Recently Closed - Delayed Financing in Georgia

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Mortgage and Lending with Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, NMLS #138061 MMCD #1141

Recently Closed - Delayed Financing in Georgia

 

     In mid-December I was contacted by a real estate investor in Georgia that had recently acquired a property in Atlanta in a cash purchase.  He had used cash to make a competitive offer on a property with some built in equity, and wanted to place a mortgage on the investment property.

Delayed Financing mortgage

     This was a perfect candidate for our delayed financing mortgage product that allows real estate investors (or anyone) to do a cash out refinance on a recently (within 6 months) acquired property if the property was bought with cash.  The best part of delayed financing is a borrower can borrow an amount up to the total acquisition cost of the property (purchase price plus closing costs/taxes/etc) PLUS the closing costs on the new loan, as long as there's adequate equity.  This is a great loan for investors because they can acquire properties quickly using cash, and regain their liquidity immediately, without the standard 6 month wait that standard conventional guidelines call for.

 

     While used less for primary residences and second homes, delayed financing can also be used for those transactions and is a great way for cash-rich buyers to make competitive offers and then obtain a mortgage.

 

     We lucked out and had a wonderful client that had his finances in line and was able to submit all necessary loan documents quickly, and we were able to help our client from application to check-in-hand in about 3 weeks (with Christmas and New Years in between!).

 

     I was very grateful to the ActiveRain platform for several reasons working on this transaction - for one, my client was incredible to work with and benefitted nicely from our mortgage loan, and he found me on a certain blogging website (can you guess which one?).  Also, Atlanta's own Lynn B. Friedman was able to direct me to a wonderful Atlanta real estate attorney, and Doug Dean of Shafritz & Dean did a great job in helping us get to the closing table quickly and with a happy borrower.

 

Here's what our borrower had to say:

 

"Most lenders and brokers can do the cookie cutter loans, but John understands the wrinkles in the Fannie and Freddie guidelines and helped me get an investment loan done under the "delayed financing exception."

Equally importantly, John got it done quickly and was incredibly responsive to email, which is my preferred communication method."

 

 

Want more information on Delayed Financing?  Check out a more in depth post about delayed financing here.  The JM Loans team is licensed to help with all of your mortgage needs in CA, CO, DE, FL, GA, NJ, PA, and VA (and we're coming soon to MD, TN, and TX)

close

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Topic:
Lending / Financial
Location:
Georgia Fulton County Atlanta
Groups:
Mortgages
All About Mortgages/Mortgage Networking
The Lounge at Active Rain
Bartender, Make it a Double
Realestateandfunding
Tags:
cash out refinance
georgia loans
georgia mortgage
niche mortgage
delayed financing
real estate invesment loans
investor cash out mortgage

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Rainmaker
76,599
Christina Hayes
Everlasting Credit Repair - Morristown, TN
Credit Repair Expert

Great Info. Thakns for sharing.

Jan 05, 2017 07:16 PM #1
Rainmaker
872,745
Kat Palmiotti
Better Homes & Gardens Rand Realty, Monroe NY Real Estate, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I hadn't heard of this possibility before. I don't work with a lot of investors, but this information will definitely be of use.

Kudos on the quick turnaround!

Jan 06, 2017 05:00 AM #2
Rainmaker
1,146,000
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Allison James Estates & Homes & Realty One - Carlsbad, CA
Presence,Persistence & Perseverance

What a great financing success story. No wonder you were celebrating in your new little house eating pizza!

Jan 06, 2017 06:30 AM #3
Rainmaker
390,996
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Way to use the tools at your disposal! Thanks for sharing.

Jan 06, 2017 07:04 AM #4
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Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

John Meussner 
Thanks for the kind words! 
All the best - Lynn

Jan 06, 2017 01:34 PM #5
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

John it must be challenging trying to close loans in states you are not very familiar with.  I am sure that Lynn's assistance in finding a good local local Attorney was very appreciated.

Jan 06, 2017 04:38 PM #6
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Chris Ann Cleland
Long and Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Have never heard of this type of loan.  Are they able to be done in all 50 states?

Jan 06, 2017 06:14 PM #7
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORs® in Clark County, WA

This is a great tool to know about for investment properties. I'm impressed that you managed to move that quickly during the holidays. Amazing. And, it's great that Active Rain helped contribute to this successful transaction. D 

Jan 18, 2017 07:08 AM #8
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John Meussner

#MortgageMadeEasy Costa Mesa, CA 484-680-4852
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