Real Estate Professional · Schertz, TX · Member since 2009 · 72 posts · 30 votes
In responding to a post on this forum titled "Losing Buyers", I thought of an idea...
Why don't we all contribute to creating a list of "Flip-Friendly" Lenders that don't care abotu title seasoning or only look for a day or two of vested title to fund an end buyer??
I think it will be beneficial for everyone to have nationwide lenders that they can show to their end buyers to legitimize our short sale business.
This would not be an advertisement for any one lender/mortgage broker but a resource for everyone to reference in the future.
Moderators?? Ill give you a day or so to ok this and then I will post some contact for a few guys I recently came across. :D
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y
Josh and I have been discussing this thread, and we'll allow posting the information, with a few rules.
1) You cannot post about any company that you have even the slightest financial interest in. If you're an employee of a company, a broker for a company, or get any sort of referral fee with a value of more than $10 from a company, you cannot post about it.
2) You must state the degree of interaction with the company. For example, "I've closed three deals where these guys did the loan" or "I spoke with them on the phone and this is what they said."
3) Please state the area where the lender will lend.
4) You can post a link to the lender's web site and a general office phone number. Please do not post any e-mail addresses and do not post any person's specific phone number. We may take this info down if we get complaints.
Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
16y
The only issue I have with that is I never tell a buyer which lender doesn't require seasoning to use so and so lending.
For me personally, I feel as though its making it seem like we're doing something shady and we want them to use our guys to make it happen. For instance, new home sales where you needed to use the builders lenders back in the day etc.....
I also never have a problem with getting either a full price/over asking price offer with cash or conventional lending and no seasoning requirements so it still works out for me.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
16y
Wouldn't most of the lenders be regional size or smaller? I don't think a lender in Mi will help a guy in Fa, well I know they won't do to the lending area requirements, so are there national lenders that are friendly to investors? I would think not on that scale. Good idea.
I don't see a conflict in the endorsement of any lender and I don't see your competitor racing to your lender and using all the money either.
Real Estate Professional · Schertz, TX · Member since 2009 · 72 posts · 30 votes
16y
Originally posted by motiv8td:
The only issue I have with that is I never tell a buyer which lender doesn't require seasoning to use so and so lending.
For me personally, I feel as though its making it seem like we're doing something shady and we want them to use our guys to make it happen.
I see your point Nick but what Im proposing is a collaboration to compile a list as a resource IN CASE their lender doesn't.
You are dead on when you say throwing a list at them upfront would look shady and like we are sending them to our cousin or somethign to get some more $$. But if we get a non cash offer from a buyer whose lender is giving them a hard time, it will be useful to have a list we can email them that has national lenders/mortgage brokers with contact info so as to say "Your bankis a f-ing idiot, I know a bunch of people that will do this"
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y
Josh and I have been discussing this thread, and we'll allow posting the information, with a few rules.
1) You cannot post about any company that you have even the slightest financial interest in. If you're an employee of a company, a broker for a company, or get any sort of referral fee with a value of more than $10 from a company, you cannot post about it.
2) You must state the degree of interaction with the company. For example, "I've closed three deals where these guys did the loan" or "I spoke with them on the phone and this is what they said."
3) Please state the area where the lender will lend.
4) You can post a link to the lender's web site and a general office phone number. Please do not post any e-mail addresses and do not post any person's specific phone number. We may take this info down if we get complaints.
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
16y
Originally posted by motiv8td:
The only issue I have with that is I never tell a buyer which lender doesn't require seasoning to use so and so lending.
For me personally, I feel as though its making it seem like we're doing something shady and we want them to use our guys to make it happen. For instance, new home sales where you needed to use the builders lenders back in the day etc.....
I also never have a problem with getting either a full price/over asking price offer with cash or conventional lending and no seasoning requirements so it still works out for me.
I think this is good advice considering the SAFE Act and all. You want to be careful about recommending lenders without a license.
Specialist · MA · Member since 2009 · 858 posts · 306 votes
16y
Wow. I always feel like the oddball when I see what everyone else does. We provide a list of "recommended lenders" that have no title seasoning and can close our type of transaction the MINUTE an offer is submitted. We provide this along with a disclosure that we are double closing and you take a risk of not being able to close if your lender (C BUYER LENDER) can't facilitate this type of transaction.
Nick how are you consistently not running into problems? We find about 90% of lenders don't get it or understand it.
Anyone we recommend is LICENSED and extremely reputable. We're not recommending a private lender. We have no interest in the companies other than they help us facilitate a smooth closing ** problem is they require 10% down ** not everyone has it.
