Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
I wanted to take a few minutes and reach out to all of you. Lately, there has been a lot of talk about how tough business has been. It is kind of a downer to hear all that stuff!
My team is killing it! I have not been this busy in almost two years. My clients run about a 60/40. 60 % commercial and 40 % residential. I have never been this excited to be in the business than I am now.
(Update... As of July 15th 2009 Commercial Loan financing has gotten so busy I am nolonger doing residential finance. All residential loans are now referred to Matt Bartlett of Summit Mortgage)
If any of you out there are having some good or great success I WANT TO HEAR about it. The positive stories keep my attitude up a lot better than some of the stuff I have been hearing!
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
Our Team has been working with the banks in the Twin City, MN metro area to bring you some of the best rehab mortgage solution to date.
Here are the basic guidelines for our Residential Rehab and Construction Mortgage Financing:
• - Minimum 660 FICO score
•- If rental, Minimum 1.25 DSCR
•- If using DTI, Maximum 45%
•· Can blend both with global calculation
•- If DTI and DSCR do not work we can use marketing plan and pledge payment reserves to bank
•- 6 Months reserves
•- Purchase plus Construction = X
•· Loan amount = 80% of X
These loans are more common sense underwriting. It is important to get accurate rent rolls, PFS, operating statements and proof of ALL assets. Once we have that we need to sit down with the borrower and work out the solution.
These loans are available for everything from Spec Homes to put on the market in the spring to the Boarded and Abandoned bank owned properties!
If you haven't been able to find the loan you need you have talked to our team.
Originating Commercial Mortgage Loans all over Minnesota and Wisconsin
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
I have found the best rehab mortgage guy in town. There are a lot of commercial deals I can get done but when it comes to rehab loans I just go ahead and send them to MATT BARTLETT!
If anyone out there is having trouble getting bank owned houses that are boarded or abandoned in Minneapolis, MN and the surrounding areas financed for construction or rehab Matt is your guy.
The Banked Owned and REHAB Mortgage Finance Guy!!!
651-235-1469
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
Our team is here to help people seeking both commercial & residential mortgage financing through out the state of Minnesota. If it is creative commercial financing or little to no money down residential home mortgage we can help! So many things in both real estate and finance are changing in Minnesota and we are here to answer all of your finance questions.
CONTACT US is you have information on the current real estate and mortgage market you would like to share or need help securing mortgage financing.
Our team services the following stated:
Aitkin County Minnesota, Anoka County Minnesota, Becker County Minnesota, Beltrami County Minnesota, Benton County Minnesota, Big Stone County Minnesota, Blue Earth County Minnesota, Brown County Minnesota, Carlton County Minnesota, Carver County Minnesota, Cass County Minnesota, Chippewa County Minnesota, Chisago County Minnesota, Clay County Minnesota, Clearwater County Minnesota, Cook County Minnesota, Cottonwood County Minnesota, Crow Wing County Minnesota, Dakota County Minnesota, Dodge County Minnesota, Douglas County Minnesota, Faribault County Minnesota, Fillmore County Minnesota, Freeborn County Minnesota, Goodhue County Minnesota, Grant County Minnesota, Hennepin County Minnesota, Houston County Minnesota, Hubbard County Minnesota, Isanti County Minnesota, Itasca County Minnesota, Jackson County Minnesota, Kanabec County Minnesota, Kandiyohi County Minnesota, Kittson County Minnesota, Koochiching County Minnesota, Lac qui Parle County Minnesota, Lake County Minnesota, Lake of the Woods County Minnesota, Le Sueur County Minnesota, Lincoln County Minnesota Lyon County Minnesota, Mahnomen County Minnesota, Marshall County Minnesota, Martin County Minnesota, McLeod County Minnesota, Meeker County Minnesota, Mille LacsRice County Minnesota, Morrison County Minnesota, Mower County Minnesota Murray County Minnesota, Nicollet County Minnesota, Nobles County Minnesota, Norman County Minnesota, Olmsted County Minnesota, Otter Tail County Minnesota, Pennington County Minnesota, Pine County Minnesota, Pipestone County Minnesota, Polk County Minnesota, Pope County Minnesota, Ramsey County Minnesota, Red Lake County Minnesota, Redwood County Minnesota, Renville County Minnesota, Rock County Minnesota, Roseau County Minnesota, Scott County Minnesota, Sherburne County Minnesota, Sibley County Minnesota, St. Louis County Minnesota, Stearns County Minnesota, Steele County Minnesota, Stevens County Minnesota, Swift County Minnesota, Todd County Minnesota, Traverse County Minnesota, Wabasha County Minnesota, Wadena County Minnesota, Waseca County Minnesota, Washington County Minnesota, Watonwan County Minnesota, Wilkin County Minnesota, Winona County Minnesota, Wright County Minnesota, Yellow Medicine County Minnesota
Our team can assist with the following mortgage financing solutions:
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Let our team help you close more commercial transactions!
