Had a good time at the Plaza Home Mortgage Event for their brokers. We were on hand to provide support for our clients and to answer "Consultant Questions". Ragen Cunningham, their national renovation specialist, was there to make the presentation.
These type events are very good to get the wholesale lender's perspective and their "supplemental requirements" there were several revealed at this meeting.
I was surprised to see that Plaza doesn't work with Mixed use or commercial buildings. Why is this important? Commercial buildings include 5+ residential units and one of my favorite products taking 5-8 units and converting them to a large four unit building. These can be cash cows.
My next favorite is a mixed use building, ideal for young investors as they build their portfolio of rental properties.
In any case it was allot of fun and I saw a few old friends in the room who are working with us already with renovation products.
The big takeaway for me was to see that Plaza does work with investors and investor properties with the FannieMae HomeStyle® Renovation Mortgage.