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closer31
182 Posts |
 Posted - 05/09/2008 : 12:15:44 PM
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| I have a question....where are all the private investors @??? For example...I have a very STRONG Super Jumbo file but the problem is that it does not meet the typical guidelines of majority of lenders. It is a loan amount of $3-$3.5 million with less than 50% LTV but it is a cash out loan and the borrower has a very strong file in my opinion to which a portfolio lender or private investor may consider. Anyone know how to be in touch with these "private investors" or "portfolio lenders"??? |
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KHufford
3047 Posts |
Posted - 05/09/2008 : 12:21:46 PM
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Hey Sean,
Have we spoken before? Well - I have what you are asking about and am one of the people that has aligned themselves with a private investor for this exact niche.
What is the fico?
How much exactly does the client have in liquid assets?
Stated or Full doc?
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closer31
182 Posts |
Posted - 05/09/2008 : 12:22:33 PM
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| I know but I am talking about how I can be in touch with them. It just seems too much cost when you do it on the type of loan amount and the rate isn't even low enough.. |
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FLhardmoney
140 Posts |
Posted - 05/09/2008 : 12:24:52 PM
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It takes a lot of networking, time, and luck to get in with private investors who will consider investing that kind of money. Most will only work with a few brokers that they trust and have past experiences with. I can get this kind of deal done if in FL.
Every time you talk to a private investor ask him if he know anyone else that is a private investor that may be interested. I get a lot of new lenders that way.
deeles07@yahoo.com |
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KHufford
3047 Posts |
Posted - 05/09/2008 : 12:25:22 PM
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quote:
Originally posted by closer31
I know but I am talking about how I can be in touch with them. It just seems too much cost when you do it on the type of loan amount and the rate isn't even low enough..
How much are you trying to make?
What is high cost?
What rate is good?
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KHufford
3047 Posts |
Posted - 05/09/2008 : 12:36:04 PM
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quote:
Originally posted by FLhardmoney
It takes a lot of networking, time, and luck to get in with private investors who will consider investing that kind of money. Most will only work with a few brokers that they trust and have past experiences with. I can get this kind of deal done if in FL.
Every time you talk to a private investor ask him if he know anyone else that is a private investor that may be interested. I get a lot of new lenders that way.
deeles07@yahoo.com
Yes, take his advice - there is reason for this. Its not even about just networking, like he said, they wont just take a call from random brokers, these are very busy individuals and work with selected few that know the process and know the type of deal and how to submit it. They will not take the time to deal with you individually. Once you start closing a handfull of deals its possible to move more direct however.
But dont desk your deals thinking its too high cost...but also dont plan to get rich on 1 deal, do a few for a smaller cut and believe me you will make good money. Is 15k bad? for an easy res deal?
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Jack Straw
963 Posts |
Posted - 05/09/2008 : 12:39:45 PM
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What's the problem, sounds easy to me.
Best Regards,
Gillee Sherman, California Equity Lenders, Inc.
(818) 584-2318 - Direct
(818) 522-9307 - Cell
(818) 337-2262 - Fax
gillee@calequitylenders.com
www.calequitylenders.com
DRE Corp ID# 01837295
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closer31
182 Posts |
Posted - 05/09/2008 : 12:49:48 PM
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| Jack and others....It is a SIVA and borrower is self employed and also has a business license to being an investor and he owns approximately $30 million dollars in other real estate with a total of 6% loan to value ratio and no one takes that into account....he just built his house up and wants to do a cash out refinance (he had torn it down and built it back up) and he spent about $2 million of his own money and we have checks and proof of this. He has an equity line to which he wants paid off and wouldn't mind if it was paid off in escrow. He is willing to do a 5/1 ARM or anything like that but he wants an interest rate at least in the 6% range. What do you think we can do? |
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closer31
182 Posts |
Posted - 05/09/2008 : 12:51:48 PM
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| Jack and others....It is a SIVA and borrower is self employed and also has a business license to being an investor and he owns approximately $30 million dollars in other real estate with a total of 6% loan to value ratio and no one takes that into account....he just built his house up and wants to do a cash out refinance (he had torn it down and built it back up) and he spent about $2 million of his own money and we have checks and proof of this. He has an equity line to which he wants paid off and wouldn't mind if it was paid off in escrow. He is willing to do a 5/1 ARM or anything like that but he wants an interest rate at least in the 6% range. What do you think we can do? |
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FLhardmoney
140 Posts |
Posted - 05/09/2008 : 1:00:19 PM
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| closer...private investors can and will get more than 6%...almost always. You need a portfolio lender. Maybe a HELOC with option to fix. What state are properties in? What is his credit like? Should be simple. |
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Txhmc
98 Posts |
Posted - 05/09/2008 : 1:04:32 PM
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| I have a file similar to yours with my hard money lender and should hear back from him on Monday or Tuesday. If he can get mine done, I'm sure we can get yours. I'll let know the out come. |
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FLhardmoney
140 Posts |
Posted - 05/09/2008 : 1:09:43 PM
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closer, upon further consideration I would like to speak with you about this borrower. It is odd to have all of your money tied up in real estate doing nothing for you with rates as low as they are. If you can open this guys eyes to the potential he has you will both profit and he will be grateful once he sees the results.
I may also have a portfolio lender to refer you to in California. Please email me your contact info.
deeles07@yahoo.com |
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closer31
182 Posts |
Posted - 05/09/2008 : 1:46:25 PM
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| Properties in CA. Fico is 750.... |
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