quick finance question for ed? - Posted by Gerald

Posted by Ed Garcia on January 29, 2002 at 10:18:47:


I think we both know that LTV becomes a problem if you don’t have seasoning.

In your post you don’t give the LTV and so I’m at a major disadvantage. You also don’t gives us any numbers to tell us what you purchased at, how much did you spend on the rehab, etc in order for us to have a feel where were at.

Also, by leasing the property for a year, you have now identified it as a rental and not as a property to be sold for a profit.

Without the information that I just mentioned, it would be hard to properly advise. But based on the information you provided, I would park the property on the line for about 10 months and then process a loan, which will take approximately 30 days, which would set me on the doorsteps of one year seasoning.

Remember, I’m trying to limit refinancing the property and eating up my profit in lenders fees.

Ed Garcia

quick finance question for ed? - Posted by Gerald

Posted by Gerald on January 29, 2002 at 01:49:10:


I have a rental property that myself and a partner bought on our lines of credit. We are now finished w/ the rehab and have a tennant w/ a 1 year lease.

My question is this. I would like to now refinance (mortgage) this property into my name only and use the proceeds to pay off the lines of credit.

Would we need to write up a sales contract to do this or can we just go to the lender as is. How do you suggest we approach the lender w/ this.

Would you be interested in helping me do the financing, I am in Louisiana?