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yanmink
277 Posts |
 Posted - 04/28/2008 : 09:58:13 AM
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| I need a bank who will offer a good rate on a blanket loan. My Borrower has over 50 properties on his credit and everyone wants to run DU which automatically disqualifies the loan. Can't take these to Wachovia due to seasoning issues. Any ideas? Help me out guys |
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lemeuss
614 Posts |
Posted - 04/28/2008 : 10:05:31 AM
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| where's the prop at? If you're in PA, MD, DE, or VA, I've got something for you...e-mail me for info...if not, don't know what to tell you |
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yanmink
277 Posts |
Posted - 04/28/2008 : 10:06:36 AM
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| The properties are all in California |
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yanmink
277 Posts |
Posted - 04/28/2008 : 4:16:07 PM
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Anybody El's have any ideas? please help if you know of a lender that does these i would appreciate the referral.
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bigmoob
107 Posts |
Posted - 04/28/2008 : 4:23:53 PM
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| I may have a way to get them done for you |
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ccbank
1351 Posts |
Posted - 04/28/2008 : 4:32:38 PM
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| We do blanket loans but, first you have to explain what a "good" rate is. |
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cbeard
63 Posts |
Posted - 04/28/2008 : 4:37:37 PM
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For this your best bet is hard money commercial as they will be able to get them done. Once you are in the door it is easier to obtain a new loan from another lender. Hard and then a good rate. That is the quickest way to do it if you have the equity in the properties.
Chris Beard |
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jlg3
164 Posts |
Posted - 04/28/2008 : 4:52:33 PM
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Hi Yan,
If these are commercial properties, then I can help you. Mission Oaks National Bank with do blanket loans on commercial properties.
Let me know.
Thanks, Jay |
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yanmink
277 Posts |
Posted - 04/28/2008 : 6:45:26 PM
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THANK YOU!
This is to everyone that replied i thank you for your time. I have contacted some but i will contact all and hopefully it will work out! |
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slants
4303 Posts |
Posted - 04/28/2008 : 7:52:22 PM
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| Yan. You need a hard money guy. Try contacting Joe Bush at Wizard Financial (805) 231-5534. They just moved to Thousand Oaks from Sherman Oaks. You'll need a good amount of equity for private money though and it probably won't be cheap. |
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yanmink
277 Posts |
Posted - 04/28/2008 : 8:20:43 PM
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| Thanks will do first thing in the AM. I just want to say to everyone at this post. Thank you for all of your help. i know that i would have not placed any of my loans through this down maket without BO member help. |
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swmsn
4205 Posts |
Posted - 04/29/2008 : 08:59:29 AM
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Is the Blanket Commercial or Residential properties?
I have 3 blankets in my pipe now.
I am getting 7% as of last week and 75%ltv ( can add a second as well ) as long as the deal stays strong and is not in a declining area that is what I have seen. These came with 20yr terms 30yr Am.
Email me and I'll let you know what I need to see. |
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wcaldrichjr
75 Posts |
Posted - 04/29/2008 : 09:05:41 AM
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| Who is doing RESIDENTIAL blanket loans right now? |
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mortgagemessiah
8003 Posts |
Posted - 04/29/2008 : 09:08:06 AM
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| If the properties are in CA, call Carlos. |
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ccbank
1351 Posts |
Posted - 04/29/2008 : 10:40:42 AM
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quote:
Originally posted by mortgagemessiah
If the properties are in CA, call Carlos.
thanks steve. |
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yanmink
277 Posts |
Posted - 04/29/2008 : 11:02:22 AM
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Im calling him now. quote:
Originally posted by ccbank
quote:
Originally posted by mortgagemessiah
If the properties are in CA, call Carlos.
thanks steve.
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slants
4303 Posts |
Posted - 05/15/2008 : 12:01:17 PM
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| Yan, did you ever get this done? Joe Bush from Wizard Financial says he has left you messages. |
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yanmink
277 Posts |
Posted - 05/15/2008 : 1:15:43 PM
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No i did not but can you please give him my number.
818-717-0757 |
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808
2871 Posts |
Posted - 05/15/2008 : 1:30:38 PM
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| If those properties are in depreciating mkts you might wanna move on to another loan. Your probably looking at a Hard Money Lender 60%LTV off the BPO and 6mos PITI reserves PER PROPERTY. Just went 15 rounds on one of these in FL and all I got out of it was a FED EX bill and a trip to Office Depot for more ink cartridges. At least the borrower was cool enough to refer me to a couple of borrowers though. |
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yanmink
277 Posts |
Posted - 05/15/2008 : 1:39:29 PM
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| Cool i appreciate the head up i was actually thinking the same thing. (moving on that is) |
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slants
4303 Posts |
Posted - 05/15/2008 : 3:59:07 PM
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quote:
Originally posted by yanmink
No i did not but can you please give him my number.
818-717-0757
Joe Bush will give you a call. Let's see what he can do. |
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EMScommercial
5141 Posts |
Posted - 05/15/2008 : 4:09:51 PM
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| Carlos would be a good source on here for Cali props. |
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yanmink
277 Posts |
Posted - 05/15/2008 : 5:20:59 PM
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I called Carlos and unfortunately he was unable to help me. His Origination was quite high and for a borrower that is in this good standing making 2M a year documented on tax returns will not want to pay 3pt Loan origination + what ever fees the investor wants which i believe is about 1-2 points so at this point it might as well be a hard money loan.
I thank you for the help. |
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swmsn
4205 Posts |
Posted - 05/16/2008 : 07:14:00 AM
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Yan, I don't think I ever heard from you on this. Fees are to be expected considering that there are very very few doing resi blankets.
I responded earlier in the week with some info and questions.
Total fees are 3 ( and you charge yours ) There is no YSP for anyone.
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