Portfolio Lender For You

February 25, 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

Financing
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2 Responses to “Portfolio Lender For You”

  1. Matt Richmond Reply February 27, 2009 at 8:40 am

    9 points in loan costs? That seems a little excessive to me. I wonder if they’d lower that for higher volume?

  2. Susan Lassiter-Lyons Reply March 2, 2009 at 1:03 pm

    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.