Investing in California Mortgage Pools

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Mortgage and Lending with San Diego VA Home Loans/858-777-9751

I am a private mortgage lender which means I make real estate loans (non-bank loans) to individuals who can't qualify for bank financing.  In California, this is sometimes referred to as Trust Deed Investing because the security instrument (how you secure the collateral) we use is called a Deed of Trust.  The loans can be risky of default and subsequent foreclosure.  This is why we don't make loans for more than 70% of the value of the property.  The returns, however, are very attractive.  It is not uncommon to earn 11-15% interest on trust deeds.  I think they are relatively safe because they are secured by Southern California real estate.

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Brian, the company that I work for is a "conforming lender", so I find the information above really informative. I don't deal in that world, but I can see a very big need for it.

What I have found is that a person that can not qualify for a conforming loan, is not concern with the interest rate, they are mainly concerned with just being able to have the option to qualify for any loan.

I have had Borrowers that do not qualify for conventional or subprime, that might qualify for this type of produce. If you do business in CT, I will give you a call next time I run into one. 

Nov 11, 2006 01:02 AM #1
Rainmaker
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Brian Brady
San Diego VA Home Loans/858-777-9751 - San Diego, CA
858-777-9751
Unfortunately, I don't George.  If you run into that type of borrower, I can help you find a lender.  There has got to be lenders like me in CT.
Nov 11, 2006 02:00 AM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
Thanks Brian, I would be interested in finding a lender to just refer someone who falls into this market.  I don't run into often, but I do run into it.
Nov 11, 2006 02:13 AM #3
Rainmaker
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Brian Brady
San Diego VA Home Loans/858-777-9751 - San Diego, CA
858-777-9751

Found on Myspace, I can't comment on his validity, George:

In addition to working for a direct lender in CT, I also work in a wholesale rep capacity for several private hard money lenders. The terms are as follows:

12.99% (I/O upon request), 2/28, up to 70% LTV, no pre-pay, no required points. The lender takes 1/3 of the fees and I split the rest with you. Approvals are recieved 2-3 days from submission and we'll close anywhere from 2 days to 2 weeks after that. I have lenders that will entertain international deals as well. Feel free to contact me directly.


Jeff Aicken
(800) 370-6669 x167
(502) 797-2494
jaicken@ffmgi.com
www.jaicken.com

Nov 12, 2006 08:21 PM #4
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
Brian, I am impressed, not that you found this information, because I knew you would.  But that you got back to me as quickly as you did. IWILL REMEMBER THAT, you are a person of your word.
Nov 13, 2006 12:17 AM #5
Rainer
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Julia Wei
Law Offices of Peter N. Brewer - Palo Alto, CA
Brian - I have clients that operate Mortgage Pools of "pools of money" as they are sometimes called, as well as Mortgage Funds in California.  The primary benefit for investors is generally that the pool is larger and can fund larger loans, thereby giving the investor more opportunity to invest commercially.  Most individual private money investors cannot write out an $8M check to invest in a strip mall, but a fund can.  However, for single family residential, it probably makes sense to stay with the Trust Deed vehicle.
Apr 05, 2007 07:30 AM #6
Anonymous
Nick

Hey All........I am a broker with great deals.....I use private investors currently..........I can always work with additional funds.....especially on my deals above $250K.........contact me @ 760/553-4908......  nkwfc@yahoo.com 

Oct 22, 2008 05:39 PM #7
Rainmaker
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Mobile Austin Notary
Apostille/Authentication/Embassy Legalization, Notary Public, Loan Signing Agent & Process Server Services - Austin, TX
www.mobileaustinnotary.com

Good topic Smily

Dec 01, 2008 04:20 PM #8
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