All Forum Posts by: Logan M.

That is a very complicated hypothetical.  We do know that per capita income in the colonies was far better here than in England.  We also know that prior to the industrial revolution that individual wealth was driven by property ownership and that the cost of building a home was far less in real dollars than it is now.  To have a home you had to have property and if you were going to build a home it was usually a very nice home.  Those too poor to own property usually lived on the property  of others in shelters provided/rented or lived in rooms rented in the cities. 

Property drove personal wealth- hence the migration west during the 1850s.  It wasn't some great job with matching 401ks that put families into covered wagons just to fight native Americans... it was dream of property ownership.  I don't even think mortgages existed at that time.  

How that relates to a Founding Father's interpretation of a mobile home park is hard to say.  I would imagine they would look at it and ask why would anyone rent a tiny piece of land that barely has space for a home. 

@Logan M. nothing but positive! Some of the parks I've been in have some of the hardest working, most patriotic Americans I've ever met

That is a really fascinating question, Logan. Appreciating it as a student of the Constitution and as a former trailer park resident.

it might depend on which specific individual were talking about, but most of the founding fathers supported the idea of the common person being able to have a decent life with a little property ownership. Trailer parks are a weird mix, because people own the building but rent the land. Jefferson always idealized the yeoman farmer. In the sense that trailers provide low-income people with the possibility to be self-sufficient and at least some asset ownership, I think he would favor them. On the other hand, to the extent that they are places where people stagnate and go backwards instead of forwards, I think the founding fathers would not be pleased.

Hamilton probably would have had a low opinion of them either way. 😀

Hi I'm new to bigger pockets and I'd like to introduce myself. My names Peyton and I'm a licensed Utah agent working to help investors find their next flip or rental. I'm looking to find more local Utah Investors to help me expand my network and just meet more liked minded individuals. If your in Utah and do flips, or just any real estate investing shoot me a message. I'd love to connect:)

Try local community bank or credit union for investment properties.TD Bank and US Bank are my best recommendations….PenFed FCU stopped. Navy Federal still will do HELOCs on investment properties. Quorum and Figure are faster lenders.

-40 to 43% DTI is usual limit for most lenders.

-FICO 620 or higher

-Lowes and Home Depot have project loans that you can use instead of a mortgage.

-Fastest way to increase FICO is to cash out refi and pay off credit cards.

Figure is blockchain Heloc provider. Very fast at around 5 days. Yes on second homes. FICO as low as 640. Uses e-notary. Uses AVM instead of full appraisal for value. Must withdraw the full amount, fixed rate for the balance of your loan, must pay origination fee, choose short term of 5 yrs to lock in best rate.

All in One, Ridge Lending, first position HELOC. CMG Financial.

America First Credit Union 80% CLTV UT, ID, OR, NM, AZ, NV at 10.49% in 2023

Arvest Bank AR, OK, AL, MO

Bancorp South, TX HELOCS & Lines of Credit on free and clear houses

BankNewport

Bank of Southern California, CA

Bank of West (BNP Paribas) 60% LTV CA, AZ, ORf

BankRI

BB&T will loan on a rental portfolio

BBVA, now PNC

BECU for OR

Beehive CU, UT

Best Finance www.bestfinance.io No closing costs, fixed rates

Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs

BMO Harris, 3 HELOCs to 70% LTV

Boeing Employee Credit Union

California Bank and Trust, CA *** confirmed in 2023 ***

Cal Coast Credit Union, CA

Central Pacific Bank, HI

CFSBank will do on LLC, PA

Change Wholesale

Charter Oak FCU, CT

Chelsea Groton Bank, CT IPLOC (investment property LOC)

Citizens Bank -MN

Citizens, first position HELOC

CMG Financial 70% LTV. Advertises downpayment assistance through crowdfunding.

Coastal1, RI

Coastal Federal Bank of NC

Consolidated CCU, high LTV NOO LOC, OR, WA

Community Credit Union Will do HELOC on a rental in Florida.

Connexus Credit Union, PA

Credit Union West, AZ 80% LTV

East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.

Eastern CT Savings Bank, CT

Fairway Independent mortgage corporation- uses blockchain to close in as few as 5 days. Up to $400k, fixed 5, 10, 15 or 30 year terms with draws after the initial draw. Min FICO of 620 for primary and 680 for investment properties.

Fairwinds will do HELOC on rental property in 2023. 15 year draw, quick approval and fast closing, no application fee and no annual fee.

Family First Funding, HELOC in New Jersey for investments properties.

