finance: There is money in Minnesota!
- 10/04/09 11:36 AM
So many people think that this credit crisis is making it impossible to get financing loans for rehab construction projects, business loans and aparment or income property mortgages. This is not the case. There is plenty of money for qualified borrowers in the Minneapolis or St Paul, MN metro area. If you are buying or refinancing: - Bank owned homes - Apartments or other income properties - Industrial or hospitality property We can help! There is plenty of loans for qualified real estate and borrowers!
Dax Dickson 612-578-9898 … (1 comments)
finance: New Team Member
- 09/27/09 05:21 AM
I am proud to Present Tim Jochim as the newest member of The Commercial Finance Store! Tim comes to us with years of finance experience. He will be taking over the Rehab Construction Financing and Consulting. Below is the program Tim is now in charge of. LIST OF ITEMS REQUIRED TO UNDERWRITE A REHAB CONSTRUCTION LOAN Required Documentation: - A PERSONAL FINANCIAL STATEMENT (PFS) FOR EACH PARTNER with an interest of 20% or more. - BANK STATEMENTS and ASSET STATEMENTS for any and all accounts listed on the PFS - LAST 3 YEARS' TAX RETURNS (business & personal) for each partner … (1 comments)
finance: Commercial Rehab Construction Loans for Minneapolis REO Rehab Investors
- 09/13/09 04:56 AM
Rehab Loans are a great way to buy investment reo properties in the Minneapolis and St Paul Metro area.How they work:Purchase + Construction costs = XRehab loans require a 20% down payment of XThis means that 80% of all costs are financedThese loans do require proof of repayment and credit scores of a 620 FICO or betterMany investors and agents do not qualify for the most populiar rehab loan called the FHA 203K. It is a common mistake made that people think the only way to buy these great bank owned properties is cash if they can not get the FHA … (1 comments)
finance: Twin Cities MN REO Rehab Boot Camps!!!
- 06/03/09 11:36 AM
Twin Cities MN REO Boot Camps Rehab Investors --- Rehab Investors --- Rehab InvestorsBuying or looking to buy REO Bank Foreclosures to Rehab in the Minneapolis / St Paul, MN Metro area need to check out the Twin Cities MN REO Boot Camps!!!What you will learn:- Why work with an asset management real estate team and what an asset management team means to you * Presented by top REO Assets Management Team members- What GREAT Investor Rehab Mortgage Loans are available for purchasing REO Rehab Bank Foreclosures here in the Minneapolis / St Paul, MN Metro area* Presented by Dax … (0 comments)
finance: REO REHAB BOOT CAMP Minneapolis/St Paul Metro Area
- 04/19/09 11:40 AM
NEW REO PROJECT!!! REO Real Estate and Finance Boot Camps Finance, Real Estate Market, Rehab Construction In my opinion I work with some of the best REO agents and Rehab Construction companies in the Minneapolis & St Paul, MN Metro area! My goal: TO LET MORE INVESTORS/BUYERS KNOW At a minimum I want to be doing two REO Investor Boot Camps a month here in the Twin Cities. There are a lot of people out there trying to get in the game and a lot of bad information being provided to these new investors. Together with the Rehab … (0 comments)
finance: Underwriting Construction Mortgage Loans
- 11/01/08 06:57 AM
Almost all lenders are concerned that their money lent is repaid, so underwriting of construction loans usually focuses on how that might occur. In the most basic situation, that of an individual building a home for themselves, a business building a property for business use, or an investor building a property to rent out, the fundamental guideline is for the lender to imagine once the loan has been fully extended and converted into a normal mortgage and the building is occupied, whether the individual, business, or investor can afford to pay back the loan on a monthly basis. In the case … (1 comments)
finance: Rehab Construction Basics
- 11/01/08 06:53 AM
LIST OF ITEMS REQUIRED TO UNDERWRITE A CONSTRUCTION & REHAB MORTGAGE LOAN (Items 1-10 needed immediately. Items 11-18 needed as we proceed).
•1. EXECUTIVE SUMMARY OF THE DEVELOPMENT
•2. CONSTRUCTION BUDGET including hard and soft costs.
•3. BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/renovation/real estate experience and past projects successfully completed.
•4. BACKGROUND/BIO/RECENT SIMILAR PROJECTS COMPLETED for architect, contractor and construction manager (if applicable).
•5. A PERSONAL FINANCIAL STATEMENT FOR EACH PARTNER with an interest of 10% or more.
•6. LAST 3 YEARS' 1040 TAX RETURNS for each partner with an interest of 10% … (1 comments)
finance: Construction & Rehab Mortgage Financing
- 10/27/08 03:38 AM
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
So many people think that this credit crisis is making it impossible to get financing loans for rehab construction projects, business loans and aparment or income property mortgages.;)
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