| Author |
Previous Topic | Next Topic |
|
cindykobi
68 Posts |
 Posted - 05/28/2008 : 12:08:17 PM
|
the fico is 716 and it has to be stated/ verified.
6 units
n/o/o
no place of biz
1,250,0000 value @63 ltv, loan is 750k with 415k cash out.
He is self employed
Property address : 639 N Coronado Street La, Ca 90026
it has to be stated |
|
joe313
654 Posts |
Posted - 05/28/2008 : 12:24:44 PM
|
Cindy,
If you're considering hard money, contact me and we can discuss the possibilities.
|
|
|
ccbank
1353 Posts |
Posted - 05/28/2008 : 12:43:55 PM
|
This poster submittted the deal with our bank. Cindy is a contract processor shopping the deal to everyone and their mother. I don't blame her that is your job. What really gets me is that you submit an incomplete package, you don't return phone calls or emails. I had to ask you to send me your contact info which you sounded reluctant to do so. I even called the broker on the 1003 to which I left several messages and still not had any reply.
I wonder how many people have already seen this deal. |
|
|
swmsn
4205 Posts |
Posted - 05/28/2008 : 12:46:17 PM
|
I am willing to bet that you do not have to go Stated. The reason being is that the UW cares about the property cash flowing not the borrowers bank account. ( Stated on an investor property is a common mistake in Commercial for someone learning commercial) These Stated loans were around more months ago ( and really they carried high rates and you didn't need to go Stated ) but very few lenders will even do a Stated loan investor now. Email me and let me see what you have. Your DSCR ( cash flow ) is what really matters. Also many Lenders right now want to hear that the cash out is for the property not for something else.
I look fwd to hearing from you. |
|
|
ccbank
1353 Posts |
Posted - 05/28/2008 : 1:02:00 PM
|
| They don't have to go Stated. |
|
|
EMScommercial
5141 Posts |
Posted - 05/28/2008 : 1:16:57 PM
|
You tell em carlos.... I love the 'call EVERYONE and never call anyone back' idea that alot of these brokers/lo's have with commercial deals! very counter productive....
Most 'stated' deals in commercial are not stated anyway..... or if they really have something to hide.... the deal will never get off of the ground in the first place.... |
|
|
ccbank
1353 Posts |
Posted - 05/28/2008 : 1:35:17 PM
|
| They don't know what they are doing at all. I tried to help them but, it's useless if they don't try to understand how to do a commercial deal. |
|
|
Sabina15
117 Posts |
Posted - 05/28/2008 : 1:41:04 PM
|
quote:
Originally posted by ccbank
They don't know what they are doing at all. I tried to help them but, it's useless if they don't try to understand how to do a commercial deal.
A lot of residential brokers are just getting into commercial so you have to be gentle with them. :) |
|
|
steelman
260 Posts |
Posted - 05/28/2008 : 1:50:39 PM
|
GMC HARD MONEY!
EMAIL ME INFO FOR PRICING
RESIDENTIAL FL only!
Up to 65% Ltv
Stated and Full doc
Bk, Forclosure ok
400 fico ok
135k 3M loans
Commercial Hard Money Nationwide!
Up to 65% Ltv
1M to 20M Loans
Wholesale Rep: John Tringadjis
Cell: 904-207-0515
jtringadjis@yahoo.com, JT@GMCMtgCap.com
send 1003, credit ,loan summary sheet,
pictures or appraisal for Commercial!
THANKS
NATIONWIDE COMMERCIAL
COMīL HARD MONEY: NO FICO Requirements, 65% Max LTVs, $500k to $20M+...
COMīL SMALL BALANCE: 660+ FICO, up to 80% LTV, $150k to $3M...
COMīL CONVENTIONAL: 660+ FICO, up to 80% LTV, $1m to $20M+...
RESI HARD MONEY: Down to 0 FICO, 65% Max LTV, FL Properties, $135k to $3M...
|
|
|
Matt W.
1979 Posts |
Posted - 05/28/2008 : 1:54:05 PM
|
Stated income on the borrower is fine...we look at the current rent roll of the property and calculate the DSCR.
Please call or email to discuss this further and we can see if we can help.
Thanks,
|
|
|
ccbank
1353 Posts |
Posted - 05/28/2008 : 1:58:06 PM
|
| I was gentle! Gentle doesn't work. What do you think this is Kindergarden. I spend alot of my time teaching newbies how to do a commercial loan. I even put together a workshop on brokering commercial loans. Those that appreciate it return phone calls and those that don't waste my time. Some people should just stay in residential and let the adults handle the commercial deals. |
|
|
cindykobi
68 Posts |
Posted - 05/28/2008 : 3:50:05 PM
|
| Carlos, i emailed you to state that the borrower will not provide tax returns and what can we do? you had stated pretty much the loan would be dead .... if the borrower doesn't want to give it up what can i do... and yes it has to be stated |
|
|
Quicksilver
4854 Posts |
Posted - 05/28/2008 : 3:56:14 PM
|
quote:
Originally posted by cindykobi
Carlos, i emailed you to state that the borrower will not provide tax returns and what can we do? you had stated pretty much the loan would be dead .... if the borrower doesn't want to give it up what can i do... and yes it has to be stated
Commercial prop = full doc, has to debt service and prove it can debt service....you can't state the cash flow or draw up a bs lease to debt service. If he's not wanting to supply returns, I wouldn't touch it. It's not hard getting returns together, heck I had a guy with over 10 large companies who had to ship his returns/filings to me, each year was over 5" thick and complex.
