minnesota: Apartment Mortgage Loan Financing
- 10/04/09 01:21 PM
Here in the Minneapolis and St Paul Metro area community and national banks love apartment buildings and they consider them a great asset. What you have been hearing on the news, "With the current credit crisis there is no money to lend" is not true. For those experienced investors there is an abundance of money to lend to qualified, experienced real estate investors. If you need: - Refinance loans on currently owned apartment buildings - Construction financing to either build new or rehab existing apartment buildings - Purchase mortgage to buy a cash flowing apartment building In the Minneapolis or St … (1 comments)
minnesota: 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)
minnesota: Business Loans
- 09/27/09 05:22 AM
SBA You can use an SBA loan to refinance business debt resulting in a longer term and lower payments!!! Interest rates are at an all time low, and the program fee is currently waived !!! The SBA recently made refinancing of commercial debt much easier by lifting many of the old restrictions on taking out existing debt. SBA loans of up to $2,000,000 can be used to refinance equipment (10 years), leases (10 years), real estate (25 years), inventory (up to 10 years) and even working capital (up to 10 years). Whether you want to free up more cash to fuel growth or just … (7 comments)
minnesota: 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)
FNMA, Freddie Mac, FHA/HUD and USDA guaranteed debt financing is available for Multi-family market rate and affordable housing and senior rental projects. Retail elements in mixed use projects may be eligible in some cases. Construction/permanent loans are available from FHA/HUD and USDA.
Small and Rural hospital financing is available under FHA Section 242 programs, as is enhanced and unenhanced bond financing.
Rates are presently highly competitive. Loan to value ratios range from 75% to 90%, depending upon the agency. FHA/HUD, FNMA and Freddie Mac have non-recourse features.
Documentation Required for Application … (1 comments)
minnesota: Business Loans (SBA 504)
- 09/11/09 02:32 AM
The Commercial Finance Store is ready to help you secure the business loans your company needs!
SBA 504 Loans
These loans are for owner occupied (51% of space or more) commercial real estate. Features of the program are: The maximum loan amount is $4,000,000. The loan to value is 90%, reducing to 85% if the property is single-purpose. The rate is fixed, with an amortization period of 25 years. Rates presently range from 5.75% to 6.25%. SBA guarantee fees have been waived. Prepayment penalties are negotiable. If you need help securing financing for your business, contact us. We … (1 comments)
minnesota: Bank Owned, REO, Rehab, Mortgage Loan Workshops
- 07/04/09 07:33 AM
Recently, I start a new website "Twin Cities REO Boot Camp". THe purpose of this website and the Boot Camps the site promotes is to give experienced and beginner Bank Owned REO Rehab Investors better information and tools. The world of bank owned real estate cheanges almost daily! In regards to finance, I get in the office every Monday and need to relearn my job. Starting by contacting the banks I currently put my Purchase Rehab Rent (PRR) and Purchase Rehab Sale (PRS) loans through to make sure the guidelines haven't changed. Many banks are willing to do rehab loans but … (0 comments)
minnesota: July 11th, 2009 REO Boot Camp
- 07/02/09 08:07 AM
My team is partnering up with Richard Webb of ReMax REO Results to host a great educational event July 11th!REO Boot Camp with Richard Webb and Dax DicksonDate: 11-Jul-2009DetailsRichard WebbofREO Results GroupRE/MAX ResultsPresents: REO Investor Boot CampLearn from the most experienced REO group in the Twin Cities (500+ transactions in 2008)Learn: ·· Why it matters to work with the Agents that work with the Banks ·· The Do's and Don'ts of Rehab construction ·· How to meet your short and long term real estate goals ·· How to take advantage of purchasing bank-owned properties ·· How to access community banks to … (0 comments)
minnesota: 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)
minnesota: TC Metro Rehab Mortgage is available!
