Loans for investments property - Posted by mo

Posted by Jimmy on July 10, 2008 at 02:30:28:

if you have great credit, a paid off property and stable income, you can wlak into most banks and get loans. but…

  1. interest-only? if that’s what you want, you need to find the ones that offer that product. do your own research, or let a broker do it for you.

  2. 5-7 week closing? nothing unusual about this. bank will take its time looking carefully at you, and then your deal. I have a 5-year relationship with my banker, and have done many deals. last loan I did tok 5 weeks to close. just the world we live in today.

Loans for investments property - Posted by mo

Posted by mo on July 09, 2008 at 14:38:00:

Okay guys who are you getting your loans from.

I am looking for 2 loans for investment properties one I own its paid off and the other I want to buy. I have great credit and I want to find a company that does not have all those junk fees and I prefer an interest only loan. Of course lowest interest possible,

My credit is good I have done many loans in th epast I hate all the paperwork. I actually have been preapproved by BOFA for a home equityline on the one thats paid off but its going to take 5-7 weeks so they tell me isnt that crazy?

They said they use to just put them through now they have to go to an underwriter or someone to look it all over.

Anyway I need to get 2 loans I prefer a bank not a broker so I don’t have the extra fees.

Please email me I dont make it back here often.
Thanks,mona

Fat or skinny bird? - Posted by John Merchant

Posted by John Merchant on July 17, 2008 at 18:28:05:

My investors and I do lots of short term pvt money loans like this.

“Bridge Loans” they’re called, because they get you to the BOFA side so you can then pay back the pvt lender with the BOFA $$$.

Our borrowers typically pay 12% plus 2 to 4 points so we discourage the loans unless there’s plenty of profit built into the deal for them.

So look at your deal carefully and candidly and make sure there’s plenty of meat on that bird before you tackle it and commit to pvt money rates.