Posted by Carlos on May 25, 2005 at 15:23:41:
HML = Hard Money Lender. Asset based lending with high rates at stiff terms. They have their place in the REI world. I was just not interested in further discussion if this source was a HML.
Is there 100% fin on commerical loan? - Posted by shawntay77
Posted by shawntay77 on May 17, 2005 at 09:35:24:
If so, what are the qualifications for this?
Re: Is there 100% fin on commerical loan? - Posted by Don Dion
Posted by Don Dion on May 17, 2005 at 18:32:27:
The closest I come to 100% is a combo 95% CLTV where I do a 75% first either 6 month, 2yr, 3yr or 7yr based on 15/15, 20/20 or 30/30 amort. The seller carries the 20% second. These loans are 100k min 1 Mil max middle credit score 680 and above low score not to be lower then 640. They underwrite these two ways depending on how I submit the package either standard 1.2 debt service or based on the financial strength of the borrower. Like if I have someone with a substantial income (doctor type, business owner) and 6 months or more in reserves after closing. It’s a 95% CLTV for Multi Family and 90% CLTV for office , retail, warehouse, light indust, mobile home parks, self storage. I am a commercial mortgage broker and have a few lenders doing these deals as they come up.
Re: Is there 100% fin on commerical loan? - Posted by Daniel
Posted by Daniel on May 17, 2005 at 18:08:44:
I am aware of only 1 source that is doing 100% apartment financing if the property is at least $1 million and your credit score is 680 and above.
Re: Is there 100% fin on commerical loan? - Posted by gwtx
Posted by gwtx on May 17, 2005 at 14:46:00:
Hello shawntay77,
You might want to read this article,(if you haven’t allready):
http://www.creonline.com/articles/art-203.html
That should answer most questions about 100% financing that you have.
Hope this Helps,
gary
Re: Is there 100% fin on commerical loan? - Posted by wes
Posted by wes on May 17, 2005 at 09:47:08:
No! There is no standard commercial loan program that offers 100% financing.
You might be able to arrange 100% Owner Financing.
Or, in the event you have a large amount of liquid assets or a high net worth containing assets that might be able to be cross-collateralized against the property you want to purchase, you might then find lenders that will do 100% in certain situations. But even then it is not easy to find a commercial property that would qualify for the Debt Service of 100% financing.
Re: Is there 100% fin on commerical loan? - Posted by Tom Turner
Posted by Tom Turner on May 26, 2005 at 11:00:35:
Can you provide me with a name/number/e-mail on a lender that can do this type of financing (commercial milti-units/retail) in California…
90-100% CLTV
Thanks.
Re: Is there 100% fin on commerical loan? - Posted by sherman
Posted by sherman on May 19, 2005 at 15:40:53:
What is that source?
Re: Is there 100% fin on commerical loan? - Posted by cam
Posted by cam on May 17, 2005 at 09:56:18:
Outside of owner financing 100% does not exist. Cross collateralized loans or blanket mortgages where equity is used in lieu of cash are not 100% financing.
Re: Is there 100% fin on commerical loan? - Posted by Don Dion
Posted by Don Dion on May 26, 2005 at 14:11:48:
Sorry I can not. I wish I could but there are three state’s that are very hard to deal with for licensing. One is CA were you are AZ and NY are the others. Good luck with your project. I would check on loopnet if I was in one of those states for local lenders only. http://www.loopnet.com/
CALL THE BLUFF - Posted by Daniel
Posted by Daniel on May 19, 2005 at 16:09:05:
I have recieved several requests to reveal this source. And this is what I have told everyone: I broker loan through this source. If I make the source public and you go directly to them, I don’t make a dime. I have been assured that if the buyer has a middle score of 680+ and the property is worth at least $1 million, 100% financing is available. If you don’t think that’s true, CALL THE BLUFF: Bring your 680+ score and contract to purchase a $1 million property. Then we can report the discoveries on this site. But please, stopping asking for the key to my peggy bank.
Re: Is there 100% fin on commerical loan? - Posted by wes
Posted by wes on May 17, 2005 at 10:06:34:
While that is true, most “borrowers” consider 100% financing as them not having to bring any cash to the deal.
Re: Is there 100% fin on commerical loan? - Posted by Jigyasa
Posted by Jigyasa on August 01, 2005 at 19:55:05:
Hi,
I have a 7 Fam. in pipe line. and I am looking for the similar 95-100% CLTV. My propety is in NJ. Do u know any one there who could do this. I have excellent credit and a good carrier.
Thanx
Re: CALL THE BLUFF - Posted by Robert Hayes
Posted by Robert Hayes on June 07, 2005 at 09:02:41:
Dan,
It appears as if you have not done such a deal through this lender. If you have and this is 100% financing with no strings or upfront fees attached, please let me know. I have an 800 acre residential deal that I’m working on that you might be interested in taking a look at. I also have other deals that I am working on that might be of interest to you.
Re: CALL THE BLUFF - Posted by Carlos
Posted by Carlos on May 22, 2005 at 08:54:24:
My bottom score is 783. I might Call, but I’m in Texas and you don’t have enough cards showing for hold em. Please answer these questions here or directly to my email address (and send me a sample GFE).
Is this HML (if yes, just tell me that and stop here because we’re done)?
Is program competitive to conventional rates? Example?
Is this 100% LVT (where LTV can be/is higher, not lower, of LTV or Sales price)?
Recourse or non-recourse?
Up front fees?
Fees at commitment?
Where do you make your money (I’m a capitalist and you’re entitled to make a profit/living)?
How much do you make on $1M multifamily (my score, 1.2 DSC minimum)? Not enough info, then spell out remaining assumptions and give me your answer.
Is my income considered?
Are liquid reserves required (% or how much)?
Mimimum occupancy?
Minimum DSC?
That’s enough for now. Thanks in advance for the reply.
Carlos
Re: Is there 100% fin on commerical loan? - Posted by Don Dion
Posted by Don Dion on August 01, 2005 at 21:09:05:
Yes I do have a lender that does 95% loans on multi family. I will send the forms to you to get started.
Re: CALL THE BLUFF - Posted by Joe
Posted by Joe on May 25, 2005 at 02:51:57:
What is HML and which is it important?