Posted by Frank Chin on July 27, 2003 at 09:36:03:
Hi Ca Ley:
If you want to do a NOO loan by going with a bank, be prepared to put something down.
My wife was a banker doing asset based loans once -with many borrowers wanting 100% plus loans. The banker’s answer is - “if we do 100% loans, we might as well buy and manage the place ourselves. Why give it to you to manage??”
You do 100% NOO loans with sellers.
I’m from NYC, and 20 plus years go when I started, practically all RE Brokers, lawyers, mortgage people were pushing OO loans saying the same thing you mentioned.
They’re repeating conventional wisdom, not shady.