Buying Mulitfamily Properties with 10% Down....HOW TO... - 08/29/07 01:47 AM
For some reason, I've seen a lot of applications recently for investors wanting to buy apartments/multifamily with 10% down. Is it possible? Absolutely...to qualify, your borrower must:a) have a credit score 680 or aboveb) fully document his or her income with two years business and personal tax returns, andc) the property … (0 comments)
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Beware the commercial lenders that started as residential lenders...(GREENPOINT) - 08/21/07 06:31 PM
The companies that are most likely to leave you holding the bag and NOT fund your deal are the companies that started to diversify into commercial when they saw the residential crash coming...Many residentail lenders started commercial divisions to divert attention away from their dying residential business...Greenpoint is a perfect example.
My … (1 comments)
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FAQs for Hard Money in Commercial Lending - 08/19/07 09:39 PM
How fast can a hard money deal happen? Typically 7-10 days. This includes getting a valuation, which usually isn't a full-blown appraisal...and title work.Does the borrower have to have good credit? No, but he must have a good exit strategy.What is an "exit strategy"? Hard money loans are very short term … (0 comments)
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Commercial Conduit Lending Feeling the Market Pressures, too. - 08/18/07 12:33 PM
The best financing for a commercial transaction is usually a CONDUIT loan...they always have the lowest interest rate, but typically the most stringent underwriting guidelines and stiff pre-payment penalties....HOW HAS THE WALL STREET MAYHEM AFFECTED CONDUIT LENDING? In the simplest terms, rates have gone up one whole percentage point in the … (4 comments)
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Getting Mortgages for Churches, Synagogues and other places of worship... - 08/17/07 04:32 PM
These aren't tough loans, it's just that most lenders don't want to even offer them...so, essentially, there are few places a church can go to get financing for construction, purchase or even cash-out. In fact, as of this week, there are only 2 or 3 major players in the market that even offer … (2 comments)
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First Magnus (residential mortgages) shut their doors the AM - 08/16/07 09:20 AM
I just wanted to give you all a heads up. If your loan or client's loan was submitted to this lender and hasn't funded, it WILL NOT CLOSE! Let me know if I can help you. The closing notice is posted below. It was sent to me this morning:
IMPORTANT NOTICE:
FIRST MAGNUS … (4 comments)
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Get Your Jumbos Closed! (residential, jumbo mortgages, that is) - 08/15/07 04:56 PM
The market continues to contract and the jumbo market is squeezing ever tighter...although my primary focus is commercial, I still do residential deals for my commercial clients...many of these are jumbo stated income loans...and, because of the Wall Street mayhem in the past few weeks, some of the jumbo residential lenders … (0 comments)
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Free Appraisals for Mulit-family purchases or refi's - 08/14/07 05:26 PM
Hey folks!As you know a commercial appraisal on an apartment complex/multi-family property can cost between $2500-$10,000. The borrower always pays this expense up front. I have a lender that does the appraisal at no cost to the borrower....the only catch is that it must be a 75% loan to value...not the … (0 comments)
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Subprime Mayhem is trickling into the Commercial world.... - 08/14/07 01:22 PM
The commercial lenders are tightening their grips on their more flexible programs....no need panic, just make sure your loans are place with DIRECT lenders, not "super brokers" that actually sell the loans to the direct lenders...be careful! If you are shopping a commercial lender, be sure to ask if they have … (2 comments)
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Gas Station and C-store Lending - The Purchase Transaction at 90LTV - 08/13/07 08:35 PM
Gas Station and Convenience Store lending (c-stores with gas pumps, that is)....I've done several of these recently and found the SBA 504 loan the best way to go. Why? Pretty simple...a borrower with experience in this field can get into the property for just 10% down...and the next best option is … (5 comments)
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No Doc Commercial Loans - 08/12/07 08:25 AM
Just what is a "No Doc" commercial loan?
No Doc loans are best for clients who cannot document self employment or any employment for two years...they don't even need to have a job, for that matter. Additionally, they don't need to have even filed taxes....ever! We don't document their "source of funds" … (2 comments)
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Commercial Conduit Loans vs. Portfolio Lending... - 08/11/07 08:36 PM
Conduit or Portfolio Lender?Commercial loans usually fall into one of two categories: Conduit(CMBS) or Portfolio loans. Both have their advantages and disadvantages when it comes to pricing and flexibilty. Conduit or CMBS are loans made by lending institutions which carry the lowest interest rates and often the longest fixed terms. Lending guidlines for … (0 comments)
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Commercial Lending Blog - 08/11/07 05:20 PM
Hey folks,I created this blog to answer questions and de-mystify the commercial lending world. I operate a full-service shop for commercial finance...I'd like to say that I prefer clients that have been turned down by at least one bank. Why? Because those clients will have a better appreciation for my expertise. … (4 comments)
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