Where to look for a lender - Posted by Tom (WA)

Posted by Tom (WA) on July 01, 2003 at 12:29:40:

Are you saying you make these loans or these are general terms? What rate are you talking about on the 75% no doc?


Where to look for a lender - Posted by Tom (WA)

Posted by Tom (WA) on June 30, 2003 at 19:26:01:

I’m trying to determine the best place to look for some financing. I am a full time real estate investor, credit is excellent. I have a bunch of free and clear properties and I want to raise some capital for additional investments. I have a bunch of newer double wide manufactured homes on permanent foundations, 1/4 acre lots, garages, landscaped - real nice. Roughly $100,000 each. I do not need to maximize the loans. What would the lenders do for an investor on 50 - 70% loans. I would like to borrow against about 12 - 15 of these. Any ideas??
Thanks, Tom

Re: Where to look for a lender - Posted by Frandyco

Posted by Frandyco on June 30, 2003 at 21:57:47:

If you want to acquire commercial property, with your net worth, at least 100,000 times 15 is about 1.5M, you can borrow $1M at prime rate plus 1/2 to 1, LTV no more than 85%, (Last report prime rate is 4%). 30 year amortize. You can use the properties you have as cross collateral, so save your refinance fees on each of them. The maximum you can borrow would be 3M. Although rates may not be that good. 1-4 unit would go up to 100%, other commercial property can go 95%. Need Full Doc. No doc, state income can do maximum 75% as far as I know. So here are your funding opportunities for your next project.