Getting Started In Commercial
I am currently looking into obtaining commercial property. Purchasing apartments. I have no current experience I come from the mortgage industry and am looking for opportunity. I have read and listened on how to buy commercial with no money down. Is this really possible, for all of you masters of the trade please give me some advice or a place to start. thank you all.
Yes, no money dow is possible, but in the current market conditions it is very very unlikely.
Most banks will not allow a seller carry back, which is one of the easiest creative tools.
most lenders I have talked to recently would not allow seller carryback above a 80% ltv. There has been a major tightening of the reigns.
I have a lender that does 97% LTV up to $1.5M. Of course, its credit score driven, but with a good score and good property, its an excellent program to get your foot in the door, with only 3% down.
Hey guys
My first post here. I have experience of the UK real estate market - but thinking of buying some across the pond. Great opportunity now for buy and hold IMO.
Wouldit be possible to elaborate on the lender referred to above ? I keep hearing 70% LTV for overseas investors - but I`m sure there are better deals.
Thanks for any help.
I have been doing no money down deals and using OPM because it is getting harder too close deals conventionally without 20% down and up to 30% with come lenders. Maybe I can share some insight with you. What responses have you been getting?
Quote:
On 2008-02-05 14:33, jbaca wrote:
I am currently looking into obtaining commercial property. Purchasing apartments. I have no current experience I come from the mortgage industry and am looking for opportunity. I have read and listened on how to buy commercial with no money down. Is this really possible, for all of you masters of the trade please give me some advice or a place to start. thank you all.
if this bank of Russian, Italian or Sicilian descent?
what LTV were you proposing?
I have only seen personal property liens on commercial.
This should be a slam dunk for this loan if you have a decent amount of skin in the game.
you entitled to a copy of the appraisal by law. research the specifics.
Keep track of these delays. Litterally..
call 12:04
called 4:40
An then you have some ammo for a credit at the end or at lease a defense for the slip.
sounds like you might get a small claims education out of this...
At least in CA, out of state business "have to" register an agent of service.
Pay something buy check that you have the banking info for the lender.
I have done about 50/50 on my small suit cases.
I am thoroughly confused. Perhaps you can clarify some of the details of your deal and your financing.
In my experience, rehab lenders may lend up to 100% of the purchase and rehab cost, but the loan amount can not exceed 70% of the after repaired value (ARV) for a non-owner occupied property. Additionally, the loan term is only six months to one year.
If the purchase price is $246K, and the adjusted ARV appraised value is $385K, then you are at 63%. How much rehab does this property require?
Is there something unique about you or the property that makes the loan more risky? Is your DTI over 45%, or, for some reason could the loan be a non-warrantable loan or non-conforming loan. Are you self-employed? Is your FICO below 720?
If you are putting $53K down, does that mean that your loan request is really only $193K?
What is your plan for the property once you buy it?
[ Edited by NewKidInTown3 on Date 11/24/2008 ]
Quote:
On 2008-11-24 23:25, commercialking wrote:
So what is the name of this "national rehab lender" so the rest of us can stay away?
CK if you do a search for HM lender on the forum boards, they pop up right away. You can see I participated in another conversation which names them.