CAD Designer · Garfield, NJ · Member since 2015 · 8 posts · 5 votes
Hi, I am looking to obtain a pre-approval letter from a bank before hunting for multi-family and mixed-use property in northern NJ. Advice on good lenders, or suggestions for what bank you use for your loans would be a great help. Also, tips on what to keep an eye out for in the process would be appreciated! Thanks.
Developer · Palm Harbor, FL · Member since 2015 · 307 posts · 96 votes
10y
To get around the seasoning requirement it's best to work with a local bank that holds the loan themselves.... At least that's what infound. When I went directly to the banks they all offered 20-25 year amortizations, rates around 5%, 70%LTV, and ARMs between 5-7years. Bob The Broker I works with somehow gets 30 year, 7-15y terms, and lower rates. I'll PM you his contact info
Investor · Parsippany, NJ · Member since 2010 · 66 posts · 10 votes
10y
Hi @Adam Anderson,would you mind providing your contact you mentioned here?
Need to refinance a rehab we completed in May and have been running into challenges with many banks due to seasoning requirements to go off the appraised value and deed in LLC. Need to go to 75% LTV.
Developer · Palm Harbor, FL · Member since 2015 · 307 posts · 96 votes
10y
To get around the seasoning requirement it's best to work with a local bank that holds the loan themselves.... At least that's what infound. When I went directly to the banks they all offered 20-25 year amortizations, rates around 5%, 70%LTV, and ARMs between 5-7years. Bob The Broker I works with somehow gets 30 year, 7-15y terms, and lower rates. I'll PM you his contact info