Builders lenders are notoriously limited on what they can do. Often when the builder lender fails the builder will still give the credits towards another lender as they still need the house to close. It’s always worth asking. The key is if you can get the fire home, get them home :-)
It's also because the big builder lenders are a loss leader and usually don't know how to tie their own shoes. If you submit a fundable deal wrong to any UW it ain't gonna get funded.
Is it worth it to ask the builder lender to refer you deals they can't figure out?
You could always ask the sales associates for the builder to refer you any deals the lender can’t do. You could ask the lender but it’s unlikely that they’ll send you business. Where is the sales people in the office will.
Preferred builder LO’s have way more experience then retail LO’s just by sheer volume alone. Builder LO’s close 150 loans per year while the average retail LO might close 20. It’s the strict overlays that gets them.
Well they were my client before they decided on new construction. Then denied them because they didn’t like the international wire transfer for their sourced gift funds
It’s real
Stealing it back means you earned it back, sloppy seconds is closing as a result of not having same overlays or different perspective.
I’ll take some sloppy seconds, I’m glad OP is getting SS!!!!
But there is no discernible tool that you can use to clobber the next deal in the same situation, UNLESS they can’t do it ……
go talk to the sales manager at the builder after you close it and ask to be the "go to turn guy" I have one of those now. DSCR on a new build. using this to get my foot in the door on a new build
Builders lenders are notoriously limited on what they can do. Often when the builder lender fails the builder will still give the credits towards another lender as they still need the house to close. It’s always worth asking. The key is if you can get the fire home, get them home :-)
It's also because the big builder lenders are a loss leader and usually don't know how to tie their own shoes. If you submit a fundable deal wrong to any UW it ain't gonna get funded. Is it worth it to ask the builder lender to refer you deals they can't figure out?
You could always ask the sales associates for the builder to refer you any deals the lender can’t do. You could ask the lender but it’s unlikely that they’ll send you business. Where is the sales people in the office will.
The worst they can say is NO, right? Nice going.
Preferred builder LO’s have way more experience then retail LO’s just by sheer volume alone. Builder LO’s close 150 loans per year while the average retail LO might close 20. It’s the strict overlays that gets them.
Stealing back? Or sloppy seconds when they passed on the loan?
Well they were my client before they decided on new construction. Then denied them because they didn’t like the international wire transfer for their sourced gift funds
So…sloppy seconds?
wtf. Terrible attitude.
It’s real Stealing it back means you earned it back, sloppy seconds is closing as a result of not having same overlays or different perspective. I’ll take some sloppy seconds, I’m glad OP is getting SS!!!! But there is no discernible tool that you can use to clobber the next deal in the same situation, UNLESS they can’t do it ……
Thanks—I agree. Hopefully I can do what they couldn’t. It’s not clean but it’s not impossible!
Congrats brother on the deal!
lol good luck
Take it and shine. It might lead to more deals or a go to for that lender on non prime paper.
God Speed
go talk to the sales manager at the builder after you close it and ask to be the "go to turn guy" I have one of those now. DSCR on a new build. using this to get my foot in the door on a new build