Step1 - Evaluate the project
Using its proprietary software tools and commercial lending experience, Your Trusted Finance provides you with a free "Preliminary Financing Analysis" (PFA) that helps you identify a viable loan amount and financing structure.
Working with numbers drawn from listings, seller's records, buyer's records, or other third party sources, the Your Trusted Finance team can provide you with alternative commercial financing strategies and explain their implications before you make your final decision on a project or other course of action.
Professional opinion letters either for the buyer or for the seller can be valuable tools for negotiating more favorable transactions because you have in hand a Your Trusted Finance's independent evaluation of your project financing.
Step 2 - Gather data, information, and documentation
Clearly documenting the underlying logic and value of a project - be it new construction, real estate acquisition, business expansion, or simple refinancing - is at the very heart of selecting the correct data and information to be presented to a lessor, investor, or lender for funding considerations.
Every commercial transaction is unique, and Your Trusted Finance Group provides you with a specific and detailed list of the documentation required to underwrite your particular funding situation.
Your Trusted Finance team can even provide you with many of the standard forms frequently used in commercial lending to summarize rent rolls, financial condition, and other data necessary for a professional presentation.
Step 3 - Assemble a commercial loan package
Funding sources focus on three main elements when considering commercial transactions: what is the property collateralizing the funding, what is the project cash flow that will repay the lease or loan, and who are the people involved in owning and operating the resulting venture.
Your Trusted Finance Group is both knowledgeable and experienced at selecting suitable and compelling documentation so that funding sources will view your project in its most favorable light.
Since every commercial transaction is unique, Your Trusted Finance team crafts a loan package that meets the specific needs of the borrower and the important concerns of the lender. The quantity, quality, and order of presentation in the commercial loan package is designed to assure everyone involved is fully informed and confident about the project.
Step 4 - Present and negotiate loan package for lender consideration
Along with Your Trusted Finance Group's "Loan Packager's Executive Summary" and professionally prepared "Loan Request and Terms Sheet," the Trusted Finance team personally presents the completed loan package to selected members of its proprietary roster of funding sources.
Unlike the more automated residential mortgage process, commercial funding depends heavily on establishing personal understanding, confidence, and trust in both the project and the borrower.
The Trusted Finance team presents transactions to funding sources already prepared to look at good projects, and it negotiates these transactions with a "win-win" philosophy that promotes the best possible rates and terms available under the circumstances at hand.
Step 5 - Review and evaluate commitment letters, counter-offers, and calls for further documentation
The natural result of the Your Trusted Finance Group process is a commitment letter from a funding source. An expert explanation and evaluation of that letter is important to understanding its implications for your project.
The Your Trusted Finance team will review special terminology or covenants, and it will provide you with a good faith estimate of the actual numbers associated with accepting a commitment letter or counter-offer.
Occasionally a lender will request further documentation or clarification of certain points relevant to the transaction. The Your Trusted Finance team can help you acquire, present, and explain any further data or information that may be required to complete a deal.
Step 6 - Close the loan
Finally, Your Trusted Finance Group can seamlessly schedule complex closings that may involve multiple funding sources or require serialized transactions.
Often borrowers will use personal equity sources for capital contributions, and the Your Trusted Finance team will carefully coordinate those fundings for both timing and amount so that your primary project funding happens without a hitch.
A Your Trusted Finance commercial team representative normally attends every commercial closing to assist in completing a smooth and worry-free result. Having Your Trusted Finance involved from beginning to end makes both economic and professional sense.
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
I know it is getting tougher for investors buying up REO's to get financed. That is why a few community banks and myself put our heads together to come up with some great new programs!
Here are just two of the programs.
REO Rehab Loan:
Loan amount equals 80%LTV of purchase plus rehab costs All we need is a 620 FICO score and less than 50% DTI
**This works great for properties that are NOT currently habitable***
The really exciting loan we created is our commercial blanket loan for residential income properties!
This is how it works:
* 660 FICO Score or Better * Debt Service Coverage of 1.25% or Better * Max LTV 80% * 3 to 6 Months Reserves
If you are having trouble financing residential investment properties it is time to CONTACT our team!
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
I wanted to take a minute and let people know about a great new mortgage myself and a few community banks came up with to finance your investors that currently own to many homes per FannieMae and FreddieMac guidelines.
If your buyers are bogged down with to many mortgages this is the answer!!!
Commercial Blanket Loan
for
Residential Rental Properties
All that is needed:
* 660 FICO Score or Better * Debt Service Coverage of 1.25% or Better * Max LTV 80% * 3 to 6 Months Reserves
If you are having trouble financing residential investment properties it is time to take a look at this!!!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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