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Originally posted by mortgagebanker

Stop thinking conventional. Use local banks or portfolio loans. If you dont have a source refer them over to me.

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Originally posted by mortgagebanker

not sure..either because this is a crazy market, you dont know me, or you havent worked strictly with investors for the last 4 years.

There's other questions that need to be addressed like:
how long has the property been owned?
how much does the borrower have personally invested into the property?
what's the debt service ratio?
why was he late?
how do the rent rolls for the other properties look?
is the investor in the same state where the property is located?

I coach my investor clients to open the yellow pages to the banking section and call about 10 banks every day. If they dont want to do it, I'll do it. If you dont want to, I will. Nobody can guarantee you anything in this market but I have about a 95% success ratio in getting my loans done.

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Originally posted by mortgagebanker
You honestly dont think there's a source for financing? Come on man. Why would you think that a local bank who has a commercial division wouldnt want to put this on a 20yr am 5yr balloon. (for example) They have a decent borrower with a low ltv.

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Originally posted by Polly

This deal is still around. Here's the correct info.
Borrower has 3 identical 4 plexes, All three need rate/term
3 seperate mortgages. 9 total including commercial apt complex.
Mtg late in 11/07-Borrower out of the country.
687 score, 75% LTV with borrower coming in with cash.
100,000 verified cash assets. 10 yrs of investor experience.
Properties are cash cows but taxes show loss. Lots of capital
gains though. Just can't get an underwriter that can figure that out.

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Originally posted by mortgagebanker

I speak to banks every day about their commercial guidelines for residential investment poperties. This borrower would be ideal for them if the property had a good dscr. Most arent overly concerned with tax returns as long as the other properties cash flow too. Heck, a bank may even suggest they blanket all the properties together. Borrower has experience (possibly, depending on how long they've owned the properties) and 1 30 day late is not a deal killer.

I will absolutely let you know (that is if the deals is even around still...investor might have decided to sell)

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Originally posted by Polly

Slants is right on. Clients refused the blanket I offered
and they're at 9% now. Just about a hard money rate anyway.
They are now up for short sale
The End

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Originally posted by mortgagebanker

Slants your wrong again. There is money left for this animal. You keep thinking as a normal broker would.

An example: A client of mine that we did a cash out refi no seasoning a couple months ago wanted to refi a new property. His DTI is a bit high and DO would only approve the new one as rate/term. I called about 10 banks and spoke to the commercial loan officers making 2 new contacts. One is a large bank that used to have a national wholesale presence. Not only are they looking at doing the cash out for the new property but they're also looking at blanketing the 6 other properties he has with rates in the 7s. (Again, not talking about retail as they sell off to Fannie as well)

Besides local banking options there's also portfolio lenders that could possibly do these depending on the state. Probably wouldnt make sense for this investor as the rate would be equivalent to what they already have. But for some investors trying to cash out and move on to other properties a mid 9 is a great short term deal.

I havent claimed that I have a lender for this; I wouldnt because I havent done the due dillgence yet. All I asked is that if they had given up on the file to refer the client over to me.

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Originally posted by mortgagebanker

Slants,

Yet again wrong. Why would DO not approve someone with over 4 financed properties. Let me guess, you're 1 of those brokers with that's been misinformed that Fannie changed their guideline. Freddie changed their's as of August 1st. Fannie has NOT changed there's. Now if all your lenders have made interntal switches, which many have, then I can understand why you're still in the dark. Go to All Regs, look under VII, 101.05: Multiple Mortgages to the Same Borrower. I have 5 DO approvals in front of me, all ran within the last 2-7 days, clearly approved/elligble, and they state under #3 of risk/eligibilty that the number is 10 financed proeprties.

There's a difference between "commercial lenders" that frequent this site with 9% rates and the "commercial" department with a local bank which may offer rates in the 7s. The banks I'm thinking of wouldnt be spending time on this site. I agree that 9% could be considered high but disagree that 9% would be considered hard money.

Anyway, I get the sense that you just love to challenge people. From reading your past post it sounds that you're usually pretty informed and helpful. I'll exit the conversation here as it's really not productive for either us but I wish you the best.

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Originally posted by mortgagebanker

Eric

Sorry, you must have thuoght that I knew of a lender. It was a request to get businss from you not to help you. I never even had a lender lined up but have had great success in finding local banks for deals like this. My thoughts were that if you didnt want to or couldnt find a lender that I could.

I like the ears, look even better now that I shaved my head. Your mom and sister like them too.

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