Posted by James Strange on July 10, 2003 at 14:57:25:
You have to work with Hard Money Lenders most normal banks will no longer do this. Notice that I said most and not all.
One of the Hard Money Lenders that I work with is a bank. They have great rates but they are not the most flexible.
Also you this will not work if you are buying at close to retail.
James Strange
reiloans@earthlink.net
Where are all the lenders?? - Posted by Lazaro - NC
Posted by Lazaro - NC on July 10, 2003 at 08:32:40:
Carleton Sheets talks about getting cash at closing by having the lender provide money as part of the mortgage loan. I talked to three local banks and none of them will do this. They will only provide funds for the purchase of the home, not for repairs.
Where are the lenders that Mr. Sheets refers to??
Thanks,
Lazaro
Re: Where are all the lenders?? - Posted by James (FL)
Posted by James (FL) on July 10, 2003 at 15:51:43:
I have spoken recently with a gentleman who referred me to a company that does this. They loan out the purchase price plus repair costs, based on after repair value, and the rates are much better then HML’s. I am currently trying to get approvred through them, but afterwards, i will post and let everyone know how it went. They require a written estimate from a liscensed General Contractor, a subject to appraisal noting the repairs being done, and including a notation of the current as is value, 6 months PITI in reserves, and with a 720 FICO, the interest rate is under 8%. Email me directly for the contact info to the lender.