I need a lender who will "Refi" a L/O, anyone know any? - Posted by Jim IL

Posted by Jonathan Rexford on February 05, 2000 at 12:23:37:

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I need a lender who will “Refi” a L/O, anyone know any? - Posted by Jim IL

Posted by Jim IL on February 04, 2000 at 13:23:11:

Hello all,
I have a great mortgage broker, and in the past he was able to get my T/B’ers refied when they’d exercise there options.
But, now we have a T/B’er ready to go, and my broker says the lender he used to work with no longer does them.
So, if anyone knows a lender who will work in Illinois and do a refi on a Lease Option, PLEASE send me the info.
I’d greatly appreciate this.
Sure would be nice to get these people closed and me cashed out.
My mortgage broker told me, if you know any lenders who do this, or can find me one, let me know and I’ll call them and get it done.
In the mean time, he is also looking for a lender for us.
Hopefully between the two of us, we can find one soon.
(wouldn’t hurt to get this done before the convention so that I am sure I can go.)

Thanks in advance,
Jim IL

newbie question - Posted by newbie

Posted by newbie on February 05, 2000 at 16:31:58:

So one can actually L/O to someone and then refinance the purchase price as if it were an existing loan? Am i understanding this right? Would this also be the case if you sold on a contract for deed, one could pay on the contract and then refinance at a later date without actually having the title?

Still learnin,
newbie

Here are some… Plus, Find a new broker! - Posted by Bill Hubert

Posted by Bill Hubert on February 04, 2000 at 14:03:20:

If one of my Loan Officers ever told a client to find a lender and let him know, I would send that L.O. out the door ASAP! If you found a lender why would you call your broker back. That is his job.

I lend nationally and have about a dozen wholesale lenders that will do Lease Options. Let me know if I can help.

Thanks,

Bill Hubert

Re: I need a lender who will “Refi” a L/O, anyone know any? - Posted by Jonathan Rexford

Posted by Jonathan Rexford on February 04, 2000 at 13:45:18:

Jim,

I e-mailed you a list of 33 NON CONFORMING lenders that are Licensed in that State. These are Wholesale Divisions so have your Mortgager Broker Contact them. Some of them will do and some of them will Not.

Hope this helps

You got it, thats pretty much it. (nt) - Posted by Jim IL

Posted by Jim IL on February 05, 2000 at 17:01:20:

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What the? - Posted by Jim IL

Posted by Jim IL on February 04, 2000 at 14:57:59:

Bill,
Thanks for the offer. Here is my reasoning behind trying to help him locate a lender.
First, he has been a real asset to me in the past, and that is a relationship that I wish to keep.
Second, he did say he’d look for a lender, and I agreed and offered to find one as well.
I figured with 2 of us looking, we’d find one sooner, because I really want this thing closed ASAP.

This guy has gone well above the call of duty for me in the past, and by getting him a lender to work with, we can continue to work together.

Why burn a bridge when I can help make it stronger.
One time, this guy got my buyer a loan and had us closed in less then 8 days. That is the kind of service he has given me in the past, and he even makes "House calls."
He is willing and has gone to my buyers homes to get all the docs ready.
Heck, he even runs to my office when I need him to.

So, this is why I am so willing to help him.
Plus, when I bring him clients, I get a little something on the side from his commission.
Getting paid to sell a home and get the buyer financed is a good thing in my book.

PLUS, he is a nice guy, and I like him as a friend also.

Thanks for the input,
Jim IL
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Could you post or send a list for Texas?(nt) - Posted by d.henderson

Posted by d.henderson on February 04, 2000 at 21:19:24:

If a lender won’t the Seller Can… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on February 04, 2000 at 20:54:16:

If this borrower cannot obtain a refi or purchase financng from a traditonal lender then another option would be for the seller to agree to finance him / her by taking back a seller finance mortgage and note which can then be sold for CASH to satisfy the seller.

NOTE: There must be sufficient equity in the property and a motivated seller who is willing to be flexible for this to gell

Michael Morrongiello

Re: I need a lender who will - Posted by Chris (FL)

Posted by Chris (FL) on February 04, 2000 at 17:54:00:

In FL , over the last week or two , lenders that will refi a L/O have been dropping like flies. … Could you lead me to ( e-mail ) anyone in FL that might still be open to such loans?

Re: I need a lender who will “Refi” a L/O, anyone know any? - Posted by Jim IL

Posted by Jim IL on February 04, 2000 at 14:31:15:

Thanks John, much appreciated.
Keep your fingers crossed for me, this may get me to Atlanta yet.
Thanks again,
Jim IL
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