Posted by Dimpil on October 18, 2003 at 06:55:08:
Who are they? I’ve been looking thru our stack of lenders and have come up with 0 (besides Delta Funding 6 months for them and Greenpoint which stoped)
Which are you using? Do they loan in NC?
Greenpoint - Posted by dimpil
Posted by dimpil on October 17, 2003 at 11:24:10:
as of 3 weeks ago does not do cash our refi’s for investors and seller must be on title for 12 months before going off appraised value. Investors still can get their cash out but they either will go off appraised value or sales price and documents repair value.
The lenders rep said, to many flips and he’s lost some good business.
Re: Greenpoint - Posted by James Strange
Posted by James Strange on October 18, 2003 at 19:03:28:
Most that are left tend to more regional / local.
LTV’s may not be as high as what Greenpoint was offering.
One big thing to keep in mind all of the lenders will want to know is. “How did you increse the value?”
Buying one day and refiing the next will not work in most casses. They want you to show that you did a real rehab. Show before and after pics, keep a log of everything that you did to the property.
James Strange
Unseasoned REFI - Posted by Joe
Posted by Joe on October 17, 2003 at 23:08:34:
There are other lenders that will do unseasoned refis
If the property has been rehabbed, labor and material tickets are necessary.
I use 3 different lenders - depending on the rate and terms.
Joe - Chicago