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ownerbuilder
20 Posts |
 Posted - 04/08/2008 : 08:48:55 AM
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I'm not looking to broker a deal. I am looking for a bank to take
MULTIPLE deals a month.
We are a construction consulting company for owner builder who act
as their own general contractor with OUR SUPPORT throughout the
entire build.
I work with one bank now that will do this type of loan, but
having all your eggs in one basket is hard to deal with.
We are looking for a lender to handle these deals with us. Here is
the breakdown of how we currently have it set up:
-85% LTV - We budget at least 15% equity
-1 set closing costs for land, construction, end loan.
-No downpayment for clients over 620
-10% down payment in soft markets - so 75% LTV if in soft market
-Jumbo loans require 680 score.
-No loans over 1MM.
-12 months to build
-Interest payments taken out of loan
We have done this type of deal successfully for 5 years and all of
our customers have modified to fixed mortgages and all projects
are under budget and completed ON TIME!
We are a consulting company wanting to team up with a good bank
or lender. This could be a very lucrative deal for the for the
right lender.
If interested or want more information, please contact me at my
office, Shane 678-482-1191
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DrewMI
203 Posts |
Posted - 04/08/2008 : 11:02:12 AM
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| Are all your builds in GA? |
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ownerbuilder
20 Posts |
Posted - 04/08/2008 : 11:38:23 AM
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| No, they are all across the lower 48 states. |
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KHufford
5701 Posts |
Posted - 04/08/2008 : 11:50:31 AM
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We are solid with construction loan and very experienced with them and would like to help. Few questions..
85% LTV? What is the LTC?
No downpayment? How do expect no downpayment? Please calrify what you mean...
Are you wanting 85% loans based ont he future finished vales? |
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ML
2704 Posts |
Posted - 04/08/2008 : 12:01:05 PM
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There is a reason why banks don't give loans to Owner Builders...
Please excuse me while I go give myself an appendectomy! |
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ownerbuilder
20 Posts |
Posted - 04/09/2008 : 1:23:20 PM
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85% based on the future value. Projects are budgeted to 85%. This includes contingency reserve and interest reserve. Most of our projects are built under budget with even more equity. Owner builders WITH OUR SUPPORT, build homes for way less than with a builder or GC.
"There is a reason why banks don't give loans to Owner Builders..."
As long as banks scrutinize borrowers and projects, there is a lot of money in constuction to perm loans.
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jkurland
261 Posts |
Posted - 04/09/2008 : 1:31:27 PM
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So you are looking for 100% financing of the land purchase price for borrowers who are owner/builders with 620 Fico's or greater?
If anyone can do this please let me know too and I will have about 10 deals/month for you.
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KHufford
5701 Posts |
Posted - 04/09/2008 : 1:36:13 PM
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Yeah you need to look at client who can do 80% LTC...
Not 85% LTFV
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ownerbuilder
20 Posts |
Posted - 04/09/2008 : 1:39:23 PM
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I already have a lender who will do this. It's not a fantasy I'm trying to fulfill, I already do these deals every day.
I'm just looking for more than one so I am not relying on only one. Are you being sarcastic or would you really have deals? We can work something out, because I am in talks with several others to implement this program with us.
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cincyloanguy
131 Posts |
Posted - 04/09/2008 : 1:47:32 PM
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| ownerbuilder i have a borrower that has a 780 score 100k in assets retired has rental property that provides income as well as ssi. She wants to build a house i am wondering if you have anyone that will do that deal stated? her son inlaw is a builder and will be building the house. It will be owner occ. thanks for the help. |
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ownerbuilder
20 Posts |
Posted - 04/09/2008 : 6:45:07 PM
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I can't do stated with this program at this time, it must be full doc. Are you sure they have to go stated?
We might have a program in the future for stated. |
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KHufford
5701 Posts |
Posted - 04/09/2008 : 6:48:39 PM
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quote:
Originally posted by ownerbuilder
I can't do stated with this program at this time, it must be full doc. Are you sure they have to go stated?
We might have a program in the future for stated.
What lender are you currently using?
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ownerbuilder
20 Posts |
Posted - 04/09/2008 : 7:36:25 PM
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| I use a private correspondent lender who sells these deals on the secondary market upon modification. |
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dkendall1979
9487 Posts |
Posted - 04/09/2008 : 7:58:34 PM
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Ownerbuilder:
An honest question... Why are you putting so much effort into building homes when you can buy them for peanuts right now? What do you know that I don't? |
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ownerbuilder
20 Posts |
Posted - 04/09/2008 : 8:11:15 PM
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Though you can buy houses for peanuts, there is a niche market of folks who still want to build a home the way they want it and where they want it. Some own their own land, some don't, but they know where they want to be. They're building their dream home. This is what we help them do and we've never been busier.
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jsimmonizer
115 Posts |
Posted - 04/10/2008 : 01:39:49 AM
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| ownerbuilder,what is your website? |
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ownerbuilder
20 Posts |
Posted - 04/30/2008 : 10:31:11 AM
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| Sorry, I haven't been back to the site in a while. Still looking for more lenders. My site is http://www.DIYownerbuilder.com |
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