Best "Asset-Based Lenders" ?

Question

Who are good Commercial & Residential Real Estate Lenders that do not require PGs ? And do not run credit ? And can lend up to 75-80% LTV... Do they even exist ?

What about Lenders that allow seller carry back of the full down payment ? (Ex. Seller can carry 35%, and Borrower is seeking 65% LTV)

Many people come to us seeking those type of loans. Who can/should I direct them to ???

Jay Hinrichs · Answer

your parents or grandparents maybe if they really like you !!

Stephanie P. · Answer

They don't exist.  ALL good, institutional lenders run credit.

No reputable lenders allow seller to carry back the entire down payment.

To answer your question, you should tell them that they're not ready to start investing (because if the furnace goes out, they wouldn't have the finances to replace it).  Tell them to continue renting or better yet, continue living with their parents to save money so they can get in the game.

Tell them this "The answer isn't no, it's just not right now" and then counsel them so they become future purchasers.

Stephanie

Jerry Brisman · Answer

Anyone know of something like that , that has good reviews?

Jerry Brisman · Answer

Someone referred Lima One Capitol. They reached out to me saying they would lend at 6-7 percent up to 80% LTV, but it seems like they do not have the best reviews. The advantage of using them is that they do not ask for an income that would support the loan. Rather they would like to see good credit, and a property able to produce enough income to support the loan.

Stephanie Medellin · Answer

@Jerry Brisman  Quite a few lenders will lend based on property income, but you still need a down payment of 20-35%.  I haven't seen any that will allow a seller carry back for the down payment, and all will want a credit report, even if the score requirements aren't too high.

Jerry Brisman · Answer

I would love to know the same. Do you have lenders who just lend based on the property income?

Best "Asset-Based Lenders" ?

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