Lenders who will finance FLIPS! - Posted by ANNETTE

Real Estate Investing
1

Posted by Alicia on December 18, 1999 at 18:22:53:

Hello,
I’m a loan officer w/ a mortage broker in Illinois.
Many lenders do require “owner seasoning”… but there are private lenders who will finance the deal, so long as the appraisal holds up.
Here’s on suggestion, try FSB Mortgage at
1-800-395-2495 … . they’ll do it if the buyer fits into their criteria. Ask for Joe Trujillo, and tell him Alicia sent you !
Feel free to email me - Good Luck

2

Lenders who will finance FLIPS! - Posted by ANNETTE

Posted by ANNETTE on December 17, 1999 at 15:37:23:

Does anyone know of any national lenders who will finance flip contracts? I am working with a lawyer in NY and he stated that there are hardly any lenders who will finance flip contracts due to the bad apples that are out there.
Any suggestions?

Thanks,
Annette, Newbie

3

Try private lenders… - Posted by Ben

Posted by Ben on December 18, 1999 at 13:20:53:

get a copy of Foreclosure News or American Foreclosures
at any 7-11 and check out the classified ads. There are plenty of private lenders for flips.

4

LOCAL Savings and Loans - Posted by SCook85

Posted by SCook85 on December 18, 1999 at 08:51:49:

Annette,
I got wrapped up in thinking about National lenders and forgot to mention the possibility of LOCAL lenders. I have found that the LOCAL savings and loan companys in my area are pretty lenient. They know the community, are there for the community and will invest (lend) in the community. They usually do not have any seasoning requirements and you are able to talk with the President or Vice President of the bank. If you establish a good relationship with them, they go to bat for you when the board votes on whether or not to do your loan. Hope this helps.

Steve

5

Take what the attorney said with a pinch of salt. - Posted by Paul Macdonald

Posted by Paul Macdonald on December 18, 1999 at 08:31:49:

Your lawyer is partially correct. Some lenders will not do flips BUT:

Unless NY has unusual rules about flips OR the property is in a neighborhood that has had chronic abuse it is very do-able. There are still many lenders who will do a flip.

All you have to do is make a stronger case than normal about the value of the home. The appraiser will have to pull a lot of extra comps; there will be a review process (usually with an arms length professional company) or a second appraisal.

Let me stress something - THE LENDER WANTS/WANTS/WANTS TO MAKE LOANS! BUT EVEN MORE THAN WANTING TO MAKE LOANS THEY WANT THEIR LOANS TO BE SAFE!!!

If you show that the loan is safe you’ll get the loan. You might pay a little extra, or a higher rate or both but you’ll get the loan.

Find a good broker/banker.

Good luck

Paul Macdonald

6

Re: Lenders who will finance FLIPS! - Posted by Sharonda

Posted by Sharonda on December 17, 1999 at 21:28:42:

Where in NY are you?