Real Estate Professional · Schertz, TX · Member since 2009 · 72 posts · 30 votes
16y
Ok Jon. Thanks for the guidelines. I will start this thing off an dI encourage everyone else to throw in at least one or two in accordance with the guidelines Jon posted.
I have no financial interest in any of these companies and I have not made a single transaction with any of them. All contact has been over the phone and via email.
Mark Hoffman
PrimeLending, A PlainsCapital Company
512.716.3505
mortgagesbymarkhoffman.com
*Broker based out of Austin, TX - I think they lend in all 50 states
Erika Naegelin
Branch Manager, Prime Lending
Phone: (210) 483-4920
*same as above
Trimark Funding, Inc.
5101 E. La Palma Ave. Ste. 101
Anaheim, CA 92807
Mark Reynolds
(NO NUMBER YET)
Jacob Jacobson
Mortgage Consultant
Wells Fargo Home Mortgage
P6178-011
2121 W Burnside St
Portland, OR 97210
(503) 276-2282 Tel
*spoke on phone, can lend in ALL 50 states and is aware of FHA listing the 90 day rule, is ready to go
Randolph Brooks Federal Credit Union
7700 N Loop 1604 E
San Antonio, TX 78233
(210) 599-4070
*local San Antonio, TX credit union. only lend in greater SA area
Advantage Lending Center
Danielle Burgess
720-320-2023.
Bank of Commerce
www.mybocagent.net
*fellow BP member here who claims she has not tile seasoning on either FHA or conv product as long as deed is recorded - all 50 states
Shawn Kaplan
Access National Mortgage
www.AccessLendingTeam.com
(615) 426-3182 Direct
*all 50 states. highly recommended by a FB friend of mine. not broker but a federally chartered bank
Sun Trust
Tracy Dickson 252-335-2455
https://www.suntrustmortgage.com/homlnh.asp
*can lend in 48 states - never spoke with her as just got contact info yesterday from fellow BP member
ICON
-have been told by several BP members that have used them in the past that they are “flip friendly†but still working on finding a contact for them
PRNG
-same as ICON
These are lenders I have been told will work, but I am working on finding an “inside†contact
-US Bank
-FlagStar
-Bank of America
Centennial, CO · Member since 2009 · 758 posts · 251 votes
16y
Great effort by Jauquin. Seasoning is becoming more of an issue for investors, so this list should help. With ICON, or any of these lenders, you have to find a local office and at times one office will be knowledgeable and another may not or may be less comfortable.
Mark Hoffman is a good choice, although only does conventional, not FHA, and does require 20% down payment. FYI, most big lenders have underwriting guidelines which remove seasoning requirements if there is 20% down payment. I have found that many loan officers are not aware of this underwriting provision because it has historically been less relevant.
There is a slight typo above. The lender is "PRMG". They are a wholesale only operation so you will want to find a broker who has them as an approved lender.
I do not have a direct contact, but Prospect mortgage nationwide will work with one day seasoning. Suntrust used to not have seasoning but then did require it for a couple years. They may be worth checking out as I have recently funded a transactional funding with them as the same day takeout.
Just my $.02, but I try hard not to refer Bank of America to anyone for anything. Lets do what we can to build this list.
Centennial, CO · Member since 2009 · 758 posts · 251 votes
16y
Good for Colorado only, but Kurt Rogers of Affordable Interest Mortgage is a mortgage banker who has both ICON and PRMG available to him. I have known him for years and have spoken directly to him. Last time we spoke he was needing to clarify if PRMG really wanted back-to-back flips.
Centennial, CO · Member since 2009 · 758 posts · 251 votes
16y
One other thing. Many loan officers are not aware of their own guidelines, but if you have a buyer with 20% down most major lender guidelines waive title seasoning requirements.
So...., who else has contributions to this list? Mr. James?
Real Estate Professional · Schertz, TX · Member since 2009 · 72 posts · 30 votes
16y
Thanks Ted for your contributions on this thread.
Anyone else want to contribute?
UPDATE: I spoke with a Mortgage Broker last week who knows exactly the issues that we are dealing with. He has worked with short sale flippers nationwide and comes highly reccomended from a local short sale flipper here in San Antonio.
As soon as I told him that I was flipping short sales he interupted me and said "You guys are probably running into title seasoning issues, I can solve that."
He has contacts for lenders who dont care about title seasoning and can lend in 50 states, FHA or conventional.
I wont post his info here because all I have is his personal contact info and I wanr ro conform to the thread rules, but if youre interested in this awesoem contact shoot me an email and I will give you his info.