Figure 80% on a rental, not in LLC. 640 FICO 95% LTV on primary. DTI must be under 50% and they prefer under 43% (not in FL)

Finance of America, 95% CLTV, second home only, 680 FICO, not TX

FirstBank CO and AZ 70% LTV

First Citizens

First Commonwealth

First Florida Credit Union FL

First Midwest, IL up to 90% Chicago area

First Republic - CA

First State Bank of LeCenter Minneapolis, MN

First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.

Fremont Bank- up to 60% CA, Sacramento area

Frost Bank - TX. Great for HELOCs in TX

Fulton Bank, PA, NJ to 75% LTV

GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH

Golden1 California HELOC Sacramento Valley

Golden West Credit Union, Salt Lake UTj

Granite State CU, NH 90-100%

Great Lakes Credit Union, Chicago area IL

GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property

Hanscom FCU, not TX or NY

HarborOne, RI

HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,

Horizon Bank, Kalamazoo MI

Hughes Federal Credit Union

Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation

Hurst Lending. Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.

KeyBank, flexible lender, HELOCs on second

homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID

Lafayette Ambassador Bank is now Fulton Bank

Langley FCU 70% LTV

Leominster CU in 2023, MA (Hanscom FCU will do on primary, not investment)

Loan Depot supposed to have new HELOC product.

Lumen Mortgage (CA and OR), Agricultural lending

Merchants Bank MN Indiana 1st lien offered on primary, second homes and investment properties.

Mid-Hudson Valley FCU

Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Salt Lake (also Zions)

Navy Federal 80% LTV LONG draw period of 20 years, and 20 year repayment

Nevada State Bank, in first position

Norway Savings Bank, Maine

Omaha Mortgage

One Nevada Credit Union

Oregonians CU - OR

PenFed - Stopped

Peoples Bank of NC

Pioneer Bank, MN

PNC Bank on primary and secondary (2nd homes) must be in personal name and 50% DTI is required.

PSECU up to 80%

Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas. ***one investor said her line was reduced in Nov22 ***

Red Canoe Credit Union, WA OR

Regions

Renofi Purposed for ADU financing

River Bank & Trust, AL

Rivermark Credit Union, OR 90% LTV

Savannah Bank in NY, call it commercial LOC, up to 75% LTV.

SCCU Florida 80% LTV, 2.75% first year promo, not LLC

SECU NC 65% LTV rate 2.75% Oct 2021

***Signature Federal Credit Union 80% LTV to 100% LTV (100% on primary residence). All States. Fixed rate in Texas. 75% for NOO properties.

Silvergate Bank, CA

Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv." CT

SouthEast Bank TN

Spring EQ will do a HE Loan on an investment up to 95%. Up to $500k. FICO 640 + DTI 50% or better. Set to be acquired by Cerberus

Symmetry

S&T Bank, PA

TBK Bank, CO, NM, KS

TCF Bank, FL, GA

TD Bank 75% line with FICO about 740. Up to 4 properties. PA, FL

Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.

Triangle CU, NH 80% LTV

Troy Bank & Trust, AL

Trustco Bank, FL, NY, NJ, MA, VT. Paused offering HELOCs.

Trustmark Bank, TX. Call it a LOC rather than a HELOC

UCCU, UT

Umpqua Bank 80 LTV

Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.

University Credit Union, UT

Univest Bank, $100k per line and 10 yr draw

Upstate Bank in Rochester NY, LOC up to 80%

US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. Gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”

Vectra Bank - Colo

Veritex, TX HELOC

Victory Bank, portfolio lender, community bank. Can close in an entity. PA

Webster Bank, CT, RI

WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too. They don't sell, assign, or transfer the loan.

WellsFargo 60% LTV Up to 5 properties.

Workers Credit Union, MA 80-100%

WSFS...up to 70% on rental

Zions Bank, Utah. Call it HECL

High primary, not investment, HELOC:

Spring EQ 97.5% and fast, at 11 days

Figure - FAST around one week, automatic valuation, draw entire amount at once.

Foreign national: Civic 80% LTV for cash out. 5/1, 7/1 and 10/1 interest only ARMS. 1 to 2 year bridge loan. Fund in 5. To 10 business days; can finance the rehab.

SMALL BALANCE HELOC ON PRIMARY

US Bank 15k to $750k 10 year draw. Requires high FICO 730 and LTV 70% or less

PenFed Best Credit Union $25 to $500k 10 yr draw. Up to 90% LTV.

Bank of America, low fee. $25k to $1 million, 10 year draw. HUGE line

PNC Bank best for small home improvements $10k up. 7 to 10 yr draw.

TD Bank from $8 k up. Can go from $25 to $500k…large line.

Frost Bank, in Texas only.

Absolutely!  You never know a person's situation.

A couple other reasons why a person would seller fi:
1) they have had other offers "fall out" due to any number of issues with financing

2)  they have a "unique" property, which may be difficult to sell using institutional financing.