Quantcast

Mortgage Grapevine

Loan scenario: OK, $500,000, , 75% LTV, Purchase, full, OO

State: OK

Amount: 500,000

Property type: TTF

Documentation: full

FICO:

LTV: 75%

Occupancy: OO

Loan purpose: Purchase


Having some trouble finding commercial money for a 4 unit apt complex. Any help is appreciated
by Sooner Nation November 28, 2012 3:20 PM


Why would you want a CRE loan when you could feasibly get a residential loan instead?

Typically, lenders consider 5-unit apartments and up as commercial, not 4.


by TheMaineEvent November 28, 2012 3:29 PM


simplicity has led me to borrow hard money and or commercial
I can get the hard money
Just looking to have options, if there are any
by Sooner Nation November 28, 2012 3:48 PM


TheMaineEvent is spot on, as usual.

This should be a residential loan. NOT commercial.

Is it really Owner Occupied? What about FHA?
by TheKyle November 28, 2012 4:08 PM


I don't care if he's spot on
I wouldn't use a residential lender or their ignorance of common sense lending which is why I posted the "commercial" aspect and if you're so brilliant with lending maybe you can just answer a simple question instead of telling me something I've already been doing???
Good luck with your business,

The owner occupied wasn't my concern so I just clicked through. Most UW's catch that early on so maybe there's hope for you
by Sooner Nation November 28, 2012 4:20 PM


Thekyle
The FHA option was a thought since the DP was minimal but there's a potential to buy all 4 "fourplex" units
Thanks for the advice
by Sooner Nation November 28, 2012 4:31 PM


You only collect "UPFRONT" fees at close?
2% & 90 years?

Where do I sign?


Is this the common level of knowledge on this site?

by Sooner Nation November 29, 2012 12:14 AM


Good Day

100% Project Funding available.
We are guaranteed in giving out financial
services to our numerous clients all over the world.
If you need assistance from us
contact us only via this email below:rayzenithloanfirm@gmail.com
by zenith November 29, 2012 4:42 AM


YES, I HAVE SEVERAL LENDERS THAT CAN HELP
YOU. PLEASE CONTACT ME AT:
brazmab@earthlink.net

REGARDS,
MICHAEL BRASWELL
by TIMSUB November 29, 2012 7:19 AM


Thanks for the assistance to the first two posters. I found what I needed locally but is this site a direct pipeline to Nigeria?
Two minutes of due diligence and I'm really laughing at the responders that showed up
BOOMER!
by Sooner Nation November 29, 2012 10:54 AM


Reviewed your posting I work with a Direct
Lender who can get you funding. You can contact at legalmortgageservices@live.com
by bo2012 November 29, 2012 4:48 PM


Reply

Username:
Password:
(No password? Register here)
Message:
(Don't be a nuisance.  Please avoid offensive language.  Advertisements are not allowed.)


Already a subscriber? Log in here
Please note you must now log in with your email address and password.