Posted by mark on October 24, 2004 at 09:15:46:
Fannie Mae will only accept up to 10 financed preperties. Many other investors will take unlimited. Aurora, Impac funding etc. Find a broker who has access to loan products other than the standard “missionary” stuff
I need a Lender!! - Posted by Mijo Alanis
Posted by Mijo Alanis on October 23, 2004 at 16:39:41:
I am looking for a lender that will lend to me. I am being told that since I have more than 10 rentals that most lenders will shy away from me. I am finding lenders but the rates and LTV are so bad that I can’t even refi. Does anyone have any suggestions?
Mijo
Re: I need a Lender!! - Posted by Ed Garcia
Posted by Ed Garcia on October 24, 2004 at 12:16:43:
Mijo,
You had better read your own post. It?s obvious that the lenders are treating you like you?ve got the plague because you?re leveraged out.
You don?t need a lender, you need to reevaluate how to structure your deals.
This business is composed of RISK/REWARD. If you?re going to put financing in your name, risk your credit, and cash, it better be a sexy deal and have a solid LTV.
When doing high LTV?s, you?ll do a Lease.Option, Land Contract, Seller Carry-back, which could make sense do because you wouldn?t be risking your credit.
The Market is at its peak Mijo, if I were you; I?d sell everything I got and start over again.
At this point, I suggest that if you would like to call me, I may be able to spend a few minutes with you on the phone and get you going in the right direction as to how to back up and regroup. My number is (909) 944-0199.
Ed Garcia