mortgage: 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)
mortgage: 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)
Learn 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
Location and Date: June 27, 2009 9:30 AM -11:00 AM Edina 5201 Eden AvenueSuite 100Edina, MN 55436 There is limited space available Please visit … (3 comments)
mortgage: 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)
mortgage: Apartment
- 04/14/09 05:08 PM
Apartments and Apartment Financing in the TC, MN Metro It has gotten very busy with REO Rehab mortgage financing for the past several months. Suddenly, I have noticed an increase in apartment loan requests. To often it seems like only one place in the real estate or mortgage finance market is really doing well. That's just not the case. Even though I have seen a big drop in loan requests for multi-tenant commercial spaces there has been a big spike in apartment refinancing and purchase mortgages but more surprisingly a lot of apartment construction or conversion loan requests. Rates are great … (0 comments)
•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)
mortgage: 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)
mortgage: 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)
mortgage: 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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