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boudroux
66 Posts |
 Posted - 05/23/2008 : 10:44:55 AM
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I'm aware of AmTrust, Wachovia and Downey as true portfolio lenders who will do stuff outside of the Fannie Mae box.
Any other banks you can help me with that are wholesale lenders in the So Cal market that truly are common sense portfolio lenders?
Here is specifically what I'm looking for:
Cash our refi on a property owned for 3-4 months
Full Doc/Verified Assets 26/35 DTI's and well over a million in the bank
NOO on SFR's and 2-4 Units
70% LTV
10+ financed properties
680 credit
What I have is a professional landlord who has been buying/building rentals for 30 years. He works the SoCal market and is buying REO's having his crew repair and then putting in renters. Once they are repaired and rented out he looks to do a cash our refi.
This guy is solid, has tons of cash flow and reserves, tax returns to support the income and is aggressively purchasing these junker REO's to put in his rental portfolio. I've done several with Downey and they have told me that they won't make anymore loans to this one client.
Who is left that is the real deal common sense underwriting who will work with these types of clients? |
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subprime
3606 Posts |
Posted - 05/23/2008 : 11:14:00 AM
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| Try Home Savings of America |
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bbbbenny
231 Posts |
Posted - 05/23/2008 : 11:20:58 AM
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Not sure if they'll do the above scenario but good additions to your portfolio list:
First Fed
http://www.firstfedwholesale.com/site/Home_Page.cfm
Luther Burbank
http://www.firstfedwholesale.com/site/Home_Page.cfm
US Bank
http://www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloans
copy and paste |
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boudroux
66 Posts |
Posted - 05/23/2008 : 11:35:51 AM
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| Thank you for the leads. I've already contacted Luther Burbank and they are not accepting new brokers anymore. |
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boudroux
66 Posts |
Posted - 05/23/2008 : 11:57:48 AM
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Second update. US Bank does not have a portfolio program and according to the rep I just spoke to is only originating Fannie/Freddie type stuff.
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boudroux
66 Posts |
Posted - 05/23/2008 : 12:51:42 PM
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Third update: Thornburg Mortgage says the probably won't do it either.
Just to Rant: When I got in the business in the mid 90's there were many of these true portfolio lenders operating in the wholesale arena. Now these banks have screwed themselves so bad that they can't even consider legitimate investor loans when the scenario makes sense.
Unbelievable. |
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subprime
3606 Posts |
Posted - 05/23/2008 : 1:02:21 PM
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Did you check with Home Savings yet?
Also, b2b.mortgageclose.com is a wholesale lender who will take borrowers with over 10 mortgages |
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boudroux
66 Posts |
Posted - 05/23/2008 : 1:06:31 PM
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I'm playing phone tag with the Home Savings rep.
Those mortgageclose.com guys no longer offer the 10+ program. I spoke to one of them this morning about it. Scotsman guide shows them as offering it but it appears they have not updated their guidelines in the Scotsman guide lender search. |
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em5353
17 Posts |
Posted - 05/23/2008 : 1:24:10 PM
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| just a tip on First Federal: they have great rates but be prepared for a laundry list of conditions and taking 45 days to close a loan. |
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bbbbenny
231 Posts |
Posted - 05/23/2008 : 1:33:57 PM
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quote:
Originally posted by boudroux
Second update. US Bank does not have a portfolio program and according to the rep I just spoke to is only originating Fannie/Freddie type stuff.
I sent you an email link to the rate sheet I use. I think there's more than 1 US Bank - don't know if they're the same company or not. |
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nowbroker
1384 Posts |
Posted - 05/23/2008 : 2:12:59 PM
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Yes, US Bank does have 2 departments, one FNMA/FHLMC, then portfolio. The unique programs are thru the consumer finance department
usbank.com/brokerloans |
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mudshark
3836 Posts |
Posted - 05/23/2008 : 2:59:30 PM
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Other remaining portfolio lenders:
First Federal of CA
Home Savings of America
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loanloard
63 Posts |
Posted - 05/24/2008 : 4:40:36 PM
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Home Savings does have a portfolio Program on a NOO max ltv is 65% and its an option arm. Also Home Savings will not finance more then 2 properties for one borrower.
