Loan Structuring, Need Help - Posted by gatorgirl

Posted by cheryllopez on July 11, 2004 at 10:19:23:

Yes.

My business line toll free 1-888-496-4999

That is California time and you are in Florida (3 hours time difference). I sometimes get back east business or people call me at 6 am leaving a phone message.

Cheryl Lopez

Loan Structuring, Need Help - Posted by gatorgirl

Posted by gatorgirl on July 10, 2004 at 12:34:48:

How would you structure this:

Looking for assistance on doing a private money loan and how to structure this. It will be an investment property that I plan to use as a business expense and rent out. It may end up being rented annually. I have some money to put down and am wondering if it would be easier to just go through a private hard money person.

It is a mobile with land in Florida Keys. Great area, appreciation is about 22% per year. I found one lender that will do this loan, but the amount they want out of pocket is ridiculous. I have good credit and income so that is fine. The interest rate I am being quoted is no great shakes by the way. Obviously the property would be the collateral and it is in great shape in a neighborhood that is in a remodeling mode…Anyone interested in helping me with suggestions or know a decent hard money or private lender, I would like to talk to them. Closing date is set for August20, 2004.

Thanks

Re: Loan Structuring, Need Help - Posted by Louis Walters

Posted by Louis Walters on December 18, 2006 at 16:13:33:

I can help you with a loan, we offer loan at low rate and we offer collateral loans and non-collateral,we also offer personal and investment loans even when you have bad credit.Contact for more information with the below info:

E-mail:louisloans12@yahoo.com
Name :Louis Walters.
Regards.

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Re: MOBILE ON LAND LENDER - Posted by Cheryl Lopez

Posted by Cheryl Lopez on July 10, 2004 at 23:43:41:

GATOGIRL –

Here is a mobile home lender that I am aware of. Call them … they may be able to help you.

  1. DELEON ALTERNATIVES: Phone 248-236-9682 Fax 248-236-9696 Email jdeleon1@charter.net. Contact Jorge DeLeon

“(1) Moving manufactured homes from parks to private land. (2) Mortgages loan officer that originates loans in several states MI, OH, TN, NY, CA, FL, PA, TX, WV, KY, IN, and various other states. (3) FHA loans for new manufactured homes. (4) Construction loans for manufactured homes. (5) Can also refinance manufactured homes in parks. (6) Reasonable fees, several major lenders, bruised credit ok, rural or suburban, new or used homes.”

Cheryl Lopez

Re: Loan Structuring, Need Help - Posted by michael schindler

Posted by michael schindler on July 10, 2004 at 22:49:59:

hard money lender…is the property that good of deal condidering the financing costs/rates of a hard money lender? If you have good credit, I would suggest going another much cheaper route. Trailers can greatly limit your lender choices but there may be other alternatives for you. Also, the appreciation you talk about per year, I’m assuming that is the land the trailer sits on or the area in general? If you want some help, shoot me an email. Now, I’m not asking for your loan but I can help you figure out what the best route for you to take will be. I need other important information to help you make the best educated decision.

Re: Loan Structuring, Need Help - Posted by James Strange

Posted by James Strange on July 10, 2004 at 22:38:09:

NOO loans on trailers require big down payments.

Re: MOBILE ON LAND LENDER - Posted by Gatorgirl

Posted by Gatorgirl on July 11, 2004 at 08:06:03:

Thanks Cheryl…do you think it would be worth my while to work with the seller on financing and then get a smaller loan for the property? He said he would if someone put down a least 100K…I could get that in a loan, might be easier to qualify…I am pre approved but apparantly they want to see a bunch of stuff which is fine but I think if the loan amount were lower it would be less of a hassle…less scrutiny…thanks

Re: Loan Structuring, Need Help - Posted by frank smith

Posted by frank smith on August 06, 2007 at 18:53:06:

i will help you with loan, you can mail me via: franksmith4loan@yahoo.com tell me how much you will like to have.

Re: Loan Structuring, Need Help - Posted by gatorgirl

Posted by gatorgirl on July 11, 2004 at 07:58:06:

What is a NOO loan…

Re: SELLER FINANCING - Posted by Cheryl Lopez

Posted by Cheryl Lopez on July 11, 2004 at 09:48:44:

GATORGIRL –

Yes … I think seller financing a first loan is usually the best (at least to start out … then refinace the seller loan after improvements).

BUT the seller was $100,000 as the down paymnet. That does seem steep for a mobile on land down payment. What are the terms the seller “wants”?
(interest, amortized, due in, prepay penality, late fee).

Plan:

  1. Apply and obtain new first on property

  2. Seller carry $100,000 on new second on property.

  3. You may not want to refinace the seller loan after improvements if the seller carries a large second. Have the due date 10 years or longer.

Is this what you want to do?

Cheryl Lopez

Re: Loan Structuring, Need Help - Posted by michael schindler

Posted by michael schindler on July 11, 2004 at 12:39:41:

Non Owner Occupied (investment) property

Re: SELLER FINANCING - Posted by gatorgirl

Posted by gatorgirl on July 11, 2004 at 10:15:44:

Hi Cheryl:

Would it be possible to speak with you about this offline…I would appreciate it.

Michele