Posted by Dfree on September 11, 2003 at 22:57:08:
I think you’re right.
I’ve been looking for a better lender source the past few months. If you’re aware of any I’d be greatly appreciative if you could pass me a note or hint or anything.
Thanks for the response
The Elusive 100% NOO Loan - Posted by Dfree0816
Posted by Dfree0816 on September 10, 2003 at 19:17:44:
Hey Gang I’m an investor in the Greater Houston Area and I’ve often heard of the 100% NOO loans being available but have yet to find one broker who can lead me to one. Each of them (2) have told me that no one can do better than 95% on NOO properties. This loan seems to elusive and nothing more than an investor’s dream. I hope I’m incorrect
I’ve only worked with Construction lenders and Hard Money Lenders in the past, only recently started working with Conventional lender/broker and I want to know what are the chances of getting a 100% NOO. My FICO score is 700, DTI is great and we also have good reserves. Is there a particular approach I should use when looking for this sort of lending. If I’m off and I need to be corrected please do so, I’ve had one broker tell me that only 95% will pass and he’s been in the business for years and has never seen 100%NOO. Is this true and if not how should I approach them or find someone who will work with me.
100% NOO @ 5% - Posted by Ted Bowen
Posted by Ted Bowen on September 12, 2003 at 12:00:48:
I just recently closed 3 loans for rental property that were 100% NOO(90% of appraisal) at around 5%. These type of loans work well if you are buying the property at the right price. So whats the secret??
Use a small local bank that is doing in-house loans.
Re: The Elusive 100% NOO Loan - Posted by Wayne IL
Posted by Wayne IL on September 12, 2003 at 08:46:29:
We fund only Multifamily and Commercial income property, no residential.
100% LTV construction and permanent loans are available for NNN leased properties to be occupied by an investment grade credit tenant. “All in” cost of capital is lower than for a construction and forward commitment loans since there is only one set of third-party expenses, one origination fee and one close.
Wayne IL
Re: The Elusive 100% NOO Loan - Posted by JJ
Posted by JJ on September 11, 2003 at 18:10:24:
Hi:
100% NOO are available. I do them everyday. They come in 1 loan @ 100% or 80/20 @ 100% LTV. On the 1 with the 1 straight loan, you cannot have too many properties already and must have reserves.
Looks like your FICO and DTI should put you in the ball game. Why is there a problem?? Maybe the people you have had contact with just don’t have the product.
Re: 100% NOO @ 5% - Posted by jay
Posted by jay on September 14, 2003 at 21:50:12:
Hi,
I found that most local banks that will do 100% loans on apartment buildings usualy ask for full documentation. Did you ever do it with no doc? just wondering.
Jay