Posted by Bob (Md) on January 23, 2001 at 04:29:04:
It’s a small local bank, not a S&L. They prefer commercial loans (their owner-occupied rates are not competitive at all), and limit their risk by keeping to a 1, 3, or 5 year balloon. That way, they don’t get stuck with unattractive terms / rate if the market should change significantly. I think they have 7 or 8 locations - all within one county.
And they said Zero Down doesn’t work - Posted by Bob (Md)
Posted by Bob (Md) on January 22, 2001 at 16:22:45:
Asked a local bank about non-owner occupied loans for investment property. They’ll do up to 80% LTV on an ARM loan with a 1,3, or 5 year balloon for NOO investment properties. Rates run from 8.75% to 9.9%. They are portfolio loans, so there are no points or origination fee. They don’t care where the other 20% comes from (can you say “owner 2nd”?).
Oh, I forgot. One day approval on most loans if your package is complete when submitted.
And all the realtors tell me you can’t do zero down deals in today’s market! Yeah, right. If you keep getting “no” for an answer, perhaps you just haven’t talked to enough people yet.
Re: And they said Zero Down doesn’t work - Posted by Yettekov Wilson Jr
Posted by Yettekov Wilson Jr on January 29, 2001 at 12:40:28:
Bob,
I just read your post. If you could, I would like to know the Bank you talked to . I am now in need of lining up lenders for my deals. Thanks.
Re: And they said Zero Down doesn’t work - Posted by george
Posted by george on January 22, 2001 at 22:09:22:
Bob,
Was your good fortune with an S&L or a commercial bank?
Thanks, George in CT