Portfolio Lender For You
25. Feb, 2009 
2 Comments
I just found out about a great portfolio loan program for us real estate investors.
This loan program bridges the financing between Hard Money and Conventional Financing and eliminates the 4-10 property limit.
For buy and hold investors – No Limit to number of properties:
30 Year Fixed Rate Loan – 85% of Appraised Value
Full doc
620 FICO (stated income available for 720+)
55% debt to income ratio
6 months reserves
1-4 units only
Minimum loan amount is $100,000
In some cases you can actually receive money back at closing.
Here is an example:
Purchase Price – $98,000
Appraised Value – $150,000
Cosmetic Repairs – $10,000
Loan Amount – $127,500
Est. Total Loan Cost – $11,475
Est. Cash at Closing – $18,000
This is great for a cosmetic rehab as the loan is based on current appraised value, not purchase price.
There are also loan programs available for 3-4 units, the self-employed investor and even a 75% refi for investors with equity in their properties.
This is Private Money Mortgage Financing.
For consideration, application or just more information please contact:
Kathy Gray
FCCI
817-228-4415
kathy@fccinvest.com
9 points in loan costs? That seems a little excessive to me. I wonder if they’d lower that for higher volume?
It never hurts to ask. This is a 100% loan to cost loan for investors AND stated income so in the current environment, I think the fees are appropriate.