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velecico
3249 Posts |
 Posted - 05/01/2008 : 6:28:17 PM
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One of my LOs is closing a 600K HELOC with Wells / wholesale / commercial , some you guys looking to do commercial deals may want to contact Wells , he is making 1 pt on 600K |
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AndrewSoss
354 Posts |
Posted - 05/01/2008 : 7:28:29 PM
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quote:
Originally posted by velecico
One of my LOs is closing a 600K HELOC with Wells / wholesale / commercial , some you guys looking to do commercial deals may want to contact Wells , he is making 1 pt on 600K
I thought they only go to 500k...also, GL actually getting it to close. Had the cleanest commercial deal I've ever seen and it literally took 5 months to get closed. the worst service ever. |
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brihabes
87 Posts |
Posted - 05/01/2008 : 8:28:01 PM
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500k max no exceptions with wells
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syndicator
97 Posts |
Posted - 05/01/2008 : 8:31:04 PM
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Is this a HELOC or business LOC?
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velecico
3249 Posts |
Posted - 05/02/2008 : 09:59:34 AM
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made a mistake it was 400K , he is making 1 point , its not costing us anything to put it in , at least its no risk they dont have upfront fees and the rate is PRIME plus 1.25 |
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FundStar14
685 Posts |
Posted - 05/02/2008 : 10:05:03 AM
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Got this from my Wells Rep this morning:
WELLS FARGO NOW OFFERS A SMALL BUSINESS COMMERCIAL PRODUCT!!!!
-- PURCHASE, REFINANCE, EQUITY LOANS AND LINES UP TO $500,000
-- NO APPLICATION FEE/NO APPRAISAL FEE
-- ONE PAGE APPLICATION TAKES MINUTES TO COMPLETE
-- STATED INCOME ON OWNER OCCUPIED PROPERTIES, LIMITED INCOME VERIFICATION ON
INVESTOR PROPERTIES
-- 1ST OR 2ND LIEN POSITIONS AVAILABLE
PROPERTY TYPES INCLUDED BUT NOT LIMITED TO:
Residential 1 - 4 units
Multi Family 5+ units
Mixed Use Properties
Properties titled in LLC
And a wide variety of commercial warehouses, offices, gas stations, restaurants, Assisted living, schools and daycare centers.
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dwmordue
390 Posts |
Posted - 05/02/2008 : 10:10:40 AM
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Stated income at prime + 1.25% is actually about the only game in town for stated HELOC's
?
Anyone know anybody who would do a stated HELOC at better terms through residential lending channels? |
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jlmandl
142 Posts |
Posted - 05/02/2008 : 10:14:45 AM
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| I have looked into these alot further. If you have a clean deal thats small it might be ok for 1pt. If you are prepared to work a little harder you can make 3-5pts very easily. |
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