Refinancing at 80% of the Appraisel - Posted by David C. Humenik

Real Estate Investing Real Estate Gurus
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Posted by guru on March 31, 1999 at 22:41:47:

Like the old adage, there is another way to ‘skin’ your banks around the old 80% LTV/LTP/LTA, whichever is the lowest.
Contact local contractors & get appraisals for needed repairs on your property. Use your existing [or if needed create a new]property management company - as a sole propietorship - to submit appraisals, on your companies own forms (take original amounts and increase them by 50-100% to cover your fees) to a lender. Any lender will do but I’d go see one you want to do more business with in the near future [This probably means go to a different one than the one with your original note].
Apply for a Title 1 loan to do these repairs. Get your Title 1 loan. Pass the neccessary amount to your sub-contractors who do the actual work.
:slight_smile: Pay yourself these fees.
:slight_smile: Smile often.
Apply for a new mortgage based on the newly improved property value and rental potential to “consolidate your notes with one institution … to build a long term relationship with one lender”.
:slight_smile: Smile again.
:slight_smile: Repeat until …

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Refinancing at 80% of the Appraisel - Posted by David C. Humenik

Posted by David C. Humenik on March 30, 1999 at 14:34:32:

I bought a duplex owner financed for $15,000 below appraisel. The banks will only refinance according to the purchase price and will not refinance at 80% of the appraisel until I own the property for one year. I live about 90 miles north of Tampa. Are there any banks in the Tampa/St.Pete Florida area that will refinance according to the appraisel within 60 to 90 days after purchase?

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Re: YOU need bridge financing! - Posted by Karl Grube

Posted by Karl Grube on April 15, 1999 at 19:14:09:

Advertise in the paper, use the telephone and call real estate brokers, etc. — for bridge financing on a duplex. What you need is a 60 day note secured by the duplex - you will have to pay high interest or even equity in the property … there is lots of money out there at a price of course!

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Re: Refinancing at 80% of the Appraisel - Posted by Ralph Cummings, Jr.

Posted by Ralph Cummings, Jr. on April 02, 1999 at 18:42:04:

I am pretty sure there are lenders who require no “seasoning” on refis. I am an attorney and Mortgage Originator, and have access to 100s of lenders. Email me if you’d like some more info.

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Re: Refinancing at 80% of the Appraisel - Posted by guru

Posted by guru on March 31, 1999 at 22:50:26:

Use the title 1 loan with your own mgmt company as the general contr. to take your cash out then refin both based on the new valuations