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
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.
Jackie, did you ask him what he requires down? Also, what types of loans he is offering?? If it's FHA it would be worth the 1% for me, but I suspect it's conventional. He's licensed right?
He does conventional starting at 10% (once in awhile can get 5%) and also does FHA at 3.5%. You need a minimum credit score of 660. He said the interest rates are competitive. Gets an approval in 48-72 hours and the processing time to closing is 30-45 days. Says he has 2 main lenders he writes for. I've asked him for references. I plan on calling them when I get them. I'll be glad to share the information.
Tracy Dickson was my recommendation to Joaquin. I have not flipped a house with her but did flip one with another lady at SunTrust in Va (did not get her name buyer just happened to use her). I bought my house last year and used Tracy so I called her and talked extensiveness about the subject and she told me she could do it. I have just called her cell phone and left her a message. Looks like I have to do some more talking. I will say her underwriter is in the same office as her so she should be able to get an answer pretty quick. Sorry for the confusion.
Just got off the phone with Tracey (response time 5 minutes). Talk to her some more and she says she sees no reason why she can not do it as long as full disclosure is involved. She said all of a sudden she started get calls from people saying Joaquin said you could do this and she did not know who the hell he was it kind of set her back.(the power of BP) She says someone has forwarded her their contracts ( Im guessing Mary Anne) and she has printed them and is going to review them w/ her manager/underwriter tomorrow. She felt like as long as the spread were not so large as to throw up red flags it should not be a problem.
Do not underestimate my girl yet! She worked her A$$ off for me on my home on the OBX. Pulled it out of a hat when no one else could get it done.
I see what you are saying in the fees being a little high, but I also see my national guy's point in being a finance last resprt for an end buyer. My reasoning is that fees are all relative as long as our net is good.
What I mean is this: there are two kinds of buyers - cash wholesale buyers and retail buyers who need financing. If a retail buyer is offering 5k,10k,20k or even $30k more than a wholesale buyer, than why worry about 1% or up to $2000? You're making more money NET than you would if accepted a cash offer, and thats the bottom line. Plus, this guy has closed many of these typed of transactions so you are not "testing somebody out" for the first time - ITS THE REAL DEAL TO GET YOUR DEAL CLOSED.
Richard,
Thanks for the update on Tracy. I was not tryign to throw you under the bus at all with the misunderstanding I was more apologizing for my own interpretation of her experience.
Please keep us all informed on the confirmation of whether or not she can do this with confidence.
seems you guys are more into shortsales...but it would make sense these lenders would be great for rehab flips as well...no?? however, the buyers i have sold to in the past are very attached to their lenders/mortgage brokers so it'd be a tough one to convince them to use "my guy"...nevertheless, great thread
I'm not disagreeing with you. Just wanted to let everyone know the terms. As I said before,itI may be worth paying a minimum of 1% to get it done. You have to be aware however that if you are making a good spread, he wants more than 1% of the loan amount. It can get pricey, but if the alternative is not getting the deal done, it's probably worth it.
Just wanted to let you know I have responses from 3 people.
Tracey took my info and said she didn't see a problem but is having her underwriters look at the paperwork
Jacob "thinks" it shouldn't be a problem and I believe we are speaking later today to verify.
Interestingly if you see my other WF thread, WF will fund flip properties on some deals, but not let you flip a property with them...LOL..I just think it's ironic.
Mary Anne,
I have not contacted them directly, but have heard conflicting answers regarding Wells Fargo - like yes in one city and no in another. Are you working with them on either conventional or FHA or are you hearing from them that a same-day flip is ok when the LTV is greaten than 80%? Thanks!
Ok, Jacob from Wells Fargo definitely CANNOT do it. When I questioned why his underwriters said they won't do simul closes. I told him we don't do simul we actually take title and double. You have to make sure when you're talking to these officers that they are well aware of what the difference is.
Then he went on to say WF wants TWELVE MONTHS no change of title. So that killed if for me.
Interesting I googled WF funding and found LOADS of articles stating they took away seasoning requirements for buyers in January this year so honestly in my opinion, you'll get 5 different answers from people in the same company.
so honestly in my opinion, you'll get 5 different answers from people in the same company.
I agree totally, there has been some updates on this list so I will definitely take some time next week to update my original list with who can and cannot do it.
You asked me a few days ago about the national lender that Joaquin had found...wanted to know if he was licensed. I emailed him asking him for references (which he provided) and also asked if he was licensed. He is NOT. Said it wasn't necessary. I'll be glad to share the references with anyone that is interested. Have not had time to call them yet.
Jackie, thanks for the info. He was my next phone call. I would feel very uneasy referring buyers to someone who is unlicensed.
Yea, I hear you. When I initially spoke with him he told me that he used to be licensed, but he didnt want to be restricted by some of the licensing rules on what kind of role he can play in all of the different kinds of loans he can do. I thought this was vague, but then he started going on about how he was partnered with a few HMLs that he sets investors up with, conflict of interest, blah blah blah.
Probably should have listened at that point eh?
He says he can do everything and anything from commerical, construction, hard money, residential and everything else. We'll have to wait and see.
I know one of his references personally and that is who he uses on a regular basis for ALL of his SS flips. That reference's name is Robert Ramirez and he is a San Antonio investor/fireman who teaches Short sale techniques at a local REIA here when he's not putting out fires. He's a student of Mike Collins and when I told him I was having trouble finding "flip friendly ;enders" my national guy is the first and only place he sent me.
I'm still very glad you started this thread. I wish others would chime in though because I'm sure you're not the only person who knows someone that can work with these C buyers.
I still have yet to hear back from Tracey and there is one more person on the list I'm in contact with, and when I find out for sure, I'll post back because even if there is ONE person then it's 1 more than I had.
Joaquin, He did give me Ramirez as a reference, also 3 others that appear to be realtors and 1 that appears to work for a title company. Gave me phone numbers also. As far as being licensed, this is what he emailed.............
[As far as the license I was a licensed loan officer in the past but since I have been a Mortgage/Real Estate Consultant I let my license go due to the fact that I offer my clients a number of different services so me having a license would cause a conflict. ]
I spoke w/ Tracey this morning. I had my lawyers office email her the closing info friday of the flip I did this spring using Sun Trust as the end buyers lender. She said she had forwarded the info to her manager and is waiting on her response. She is still in the game as of today. she is just waiting on the green light.
I spoke w/ Tracey this morning. I had my lawyers office email her the closing info friday of the flip I did this spring using Sun Trust as the end buyers lender. She said she had forwarded the info to her manager and is waiting on her response. She is still in the game as of today. she is just waiting on the green light.
well her manager needs to put down the coffee and the gossip mag abd get her a response!!
I think they will figure it out. they just want to make sure every thing is above board. Like I said I did it this spring w/ a SunT lender outa Va. so no reason this office can't do it unless something has changed.