Need Michigan lender for NOO loans - Posted by AG

import · May 24, 2007, 6:31pm

Posted by Bob K (MI) on June 12, 2007 at 20:00:25:

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import · May 24, 2007, 6:31pm

Posted by AG on May 24, 2007 at 18:31:58:

Hello:

We’re based out of California and will be having our clients buy duplexes and fourplexes in Michigan. Our current lender that we work with is not licensed in Michigan - plus we’d rather work with a lender more familiar with that market. The properties will range in ARV from $60k - $150k. The properties will be NOO and would prefer 100% LTV loans. We plan on doing 10+ deals a month in Michigan.

Thanks.
AG

import · May 25, 2007, 9:00am

Re: Need Michigan lender for NOO loans - Posted by Jeff

Posted by Jeff on May 25, 2007 at 09:00:01:

Hi

I live in MI and invest in the same type of property. I would be more than happy to give you a referral to my mortgage broker he is great with investments and getting impossible deals done fast. Send me an email bjf102106@yahoo.com and I’ll be happy to give you his contact info.

Jeff

import · May 24, 2007, 10:54pm

Re: Need Michigan lender for NOO loans - Posted by Ben Carmona

Posted by Ben Carmona on May 24, 2007 at 22:54:43:

Be more concerned that the mortgage professional knows investment loans.

With the way the mortgage market has changed in the last 60 days many brokers will miss all the new guidelines.

Kind of hard to tell what type of deals your discussing here. You mentioned ARV which typically indicates rehab loans so maybe you need hard money. However hard money lenders are able to loan out of state so I’m a little confused.

There are HML that will have flexible 100% options of the the properties are purchased significantly below market value.

Ben Carmona

There are very few 100% options left. Most investors wont be able to use that propram to buy at the pace you’re talking about.

import · June 4, 2007, 6:02am

Re: Need Michigan lender for NOO loans - Posted by Bob K (MI)

Posted by Bob K (MI) on June 04, 2007 at 06:02:34:

Hi Jeff,
I’m trying to refi a 4 unit and really having a hard time.
Could you send me your brokers info?
Thanks,
Bob

import · June 4, 2007, 5:57am

Re: Need Michigan lender for NOO loans - Posted by Bob K (MI)

Posted by Bob K (MI) on June 04, 2007 at 05:57:50:

Hi Jeff,
I would like the info on your broker if you don’t mind.
Am trying to refi a 4 unit and really having a hard time.
Thanks,

Bob

import · May 25, 2007, 1:42pm

Looking for lender also - Posted by Andrew

Posted by Andrew on May 25, 2007 at 13:42:10:

Jeff,
I also live in MI and am looking at putting together my first 6plex deal. Can you send your broker info my way?
Thanks,
Andrew

import · May 24, 2007, 11:22pm

Re: Need Michigan lender for NOO loans - Posted by AG

Posted by AG on May 24, 2007 at 23:22:43:

Yup with the crazy changes in the mortgage industry lately it has been difficult to say the least. As far as the type of deals I’m speaking of, we just need to get our retail buyers purchase loans for the properties. 90% LTV will be fine since our sellers are willing to carry, but we’re finding out that banks are having problems with private 2nd’s. Yeah I said ARV out of habit – these properties are already completely rehabbed and we’re just putting our retail buyers into them for the cash-flow.

Bottom line, we need a lender who can loan in Michigan, has experience with investment loans and willing to take on loans as low as $60k. There are 2 lenders I know who can do these deals, but just not willing to work for such low loan amounts.

Thanks.
AG

import · June 4, 2007, 8:23pm

Re: Need Michigan lender for NOO loans - Posted by xavier G

Posted by xavier G on June 04, 2007 at 20:23:54:

We can do up to 100% on OO or NOO refi… Call me at 516-812-4720, my calls get forwarded to my cell.

I work for a National Direct Mortgage Lender and we are trading on the NASDAQ so we have hundreds of programs I can customize for you.

import · June 4, 2007, 6:14am

Re: Need Michigan lender for NOO loans - Posted by Jeff

Posted by Jeff on June 04, 2007 at 06:14:03:

I will be happy to give you the info via email. Please feel free to email me.

import · June 4, 2007, 6:15am

Re: Looking for lender also - Posted by Jeff

Posted by Jeff on June 04, 2007 at 06:15:34:

I will be happy to give you the info via email. Please feel free to email me

import · May 25, 2007, 12:31am

Re: Need Michigan lender for NOO loans - Posted by Ben Carmona

Posted by Ben Carmona on May 25, 2007 at 24:31:39:

Ok, so you’re a wholesaler who needs conventional financing for your buyers who are picking up these investment properties at retail prices. Definitely wouldn’t want 100% as they wont cash flow. 90% is a better option.

Lower loan amounts are not a huge factor. $50,000 is about the minimum, possibly lower depending on the ltvs and deal. Most mortgage professionals wont touch becuase they wont see much compensation. The either have a very small commission split with their owners or dont see the bigger picture - “volume”.

You should be speaking with a nationwide mortgage planning consultant that specialize in investment loans such as these.

Ben Carmona