I've been shuffled around for 3 months now-
Due to incompetent brokers, my score has dropped to 680 and my reputation has suffered-along with my mental state
Here's the story..
<deleted> (I wouldnt recomend these guys) guarented me thay could do my 100% NOO loan on 3-4plexes-IT'S WHAT THEY ADVERITSE!!
They dropped the ball 2 days before closing on 2 of the 4 plexes and told me the mortgage company they use fired their underwritier for some unknown reason-and my business licence isnt 2 yrs old. AFTER I got an underwriting approval! AFTER they told me to schedule the closing! This took 2 months!
The Plot thickens...
<deleted> pawned me off to some fool at <deleted> who also hasn't preformed as promised -HE Wont talk on the phone-Doesnt return Phone calls-hides behind emails-and So far,I've had two scheduled closing's cancelled.
The contract runs out at the end of Sept and he NOW tells me I should look elsewhere! THe day before! Well, Isnt that special!
The gall these guys got! What ever happened to professionalism??
All the paperwork is completed and paid for- Insurance, pest inspections, appraisals, 6 months reserves, etc.etc.etc.Yada,Yada,Yada....
The entire file can be transferred if necessary-IF the current broker is capable of doing somthing so trivial.
I have the appraisals and contracts on PDF.
I'll take a 90% LTV on the 75K property and put down 7.5K at this point!
This property came in at @87K on appraisal
I still need the 100% on the 131K property
This property came in at @145K on appraisal
I'd like a soft prepay-IF one at all!-If your going to give me an outrageous rate!
Illinois Location-Anal brokering requirements/laws -of course!
Stated income/verified assets -if necessary
680 FACO..It was 760 before these jerks!
6+ Months reserves intact.
playadepalmas@yahoo.com

Any takers???
Anyone wanting a decent return on their cash??

Posts like this will be deleted or the names deleted.

I do understand your frustration. My background is actually working at a lender's office.
The loan you are describing, I too have seen advertised, but have never actually seen one close. That is not to say it doesn't exist, it is just that I have yet to see it in reality.
Here are some tips on what you now face:
The appraisal may or may not be useable by a new lender - some require that the appraisal be in their name & appraisers are not legally able to switch that info.(that is not to say it never happens)
Business license less than 2 years old can entirely stop things with some lenders. If you have been in business longer than your license is old, you may be able to prove this in an alternative way such as-a business bank account, ad in the yellow pages, business phone number, cpa letter from cpa who has done 2 years of business taxes. not all companies will allow those ideas, some may
It would be in your best interest to approach the next broker very calmly despite what happened to you. If you do not, you risk being seen as a client that they don't want. It makes sense to explain why it has drug on so long. Also, share all the things that went wrong in underwriting & the company (ies) that said no to save time & your credit score.

Also, there is a strong possibility that you will need money down. It would be advisable to look into private money or a partner so that this doesn't catch you off guard & ruin your deal. I know this isn't what you want to hear, but if you address this now you will be much less frustrated.

Package all the info you have neatly & get your own file together, do not expect that the broker who is now making nothing on the deal & avoiding your calls will do anything that will help. This is your deal & money - you have to get out there & make it happen.

I hope that despite the "bad news" this helps. The info is accurate.

Thanks for your input..
As it turns out...
After an extensive search....
Washington Mutual will do one of the loans-
SISA
NO BUSINESS LICENCE REQUIRED
NO TAX RETURNS
NO BANK STATEMENTS
NO POINTS!
NO FEES! (except normal title transfering)
NO MINIMUM AMOUNT
And..Here's the special part....
For 75% of the Appraised value-NOT the sales price-...
So with this, all I need to come up with for one of the deals is @5K out of pocket-Due to the fact that I'm already buying far below the appraisal price.
My rate is 6.3/4% Fixed, and when I open a checking account, and auto debit the payment, I also save an additional 1/4 %! ! ! !
No forms to fill out..
No headaches!
I close in 2 weeks....
I'd of gotton a 90% LTV, But I aready have 1 investment property mortgaged with them for that amount and you can only get one at a time.. 90% LTV allowed on 1st investment properties-the rest have to go 75%.

And after all that headache,months of frustration,forms to fill out, I should have called them first!!!

I can definitely help


Loan officer, here, who can originate loans nationwide, and also have direct access to several true commercial and private lenders.

Here is a brief lsiting of what I can offer:
We offer very creative, out of the box,financing on residential, commercial
hard money, and private money

We can even fund large condo conversion projects at up to 100% LTV
(Min $3MM), as well as 100% LTV on large residential and commercial
construction projects

100% LTV Full Doc, Purc. & C/O refi w/ 520 score

Up to 75% LTV on Private Money Loans

100% LTV on No Seasoning Cash-Out Refis (N/O/O)

100% LTV up to $4M

100% LTV on Condo Conversions

100% LTV True No Doc, Stated

100% Rural up to 20 acres

Up to 90% No Seasoning Commercial Refis

80/20 Modular Homes

Do you have a hard to place project that needs funding ?
Ships, Boats, Planes
Farm Commodities
Bio-Energy
Oil Exploration & Drilling
Mining Operations
Entertaiment Financing: Casino, Film, Nightclubs
High LTV International Loans
Residential and Commercial Construction Pojects
Real Estate Blanket Loans
Business Financing etc

I saw what you said below: Can you do this loan?




My FICO is 540.
Time on Job 6 years
2 cars loans (10months and 15 months) Never ever late.
3 years of rental history (Never late) All three years are on CRA's
my derogs (collections) are 4 accounts. (780.00 cellphone - 2.5 years ago, 890 for home phone - 4 years ago,) charged off credit card 474.00) and a bill from MCI for 396.00. I am paying all collections!!!
Income 4,100 per month
Debt is car 392, car 399, child support 150.
House Purchase Price is 132,230
Need 100% financing or 3%down FHA with Down Payment Assistance.
New Home being built completion 4/27/2006 Need a lender

If you can help...Please call 630-379-3795 or e-mail me The_Pargos@comcast.net

I need a loan for an aprtment building.

18 units getting $430 a month each plus garage rent . fully rented gross per year $92880.00 plus garages and laundry

price is $675,000

I could get $25000 down but it would be a 3 yr loan at 10 or 11 percent so that would be about $1000.00 a month. It would be a private loan I dont think I could use it as tax interest deduction.

I would like 100% financing. But I am open to options. This would also be the first large rental property. I have done rentals in the past but Just houses. We could possibly do a 2 or 3 year baloon by that time I will be able to go to a bank and get a better rate.

credit score is 650 or better depending which 1 is pulled.

thanks

I am in need of a lender hard or not to build 2 - 4plexes! looking for at least 90% LTV! This is an A&D Loan!

haznlife@gmail.com

Does anyone have the contact info for the person above?? Thanks