720+ FICO, MAX. 90%LTV, NO DOC On 3rd Investment Property In GA!!!
Lenders are hard balling between 70 - 85% LTV on 3rd investment property!!!! I don't need hard cash as I have liquid cash of my own that I do NOT want to tie up adding to my portfolio(whatever happened to the good ole days of OPM - OTHER PEOPLE'S MONEY!!).
I am retired and can do a no doc/no ratio loan. My assets are substantial and verifiable. I am expanding my portfolio this year and need the services of a lender who can deal with these terms. I am looking to build a highly profitable relationship with a solid "investor's lender."
Tentative property has a purchase price of $147,500 with an ARV of $249,000. The repairs are estimated at $14,000. Last comp sold 11/04 for $252,200 (same street). Owner is deceased, house is paid for and kids want to get rid of it, ASAP. HELP!!!!
The No Doc is what is killing you on the LTV.
I don't see a probem with even a stated income type of loan for 90% LTV and a fico of 720+.
Time to spin the dials and phone a few independent loan officers.
Have you checked the Lenders link atop of this site? See what you can get if you haven't already.
What do you expect to do after you own the property? Specifically, will you want to refinance or otherwise pull some equity out? It might change how you finance the property this time.
I had the same problem, when I first started investing in 1988. So I became a MORTGAGE BROKER. I looked for banks that would benefit me as an investor. I have been doing this since 1991. Unfortunately I am not licensed in your state. But my advise to you is to call every broker in your area and ask if they have any working there who is a real estate investor. These are the kind of people that you need to make a relationship with. People like me who are constantly looking for new banks to help people like us. Anyone can sit at a desk and quote rates and payments, but there are people out there that do both. HOPE THIS HELPS LORI
Hi everyone!
To give more insight in the matter, my interests lies primarily on building a portfolio of rental properties for cash flow. In the past, I typically haven't absorbed the equity from any property until sale.
The tip regarding a REI-Broker is great! And its possibly already in motion. I am meeting two brokers at the end of the week who themselves are investors and memeber of GAREIA here in Georgia. They both seem very certain they can help my plight, so now its just a matter of seeing who offers the best terms with the shortest turnaround time.
Again, great thanks to you all for such useful information!
If you need additional sources in the Atlanta area send me private I can put you in contact with them. I met a firm in Dunwoody and their programs are taylored for the Investor. I meet with them again on Friday. We'll probably do about 5 to 15 deals per month with them.
Mark