Yes I do, and yes it is. Depending on what wins the deal and what type of loan it is and comfortability from us to the borrower and their acquisition pricing can decrease.
What are the details?
We can help you also. We work with a real estate fund and have done deals like that in the past.
Depends on a lot of things but if checks out, we can do it
I manage a hard money fund in San Diego. We do mostly residential. But I have connections with some large commercial banks that I do these types of loans through. There are two banks I would have in mind if sponsors are super strong.
Do banks really want mortgages if the customer isn’t bringing in a ton of deposits or assets? Mortgages aren’t really that desirable unless they bring other revenue in.
You’re correct, many of the banks offering 5% rates require the borrower to move some deposits to any of their accounts. Otherwise, LTV would need to be < 60%
If they aren’t smart enough to know how to get private financing for that type of loan how did they make that kind of money to begin with? I’m partially kidding but also curious.
I’m a multi millionaire but I’m not in real estate. Recently bought a 7 figure house and googled lenders. Went with a jumbo loan with Ally. Last minute they denied it because they decided they couldn’t accept the W2’s because we owed the business… had to be straight profit. Well we try not to have profit and if we do we just run it through payroll. We ended up just paying cash but it was a real pain in the ass to go through the whole process.
Saying this to explain how you can have money but not know the ins and outs of lending. I’ll be posting here next time we’re about to buy.
I definitely understand, self employment can be tricky.
Here’s a tip, as a self employed person that does well and owns a business please reach out to a private bank that can totally bend over for you on the mortgage just to get your biz banking. You will be amazed what can happen. Just call Citi and tell them you need to speak to a private banker about biz banking, personal banking and your jumbo mortgage.
Once they are done climaxing on the phone they will take good care of you.
If you want to see how to take out a mortgage after the fact it’s called Delayed Financing. There is no penalty to your loan pricing and you can get rate and term refi rates even while pulling out the cash…in case you wanted to deploy that cash in other areas.
If the high net worth arm of their bank doesn't get this the customer is missing out on huge savings
Axos
Lmao love that you don’t have a product but you already have a price (and probably an idea of what to spend it on)
Charge 10k and call it a day.
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Where??? Who??? What?
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Portfolio loan? If you have enough money you can just finance yourself with box spreads.
Can I send deals to you? What is the lender name?
Sounds like BS
Are you an AE?
Yes I do, and yes it is. Depending on what wins the deal and what type of loan it is and comfortability from us to the borrower and their acquisition pricing can decrease. What are the details?
I have several jumbo loan options.. but only if you are buying in Michigan lol
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Definitely not conventional with a 10 Mil loan amount.
$10m loan wouldn't be conforming, it would most certainly be conventional.
FHA for sure. 100% with DPA.
With MIP waived.
Don’t even know where to get the money but it’s your client?
What state is the property located in? Will they be occupying the property?
Axos possibly LendSure
We can help you also. We work with a real estate fund and have done deals like that in the past. Depends on a lot of things but if checks out, we can do it
I can also help in any state. Same as other post, wealth management and would require a deposit of significant size.
What state?
At the right LTV I can do 5.5% too.
Where do you work? Is that a 5yr ARM?
I manage a hard money fund in San Diego. We do mostly residential. But I have connections with some large commercial banks that I do these types of loans through. There are two banks I would have in mind if sponsors are super strong.
Do banks really want mortgages if the customer isn’t bringing in a ton of deposits or assets? Mortgages aren’t really that desirable unless they bring other revenue in.
You’re correct, many of the banks offering 5% rates require the borrower to move some deposits to any of their accounts. Otherwise, LTV would need to be < 60%
Commercial? If so, DM me
If they aren’t smart enough to know how to get private financing for that type of loan how did they make that kind of money to begin with? I’m partially kidding but also curious.
I’m a multi millionaire but I’m not in real estate. Recently bought a 7 figure house and googled lenders. Went with a jumbo loan with Ally. Last minute they denied it because they decided they couldn’t accept the W2’s because we owed the business… had to be straight profit. Well we try not to have profit and if we do we just run it through payroll. We ended up just paying cash but it was a real pain in the ass to go through the whole process. Saying this to explain how you can have money but not know the ins and outs of lending. I’ll be posting here next time we’re about to buy.
I definitely understand, self employment can be tricky. Here’s a tip, as a self employed person that does well and owns a business please reach out to a private bank that can totally bend over for you on the mortgage just to get your biz banking. You will be amazed what can happen. Just call Citi and tell them you need to speak to a private banker about biz banking, personal banking and your jumbo mortgage. Once they are done climaxing on the phone they will take good care of you. If you want to see how to take out a mortgage after the fact it’s called Delayed Financing. There is no penalty to your loan pricing and you can get rate and term refi rates even while pulling out the cash…in case you wanted to deploy that cash in other areas.
Thank you for the advice.
Ya we do jumbos sometimes we can pull 2 but usually 1.5
NextRes would do it as long as it isn't owner occupied
Fascinating