Posted by Don Dion on July 02, 2003 at 09:53:19:
What state are you located in?
Lenders - Can’t find a decent one. Local or Natl? - Posted by PNH
Posted by PNH on July 02, 2003 at 08:04:56:
I have 5 rehabs so far. Each time I have been ready to sell, I have gone on a quest for a local lender willing to help my buyers. Each time, I have been disappointed. The Brokers have all been very enthusiastic at first but soon they are hard to reach and don’t respond to my buyers (or me). The problem is that many buyers I refer to them are unqualified (Although the brokers initially claim to be able to get 500+ ficos approved one year out of BK). I make an effort to pre-screen before I give them the number but still the brokers aren’t willing to spend a minute on the phone with my buyers. I even had one broker try to give me full paper applications and expected me to have all the buyers fill it out completly before they call him. (If I were going to do all of that I would just be a broker myself)
Recently, I called the 800 for countrywide on a Saturday and quickly got a real person on the phone. In this case, I was looking for a personal loan. I quickly got a pre-approval letter faxed to me. (I now don’t need the loan for other reasons).
The biggest problem, I see is that local lenders are over capacity and cannot handle their customers effectivly.
My question is, has anyone used a big national lender like this for buyers? Are the loans going smoothly or did you regret not using a local lender. (My local CW office is very tough to deal with, can never get anyone on the phone.) I would like to hold open houses on Saturdays and have people call the CW 800 while they are in the house to get pre-qualified.
Lenders - Can’t find a decent one. Local or Natl? - Posted by James (fl)
Posted by James (fl) on July 02, 2003 at 21:15:48:
PNH,
Are you willing to hold a second? with a 500 and good rental history (0 lates in 12 months) I can get your buyers 85%. If they have 5% of there own to put down, you can hold a 10% second. Or, if the buyers do not have 5% to put down, and you are willing to hold a 20% second, i can loan 80% with a 100% CLTV so they do not need to put any money down. At least you could get 80% up front, and set up the second on a 3 or 5 year balloon. My company is nationwide and we deal with subprime buyers all the time. I can get you hooked up with a local office if you tell me what state you are in.
James Prince
Aegis Lending