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Getting Past 4 Loan Limit |
browndog1001
10 Posts
Member Since: 11/30/2007
Jackson, MS
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Posted: 12:18 on 09-08-2008
I have several buyers who want to purchase more properties from our company but i can't get them financed. They got their first 4 loans without a problem but now are running into the Fannie Mae 4 loan limit. Does anyone know of any lenders that can go past 4 loans?
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hosser
1 Posts
Member Since: 12/07/2007
Ocala, FL
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Posted: 14:55 on 09-09-2008
who is doing their first four? are they hard money type rehab deals?
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browndog1001
10 Posts
Member Since: 11/30/2007
Jackson, MS
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Posted: 15:02 on 09-09-2008
These are 4 permanent financing loans with Countrywide. My buyers are wanting long term financing, standard 30 year amortizations in order to acquire long term keepers.
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ceinvests
686 Posts
Member Since: 11/13/2003
Locust Grove, VA
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Posted: 17:41 on 09-09-2008
http://www.thecreativeinvestor.com/ViewTopic64444-18.html
Here is some help that New Kid gave me.
With the goverment taking over FannieMae and Freddie Mac things will change. I am cultivating relationships with little banks to see what happens.
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scostell
9 Posts
Member Since: 10/18/2007
Whippany, NJ
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Posted: 11:03 on 09-12-2008
Try to find some small local banks, they sometimes play by different rules then the big banks do. Basically you want to find a bank that keeps their mortgages in house.
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browndog1001
10 Posts
Member Since: 11/30/2007
Jackson, MS
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Posted: 11:13 on 09-12-2008
All of the small banks in town have cut back their investment property lending to loans that they can sell in the secondary market. Anyone finding a good nationwide mortgage broker who can get these done?
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ITBInvestor
525 Posts
Member Since: 09/07/2005
Holly Springs, NC
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Posted: 10:00 on 09-14-2008
My 2 cents... seek out a commercial lender. Find a local commercial lender that understands your investing business. Other related links...
http://www.thecreativeinvestor.com/ViewTopic64299-47.html
http://www.thecreativeinvestor.com/ViewTopic64046-20.html
http://www.thecreativeinvestor.com/ViewTopic64314-18.html
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dealfinder2
14 Posts
Member Since: 09/27/2008
snellville,
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Posted: 08:59 on 09-29-2008
looks like it's time for them to learn about subject to's. Acquiring properties by taking over the payments of a distressed seller.
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HoustonDealMaker
3 Posts
Member Since: 09/29/2008Join HoustonDealMaker's Network
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Posted: 22:25 on 09-30-2008
i agree with one of the posters who said they need to start looking into subject-to's however that may eliminate your firm so I suggest you look for lenders who provide a quasi-hard money loan. it provides the money to purchase and renovate the property and then converts/refinances into a long term mortgage. there are (2) closings and the initial rate on the purchase money is 10-15% and the long term financing right now is about 7%... this is offered here locally in Houston and I am sure if you are in a major city they offer something similar...
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jimingersoll
51 Posts
Member Since: 05/30/2005
Glen Allen, VA
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Posted: 16:09 on 10-21-2008
Three options:
1. Find them some credit partners
2. Find them a commercial lender (portfolio lender)
3. Find them seller financed deals
Jim
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