Some equity lenders will, like above, however...they go off as-is value, not appraised value, so even if you can get 60-65% ltv you'll be way off the loan amount.
edit - wtf lol, I must of had a call come in and forgot to finish this post lol
|
|
|
PinnaclePeters
1122 Posts |
Posted - 05/28/2008 : 5:25:52 PM
|
| What line of work is this borrower in? |
|
|
dkendall1979
11120 Posts |
Posted - 05/28/2008 : 7:44:15 PM
|
If the borrower will pay for an independant 3rd party appraisal, I can get it closed without any documentation.
9.9 IO
3pts cost
no PPP |
|
|
brandie
3260 Posts |
Posted - 05/28/2008 : 7:50:19 PM
|
quote:
Originally posted by cindykobi
Carlos, i emailed you to state that the borrower will not provide tax returns and what can we do? you had stated pretty much the loan would be dead .... if the borrower doesn't want to give it up what can i do... and yes it has to be stated
Sorry Cindy, but if the customer is not going to provide tax returns then it is a dead deal.
How are the lenders to know that the cash flow is and what the DSCR is?
Take the bull by the horns and demand it or walk away. Only means someone is lying and someone else will be hold the bag. |
|
|
KHufford
6517 Posts |
Posted - 05/28/2008 : 7:52:59 PM
|
quote:
Originally posted by cindykobi
the fico is 716 and it has to be stated/ verified.
6 units
n/o/o
no place of biz
1,250,0000 value @63 ltv, loan is 750k with 415k cash out.
He is self employed
Property address : 639 N Coronado Street La, Ca 90026
it has to be stated
Dont ever post addresses here!! Not only is it a dissregard for your clients personal info, slimeball brokers will go right around you and steal your deal by going to the address and hitting up the client themselves. Be carefull, and dont do that on here.
|
|
|
rocky007
371 Posts |
Posted - 05/31/2008 : 05:38:03 AM
|
| If I can help. The statements and numbers determine the deal! |
|
|
simply commercia
77 Posts |
Posted - 05/31/2008 : 07:12:09 AM
|
| Cindy, We have talked about this loan at least a month ago (villa). You do need to set your client straight and let him know that this is not residential. I have some stated programs,but i need to review the file to see if the borrower qualifies for it. Also, he is going to have cough up rent rolls for the property. If the borrower doesn't want to cooperate, then you need to focus on a client that will. |
|
|
swmsn
4205 Posts |
Posted - 05/31/2008 : 08:52:05 AM
|
Cindy, here is a great option and way to help you close this deal.
Since you have already been in contact with Carlos have him do a conference call with your borrower. ( Carlos is nicer on the phone to clients! LOL :) He can address their concerns. If not they will A) Get low low ltv's and high rates or B) Never close this loan till someone with experience is able to address their concerns.
These guys probably have some crazy write offs and are worried about getting in trouble. OR they do not understand add backs, like mortg. interest paid, rent, and depreciation/Amortization, and the unnecessary write offs, etc etc... Set up a conference call, let Carlos's experience get to the borrower and he can explain things perfect. If this can't work then he can set up a plan to get these people on track. |
|
|
ccbank
1353 Posts |
Posted - 05/31/2008 : 12:10:43 PM
|
quote:
Originally posted by swmsn
Cindy, here is a great option and way to help you close this deal.
Since you have already been in contact with Carlos have him do a conference call with your borrower. ( Carlos is nicer on the phone to clients! LOL :) He can address their concerns. If not they will A) Get low low ltv's and high rates or B) Never close this loan till someone with experience is able to address their concerns.
These guys probably have some crazy write offs and are worried about getting in trouble. OR they do not understand add backs, like mortg. interest paid, rent, and depreciation/Amortization, and the unnecessary write offs, etc etc... Set up a conference call, let Carlos's experience get to the borrower and he can explain things perfect. If this can't work then he can set up a plan to get these people on track.
Thanks Shawn for the vote of confidence but, I already tried that and she refused my help. I always offer to speak with the client on conference call when I know the broker/LO has very little or no experience in commercial especially when a processor is involved. No matter how I explain it to them, they still refuse assistance. Sooo many times I wanted to call the client. I am always reluctant to do so without permission. We will always protect the broker/LO so my hands are tied. There's nothing I can do. Very frustrating to see a deal die cuase of the brokers/LO's stubborness. |
|
|
shizah
509 Posts |
Posted - 05/31/2008 : 5:31:18 PM
|
you tell em Carlos!!!!! Many of these resi broker's need to stay in residential. Half these turds can't even compute DTI...what makes them think they can even begin to comprehend commercial? What a joke!
IMO this whole deal is a waste of time. They probably won't take Kendall's deal because I'm sure those involved will think that the rate is to high AND they have to pay for an appraisal.
It's like these clowns that come on here wanting a $30M loan for a project, but then also say that the client does not want to pay any upfront fee's.
I better relax here...I'm starting to get fired up... |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
