizing properties.
- Service and keep 100% of the loans we do
- Federally Chartered Bank
- We are not a hard money lender – rates usually between 6.25% and 7.25%
- No Prepayment Penalties
Here are some of our other niches:
Great at Super Jumbos over $2M, otherwise your basic lenders can get in the mix like Wells, Citi, Countrywide etc…
- 80% LTV depending on the merit of the borrower
- 65% on any size loan – larger loans will not shrink this LTV
- Cross collateralize other properties to make loans work
- NOT FICO driven as long as we can provide LOEs that make sense – so $1.5M loan with 600 FICO and Wells Private Money won’t do, we might…
- Single Family, Multi Unit, O/O, NOO, 2nd homes
If you have any questions, let me know.
Thanks.
Keith Tong
Super Jumbo AE
The Super Jumbo Loan Specialists
243 N Coast Hwy 101, Suite 18
Solana Beach, CA 92075
Office: 858-345-1210
Fax: 858-345-1170
Cell: 858-663-1842
Email: keith@teamkeith.com
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