Can't get new mortgage - Posted by Bruce

Posted by chris (NJ) on March 26, 2003 at 16:32:02:

You are the man!!!
You are my new idol.
can you spare some contacts with any of your lenders?
I have a mixed use deal on the table for $200,000 that is valued at $325,000

how do you complete any no money deals (if you have?)

Can’t get new mortgage - Posted by Bruce

Posted by Bruce on March 26, 2003 at 13:56:04:

How do I get around the fact that I own more properties than federal guidelines allows for Mortgage Underwriters? I currently have over 100 mortgages scattered among 11 different banks and mortgage companies. I have strong credit and good cash flow, but I can’t find a source to refinance these properties under one loan, nor can I find a lender to give me a mortgage on new properties that I want to buy. (I have 422,000 in cash reserves, and an average of 29% Equity in the properties that I now own.)
Any sources or ideas?

Re: Can’t get new mortgage - Posted by Don Dion

Posted by Don Dion on March 27, 2003 at 12:46:12:

Drop me a line directly I am a national mortgage banker in 39 states. If your in one of my licensed states I will be happy to work with our commercial unbrella loan dept for you and get back to you in a timely fashion with proposals on how your properties can be refinanced.

Re: Can’t get new mortgage - Posted by Ed Garcia

Posted by Ed Garcia on March 27, 2003 at 09:09:21:


I?m sorry but I don?t believe you. Why would an investor who has 100 different mortgages which would have approximately as many properties to match the mortgages want to refinance all of their properties under one loan (Blanket Loan).

The reason that doesn?t make sense is because (1) It limits and restricts selling various properties in you portfolio unless you sell them on a wrap, (2) It limits and restricts borrowing against various properties in the portfolio, (3) It limits and restricts your terms and conditions of having a good loan, (4) It makes it difficult and could create a major problem for future refinancing, in the event you want to refinance all or a portion of your portfolio.

Bruce, it?s difficult for me to believe that an investor who claims to have the assets you claim to possess, could not have at least a reasonable amount of finance knowledge.

If you are for real, then call me at (909) 944-0199 because you are definitely a candidate for a working line of credit, and most likely need to rethink your MO (modus operandi) and restructure your portfolio.

Ed Garcia