rehab: 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)
rehab: 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)
rehab: 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)
rehab: FHA 203K Mortgage is not always the best answer!
- 03/02/09 05:33 AM
FHA 203K Mortgage is not always the best answer! I often get asked about the FHA 203K mortgage. For the few that qualify for the FHA 203K Rehab Mortgage Loan I send them to Matt Bartlett of Summit Mortgage. Our team has great solutions for investors and people who do not meet the FHA guidelines.Recently, I have been working with more and more investors that have tried to buy "Fixer Uppers" and just haven't had luck finding the mortgage finance to take advantage of the great deals available. I wish I could get our information out to everyone who needs … (0 comments)
rehab: Residential REO Rehab Mortgage Financing Made Easy in the Twin Cities
- 02/26/09 12:15 AM
Twin Cities Minnesota Mortgage Solution for Rehab Finance Solution and REO Bank Owned Purchase Construction Financing Many real estate agents in the Twin Cities MN area and investors buying corporate owned home in Minneapolis / St Paul that are in need of repairs have expressed concerns about the current "Credit Crunch" and not being able to secure the non-Fannie Mae financing to acquire these properties. My team listened to your concerns and worked with community banks to create two comprehensive mortgage solutions for those in need of commercial finance solutions for residential investment properties. Solution One: Purchase … (0 comments)
rehab: 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)
rehab: 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
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)
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