Real Estate Investor · Kalamazoo, MI · Member since 2010 · 681 posts · 241 votes
16y
Thanks, Joaquin for your willingness to share. I would also add many credit unions and local banks that keep their loans (portfolio) don't have seasoning requirements. As Ted says however, they usually require a larger downpayment.
Real Estate Investor · Kalamazoo, MI · Member since 2010 · 681 posts · 241 votes
16y
Also......I understand that WinTrust Mortgage in the Chicago, Illinois area will do non-seasoned loans. My understanding is they require 15% down. I don't have a contact person.
Specialist · MA · Member since 2009 · 858 posts · 306 votes
16y
Hi Everyone,
I wanted to let everyone know I'm contacting most of the people listed as investor friendly lenders.
So far only one person has contacted me back and that was Tracey from Suntrust who exclaimed she was pretty sure they couldn't do this type of transaction as they wouldn't order an appraisal for a buyer who is buying from a seller that is not on title....
She also said the FHA won't allow flipping for 90 days. I politely let her know of the change in February. She has requested to see some of my contracts, which I will send. I will keep you posted. So far, no one has called me back.
Does anyone else find that lenders don't call you back?
Rental Property Investor · Lisbon, CT · Member since 2008 · 120 posts · 29 votes
16y
In the last year I have found in general that 9 out of 10 lenders/loan specialists/consultants either don't call back or don't produce.
What is with this? Currently I am resorting to going to local banks and credit unions to talk to people face to face. Can't ignore me then.
I also thought maybe it was something I'm doing wrong, so if there are lenders here that can give some insight, tell me what it is you don't like so that I can stop doing it.
I'm doing my best to have everything ready when I make next contact: taxes, stubs, assets, prospectus, exec summary, etc. What more do they need?
Real Estate Professional · Schertz, TX · Member since 2009 · 72 posts · 30 votes
16y
smitnlit,
Thanks for the updates!
I have meant to update that Tracy at SunTrust is not a good contact as well. I was referred to her by another BP memeber that I thought had confirmed her as "flip friendly."
Maybe I misunderstood.......
It was my understanding that Jacob Jacobson at Wells Fargo COULD do this type of financing, as he told me over the phone he could and was just going to double and truple check with his underwriting department. Oh well....
I have a guy that is ABSOLUTELY SURE he can do this nationwide, will give references of investors he has done this with, and can answer any specific questions with an investor over the phone. Cant post his info on here because all I have is his personal email and phone$.
ANYONE INTERESTED PLEASE SHOOT ME AN EMAIL AND I WILL GLADLY GIVE YOU HIS INFO.
Specialist · MA · Member since 2009 · 858 posts · 306 votes
16y
Joaquin,
I'm still talking with Jacob. It amazes me that when I talk to some of these guys it's like we're speaking a different language. I'm still talking to Tracey too. I think we really need to not only get the loan officers but the underwriters on the phone because I can completely see why they feel they can't do some of this stuff. From me to them to the underwriters gets VERY confusing and not all the information is given.
I'm not blaming anyone, but it amazes me people can be a loan officer and not even know what's acceptable for a loan!!
I'll keep everyone posted. The others haven't gotten back to me...LOL - NOT SURPRISING AT ALL!!!
Real Estate Investor · Kalamazoo, MI · Member since 2010 · 681 posts · 241 votes
16y
Joaquin,
I spoke at length to the national guy that is 100% sure he can do it. (Thanks for emailing his info.) You're right, he can do it. The hook is he wants a minimum of 1% of the loan amount as a referral fee to him. If there is a big profit, he wants more than 1%. When I questioned him about this, he said he was the stop of last resort. If you are out of time, and can't get any other financing, he can provide it........at a cost.
This may appeal to some, and I'll certainly keep his info in case I ever get in a bind, but it seems pretty expensive to me. He explained that if it was a $200K loan he would expect $2000. However, we were only getting a $5000 spread he would drop it to $1000. He gets paid at closing.
Real Estate Investor · St. Louis, MO · Member since 2010 · 153 posts · 104 votes
16y
Maybe I don't get it J C , but you posted a list of lenders that you say you have never done business with .
Where is the evidence that any of them can perform what is claimed. I thought this was going to be based on real life personal experience.
Again maybe I just misunderstood.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
16y
Originally posted by Jon Holdman:
...
2) You must state the degree of interaction with the company. For example, "I've closed three deals where these guys did the loan" or "I spoke with them on the phone and this is what they said."
...
Christopher,
See the above; the post you mentioned was in keeping with this rule that the mods established.