- 04/14/09 03:32 PM
I have heard many real estate agents say that the only way to close on condemned houses is cash.This is not true!There is a GREAT residential REHAB loan:This is how it works:- 80% LTV of the purchase plus construction costs- 620 Minimum FICO- 50% DTIIt is that easy!Dax Dickson 612-578-9898 Closing Creative Commercial Mortgage Loans in Minnesota!!!!!!!!!!!! Learn more about Bank Owned investing
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 … (0 comments)
minnesota: Problems Getting Investor MORTGAGES in MN?
- 04/14/09 03:29 PM
Problems Getting Investor MORTGAGES in MN I want to know what problems you are finding with your clients... Trouble getting investor loans Trouble getting rehab mortgages
The only way I can improve the services I provide for the agents and clients I serve is if you comment with the issues you are running into! Let me KNOW! Dax Dickson 612-578-9898 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 … (0 comments)
minnesota: WOW! Life is GREAT!!!!
- 04/14/09 02:47 PM
WOW! This market is awesome! I really think the Minneapolis & St Paul, MN REO Rehab property market is better for real estate and finance professionals than the refinance and housing boom. Things are getting so busy I have had to solicit new banks because the ones I have been doing all of my Purchase Rehab Rent (PRR) and Purchase Rehab Sale (PRS) mortgages with can not handle the volume. It would be great to hear the success stories of others out there investing, selling real estate or in the mortgage finance business. Dax Dickson612-578-9898
Learn more about commercial mortgage … (4 comments)
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 with an interest of 20% or more in the project. COPY OF FULLY EXECUTED PUPRCHASE CONTRACT. SWORN CONSTRUCTION STATEMENT including hard and soft costs. BACKGROUND/BIO ON EACH PARTNER emphasizing development/construction/renovation/real estate experience and past projects successfully completed. PERMISSION TO … (0 comments)
minnesota: Twin City REO Mortgage Finance (PRR & PRS)
- 02/23/09 03:33 AM
I have noticed a big swing in my business lately. Refinances have picked up but many applicants are up side down in there homes. So the majority of my business has been first time home buyers getting some great deals on homes and investors.There are two types of investors I have been seeing.1.) Investors who purchase, rehab and rent (PRR) - Here is an example of what the PRR investors are doing Purchase a home for $70,000 + Rehab Cost of $30,000 = X We get the borrower a loan for 80% of X Upon refinancing for long term finance borrower … (1 comments)
minnesota: Investor Construction Rehab Loan for the Twin Cities METRO
- 11/01/08 07:54 AM
Many agents and buyers have asked "How can I get financing for my investor clients if they want to buy BOARDED & ABANDONED properties in the Twin Cities Metro" and "I know about the FHA 203K program for owner occupants but what can I offer my investors for rehab and construction financing"? My answers: The FHA 203K program is awesome for owner occupants in the Twin Cities, MN Metro and we offer it but that is not the only solution. Not many finance people in the Twin Cities really understand rehab & constuction mortgage financing! Here are the basic guidelines for our Residential … (0 comments)
•1. CURRENT RENT ROLL including: SF of units Lease abstract details such as Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three year historical data would be ideal)
•1. CURRENT RENT ROLL including: Regulated units (controlled, stabilized) Apartment numbers Room/Bathroom Count
•2. COMPLETE INCOME/EXPENSE STATEMENT on the property including: Annual property taxes Insurance Water/Sewer Fuel, Electricity Maintenance/Repairs & Management
•3. SUMMARY OF ALL COMMERCIAL LEASES (if any) showing escalations & expirations.
•4. COMPLETE, DETAILED PHYSICAL DESCRIPTION INCLUDING SQUARE FOOTAGE.
•5. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.
•6. IF REFI, PRICE ORIGINIALLY PAID FOR … (0 comments)
minnesota: 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)
minnesota: 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)
Here in the Minneapolis and St Paul Metro area community and national banks love apartment buildings and they consider them a great asset. What you have been hearing on the news, "With the current credit crisis there is no money to lend" is not true. For those experienced investors there is an abundance of money to lend to qualified, experienced real estate investors.;)
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