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dramsey
41 Posts |
 Posted - 08/27/2008 : 2:37:34 PM
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Does anyone know of a lender doing loans for borrowers with 12 properies? Amtrust is the only one I've found that can actually do it. Wachovia used to, but they're no longer working with brokers.
I've had two reps basically lie and say they could when they're underwriters called me to say they're limited to 10 and the AE had no business saying otherwise. But's that's another bitter story for the flaming post section.
I've got a borrower ready to close just about and no lender now.
You can e-mail me directly at doug@provisionlending.com or call me at 720-937-6754. |
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MarkIFC
538 Posts |
Posted - 08/27/2008 : 5:24:24 PM
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| Fannie/Freddie lenders are limited to a max. 4 properties now. |
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dramsey
41 Posts |
Posted - 08/27/2008 : 6:02:14 PM
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| yep, that's why I'm looking for a portfolio lender of somekind. I've found several that can do 10 properties, but nothing over as of yet. |
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Polly
257 Posts |
Posted - 08/27/2008 : 6:59:56 PM
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Try Parkside Lending
Go to the the site for a rep in your area.
I'm in Nevada my rep is Chris Loux, call him if you need info
775-750-8712. I'm putting my investor properties in LLC's
so we can possibly get around this. |
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dramsey
41 Posts |
Posted - 08/27/2008 : 7:29:34 PM
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| I'll give him a call, thanks for the info. Can you tell me the full company name or website? I haven't found them by just the one name. |
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Polly
257 Posts |
Posted - 08/27/2008 : 7:47:41 PM
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Here's the address I have.
www.parksidelending.com
Looks like they backed off on over 10
but give them a try
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Mandyvilla
3405 Posts |
Posted - 08/27/2008 : 9:14:32 PM
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| I am retail and limited to the east coast, but we have a 12 property rule. Keep looking, it's out there. |
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meridian1
375 Posts |
Posted - 08/28/2008 : 10:27:09 AM
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| Mandy is it 12 properties with mortgages or just total of 12 properties (irrespective of being financed or debt free) |
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dramsey
41 Posts |
Posted - 08/28/2008 : 11:21:55 AM
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Parkside and most lenders that can do it over 4 seem to have the same guidelines. So, the bottom line for everyone except AmTrust is 10 properties owned and/or financed.
Some lenders will allow more than 10 properties to be owned as long as they're not financed, and some will allow more loans (i.e. HELOC) to be on any of the 10 properties as long as they're not more than 10 physical properties.
So, basically if you have a borrower with 11 properties and they are all financed, you have only one lender available today and that's Amtrust. I'm checking hard money too, but that's all I've found after contacting dozens of lenders and post reserach.
AmTrust can do it at this point, however my latest rate quote as a 5/1 at 9% IO at nearly 4 points. Ouch. but that's the only way to do this that I can see unless someone has found another lender willing to portfolio it. Fannie and Freddie will not allow it, so it's a lender's own line that has to hold the note. |
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nowbroker
1362 Posts |
Posted - 08/28/2008 : 1:57:48 PM
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| What State are the properties in? |
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dramsey
41 Posts |
Posted - 08/28/2008 : 2:00:29 PM
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| All in Boulder, CO. |
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nowbroker
1362 Posts |
Posted - 08/28/2008 : 3:26:07 PM
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| WaFed will, but do not loan in Colorado. |
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dramsey
41 Posts |
Posted - 08/28/2008 : 3:46:08 PM
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| Rats, thanks for the update on the lender though. |
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Mandyvilla
3405 Posts |
Posted - 08/28/2008 : 4:09:06 PM
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DIRECT QUOTE: "Maximum number of financed properties that one investor can own is 12. Maximum combined total loans to one borrower is 1.5M."
So, I guess they could have 20, as long as only 12 are financed. Doesn't say 12 mortgages either. 12 PROPERTIES....
I think I am going to go fishing for cast-offs in the announcement section. |
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dramsey
41 Posts |
Posted - 08/28/2008 : 4:30:17 PM
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And that's for your specific company that you mentioned in an earlier post correct, or is that a direct quote from another company's guideline?
I think you mentioned that you don't lend in Colorado, so that won't help my client, but it might help other people reading this string I hope.
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Mandyvilla
3405 Posts |
Posted - 08/28/2008 : 4:46:13 PM
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quote:
Originally posted by dramsey
And that's for your specific company that you mentioned in an earlier post correct, or is that a direct quote from another company's guideline?
I think you mentioned that you don't lend in Colorado, so that won't help my client, but it might help other people reading this string I hope.
I understand, but a different poster, from Florida asked and I am closing one there tomorrow.
quote:
Mandy is it 12 properties with mortgages or just total of 12 properties (irrespective of being financed or debt free)
Many got caught off guard w/ this guideline and sometimes it's a matter of just trying to find a home to minimize further damage because you missed an announcement. Been there, done that too many times. |
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