Posted by Ed Garcia on April 24, 2007 at 11:25:41:
I?ve kind of taken a few days away from the board and in coming back you?re question is the one at the top so I thought I give you some insight.
First of all there is no capping the fees law of 5% on none owner occupied. What you?re in reference to is owner occupied due to predatory lending. You don?t mention if you?re buying to hold or to flip. Since you mention cash-flow, we?ll have to assume you?re buying to hold. A small local bank is your best bet. Their there to service the community and a small deal would be right up their alley.
Being a portfolio lender, they can be flexible in their terms and conditions. They may not express this at first, due to they do have preferable terms and conditions that they will try to charge but everything is negotiable.