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peter
4610 Posts |
Posted - 05/24/2008 : 7:31:54 PM
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Provident Bank Mortgage (www.pbmwholesale.com) claims to
have portfolio programs and they are listed on their rate
sheets. Not sure if they simply resell these portfolio
products to other bigger banks, but you may try to contact
your local A/E listed on their website.
Peter |
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boudroux
66 Posts |
Posted - 05/27/2008 : 12:59:54 PM
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I wanted to say thank you to everyone who replied. I have some good leads on getting these loans done for my client.
This website is now on my daily read list. The first time I logged on was a quit a while ago and got a completely wrong impression. Unfortunately I must have clicked on a few bad posts because I got the impression that this was a whine fest loaded with dumb originators and didn't come back until this post. I couldn't have been more wrong!
Thank you all again I truly appreciate the help and I hope to be able to return the favor on other posts going forward. |
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subprime
3606 Posts |
Posted - 05/27/2008 : 1:08:16 PM
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| Did you get confirmation from any lenders that they will work with borrowers who have over 10 properties financed? |
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boudroux
66 Posts |
Posted - 05/27/2008 : 1:16:52 PM
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Home Savings will do it as will First Fed per the AE's.
Luther will do it but is not accepting new brokers at this time and when pressed the AE told me that they do not accept 3rd part originations so I couldn't co broker to them according to her.
If there are any Luther approved brokers in SoCal (preferable Riverside County) who would entertain me hanging my lincense with them to sub some of these files I have email me to discuss.
I'm going to send out packages to AmTrust, Wachovia (those were two I already thought of) and then to Home Savings and First Fed. Fortunately I have so many freaking loans to do for this guy that I can send each one of them a unique property and see who is best.
This one guy and his buddies currently have over 50 files just waiting on me to find them a home so I'm feeling really fortunate at the moment and appreciate the help from everyone. |
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subprime
3606 Posts |
Posted - 05/27/2008 : 2:10:50 PM
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| Another idea is working with Wells Fargo Commercial. They have a program that will refi an SFR, Duplex, 3-4 unit property as long as you hold title in an LLC. I talked to my banker buddy about it the other day, sounds like a great program since in the past that type of program was only reserved for commercial structures. |
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mudshark
3836 Posts |
Posted - 05/27/2008 : 2:35:59 PM
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| I'm not sure if it's still current but IndyMac used to go up to 20 financed proeprties. |
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balka
2 Posts |
Posted - 06/05/2008 : 11:27:23 AM
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I have a similar situation with two borrowers and sent a file to Home Savings to test out. However, the service has been terrible and turn times are extremely long. The manager hung up on me today! Any luck with the other lenders? I am scrambling to find a new lender to send these loans to. Would appreciate any information you, or anyone else may have for lenders still offering a loan program for NOO 65% refi cashout for borrowers with 10+ financed properties.
Thanks!
quote:
Originally posted by boudroux
Home Savings will do it as will First Fed per the AE's.
Luther will do it but is not accepting new brokers at this time and when pressed the AE told me that they do not accept 3rd part originations so I couldn't co broker to them according to her.
If there are any Luther approved brokers in SoCal (preferable Riverside County) who would entertain me hanging my lincense with them to sub some of these files I have email me to discuss.
I'm going to send out packages to AmTrust, Wachovia (those were two I already thought of) and then to Home Savings and First Fed. Fortunately I have so many freaking loans to do for this guy that I can send each one of them a unique property and see who is best.
This one guy and his buddies currently have over 50 files just waiting on me to find them a home so I'm feeling really fortunate at the moment and appreciate the help from everyone.
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boudroux
66 Posts |
Posted - 06/05/2008 : 11:48:35 AM
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I'm still trying to fight my way through the lender I typed above. It is a tough scenario and if I get positive momuntum going with one of these I will certainly post.
It is crazy how anal these banks have become. |
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