Posted by Paul on February 07, 2004 at 14:09:13:
Roger, thanks for the information. Actually, I just got off the phone with a mortgage broker who will help me do the deals that i need. You guys have been a big help… thanks a ton!
Paul
loans on appraisal value - Posted by Paul Buras
Posted by Paul Buras on February 06, 2004 at 21:31:40:
Iam new to real estate investing and Iam having a problem trying to find a lender on appraisal values. THe local banks here will only loan on the sale value of the investment property. Any help would be appreciated.
Thanks
Paul, New Orleans Louisiana
Re: loans on appraisal value - Posted by ron freeman
Posted by ron freeman on February 11, 2004 at 19:07:22:
Dan, Do you know any hard money lenders who will lend 65% loan to value on appraisals of doublewides on permenant foundation on land in North Carolina? Thanks, Ron Freeman
Re: loans on appraisal value - Posted by James Strange
Posted by James Strange on February 07, 2004 at 10:28:58:
Have you tried the investment club in your area?
I live in Monroe but if you need contact info for the club in your area drop me an email.
Re: loans on appraisal value - Posted by Dan,Portland Oregon
Posted by Dan,Portland Oregon on February 07, 2004 at 01:43:02:
I do loans for investors all the time. Your first mistake is that you are dealing with the local banks!! There are many programs out there that will allow the investor to re-fi on appraised value with less than 12 months ownership seasoning. Just not at the local banks!!!. Find an experianced mortgage broker in your area familiar with real estate investors. Most Preferably one that owns investment property him or herself. Otherwise they really don’t understand what you are doing, although they will say they do. A good mortgage broker experianced in real estate investing will help make you tons of money. Do not get hung up on fees as they will make you 100 times the amount of money they will charge you. Most conforming lendors will have no problem doing this loan for you. You are not going to get a 100% LTV loan, but you could probably get 80%.
Dan
Re: loans on appraisal value - Posted by Paul buras
Posted by Paul buras on February 07, 2004 at 14:05:47:
James, thanks for the reply. I have not tried invetment clubs. Contact information would be helpful. When you have the time you can email it to me.
Thanks
Re: loans on appraisal value - Posted by Roger
Posted by Roger on February 07, 2004 at 09:36:13:
I agree with Dan, go to a Mortgage Broker who owns investment properties. I’m in Boise, and I found only two local sources who will use appraised value on a purchase. Sometimes 75-80% will work, other times we have to get some short term owner financing and do our fix up and then our Mortgage Broker will refi us based on the new, higher value. If you go that route, Stay away from a lease option, but insist on a short term land contract or contract for deed. Lenders are treating lease options less than 1 yr old less favorably than a similar contract for deed. Good Luck and Happy Hunting!