11 Unit Finance -- Charter Financial - Posted by Beamer

Real Estate Investing Real Estate Financing
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Posted by Paul Macdonald on November 14, 1998 at 22:17:28:

Sorry I don’t know who and what your broker is doing or the company he wants to send the paper to.

But to a degree, who cares? Sounds like a pretty good deal. Just for fun, tell your broker you can’t see paying that much rate wise and offer a lower rate and see what happens. Worst case scenerio, as long as rental income covers your qualifing for a new mortgage later, take this deal, wait one year and do a rate and
term refi.

By the way, 11% for a nothing down multi-unit apartment building is a VERY good rate! The best institutional rate I’ve seen for multi-unit deals was 8% with 25% down. And that program is long gone. Most are going to be 9% or more (take these rates I’m telling you with a pinch of salt, I specialize in residential loans and only see multi-unit rates once in a while).

Good Hunting

PJM

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11 Unit Finance – Charter Financial - Posted by Beamer

Posted by Beamer on November 14, 1998 at 20:42:33:

I’m buying a 11 unit apartment building and the mortgage broker I am using has come up with a “simultaneous purchase offer” from what seems to be a mortgage note buyer named Charter Financial in Beaumont, Texas. Seems that what they are doing is loaning about 75% of the appraised value which is substantially more than my purchase price. Interest rate is high though – about 11%. This property needs no rehab, I just got a good deal on a foreclosure. If anyone has any information on a “simultaneous purchase offer” or if you’ve had dealings with either Charter Financial or some other firm in this type of business, I’d appreciate any advice you can offer. Many thanks.