mortgagebanker
135 Posts |
 Posted - 07/10/2008 : 6:02:00 PM
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Please make sure you read through this and understand exactly what I'm looking for.
COMMERCIAL loans on RESIDENTIAL 1-4 unit INVESTMENT properties! Loan and title both in business name. Yes, these are possible even on residential. Banks do them all the time. By the way, were already using WF so if you're just brokering through them we'd be bumping heads.
TYPE OF LOAN: Purchase and/or Refi (please let me know if there is a seasoning period to use the appraisal value for rate term or cash out)
TYPE OF PROPERTIES: Investment 1-4 Units
STATE: Any, as I work with clients nationwide.
LTV: Most of my clients will be 75% or under.
CREDIT: Most will be over 680, quite a few over 720
ASSETS: Most will be able to verify solid liquid assets
INCOME: Most will be able to verify income, a few would prefer stated
LOAN AMOUNT: Varies, could be $50,000 up to $XXXXXXX
I'm trying to build a marketing program around the options that are available out there. So please dont email me to send you an executive summary. Right now I just need a general idea if you can get commercial loans like this done for rental properties.
Please save your responses if all you can offer is short term or hard money rates/fees. The clientele I am marketing to will need decent terms as the properties are rentals and will need to cash flow.
The basic reasoning for this need comes from the conventional loan limitation. Many investors with over 10 financed properties are finding it increasingly challenging to get financing. This leaves them with several options:
1. Putting up large down payments to get a commercial purchase loan (if there is a lender out there that can do this)
2. Refinancing existing properties into commercial loans. (blankets or individually) VERY IMPORTANT THAT SHOULD YOU BE ABLE TO DO THIS THAT I KNOW EXACT WHAT THE SEASONING PERIOD IS TO USE THE APPRAISAL VALUE)
This would help clear up there personal name for additional conventional financing.
Of course we're already considering local banks/credit unions which do make commercial loans for residential investment properties. However, many will not fund for borrowers that live outside of the city/state where the bank is located.
We're even open to blanket loans. They must allow for fractured properties (not adjacent) within the same county. As well, there must be partial releases allowed.
Keep in mind that if borrowers are refinancing out of 6% conventional rates that upper 7%s refinances may not be beneficial. Can be a little more flexible on purchase rates.
Thank you - especially to all those who actually read all the way through this.
Ben Carmona
314-914-6052
Ben@BenCarmona.com
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