Traditional Lenders - Posted by Anthony Henry

Real Estate Investing
1

Posted by Anthony Henry on April 06, 2000 at 14:07:49:

Well thanks Mark, ummmm just sucks …lol.

Anthony

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Traditional Lenders - Posted by Anthony Henry

Posted by Anthony Henry on April 06, 2000 at 13:24:15:

Hey Guys I was wondering about something and knew you all could hel out. So here goes. When dealing with traditional lenders, is the request to see 2-3 months of payments in reserve a standard practice or is it just an individual thing dictated by each bank. Also what happens is you dont have this is reserve to show to the bank could this completely wipe out your deal.

Thanks for all inputs.

Anthony Henry

3

Re: Traditional Lenders - Posted by Ben (FL)

Posted by Ben (FL) on April 06, 2000 at 16:41:05:

Keep looking. We asked several lenders before we found one that only needed a letter from the bank that showed our current balance. If you have a way of getting a large balance for a day, then a letter showing that balance, that may do it.

4

Re: Traditional Lenders - Posted by Mark-NC

Posted by Mark-NC on April 06, 2000 at 13:47:01:

Anthony,
It’s basicly called seasoned funds and yes it will kill a deal if you don’t have it. You can probably get a no doc type of loan from a sub prime lender that seasoned funds would not be an issue but you are going to get hit with a higher rate because of it.

Good luck

Mark

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Thanks for the info Ben - Posted by Anthony Henry

Posted by Anthony Henry on April 07, 2000 at 09:25:52:

:slight_smile: