Refinancing........Who's the best - Posted by David

Posted by Ben Carmona on May 17, 2007 at 10:24:15:

No seasoning. Vesting must be done initally in the personal name rather than a business. Properties must be acquired through a sale rather than just being quit claimed over.

Ben Carmona

Refinancing…Who’s the best - Posted by David

Posted by David on May 17, 2007 at 04:03:01:

Hello,

Can anyone help out on who they use to refinance there rehab projects once the construction is done.

Thanks
David

Re: Refinancing…Who’s the best - Posted by Ben Carmona

Posted by Ben Carmona on May 17, 2007 at 11:19:27:

There are several lenders that are great for rehabbers to use on refinances. Assuming you want cash out based upon the new value, a few retail banks will do this at around 75%. Anything over that generally requires a program offered on the wholesale side to mortgage professionals.

There is one that does 90% and a few others at 80%.

Just like any investment loan, there are several factors that go into qualifying.

My recommendation is to speak to a nationwide mortgage planning consultant that specializes in investment loans such as these.

Ben Carmona

Re: Refinancing…Who’s the best - Posted by batpro

Posted by batpro on May 17, 2007 at 09:12:44:

Wells Fargo is the best in my area. I just finished a rehab 2 weeks ago and will have the equity loan money tomorrow at a fixed rate of 7.65%, 30 yr amort. with 7 year balloon. No closing costs! There is a $300 or $500 fee if you pay off early but if you enlist another house then they waive the fee.

Re: Refinancing…Who’s the best - Posted by David

Posted by David on May 17, 2007 at 09:48:53:

Thanks,

Do they require you holding the title for any period of time. I know some lenders say 6,9 or 12 months.