All Forum Posts by: Scott Miller

There are quite a few HML rehab programs that will lend you 100% of the purchase price + cost of repair + closing costs (and in some cases, allow you to roll in the mortgage payments) assuming that the sum total doesn't exceed the ARV allowance of the program.

Your issue (as you have correctly identified) will be the lack of liquidity---rehab lenders don't advance the cost of repairs or provide the same to you at closing, but reimburse you after the actual repairs have been done.

Hope this helps.

Regards,

Scott Miller

I'm aware of several options that will entertain loan amounts in the 50K range but I need more information...

Regards,

Scott Miller

You bet---as far as Bob's "they need a job" statements, in order for FHA to work, they will have to have a 2 year employment track record (with no gap) and be able to document it (as in FULL DOC) in order for FHA to be considered...

I also lend in IN and would be available for a 2nd opinion if desired...

Regards,

Scott Miller

The only loan program that will entertain such a deal with a 500ish FICO is FHA (Fannie Mae won't touch it), but you will need at least 90 days title seasoning in order for this program to be considered.

Regards,

Scott Miller

What are your specific questions?

Regards,

Scott Miller

It's difficult for me to respond with a great deal of accuracy because the HM lender sets the terms depending on the specifics of the deal.

To give you a point of reference, here is a raw land deal that I financed in TX that might give you some insight:

- Raw Land not yet zoned/plated (45 acres)
- Loan amount 506K (less a 75K holdback for entitlement)
- 70 loan to value
- 13% + 5 points
- 1 year payback with interest only payments

Hope you can gleem some benefit...

Regards,

Scott Miller

I could possibly assist you on this matter---LTVs will range from 65-70 LTV on either raw land, residential or commercial zoned land ranging from 2500 sq ft up to 5K acres.

Regards,

Scott Miller

Scott,

At this point, there is just too much that I don't know about to have the confidence to give you any definitive advice beyond what I have stated (I'm certainly in no position to advice you on whether you should sell your current real estate holdings).

A subordinated seller second, unsecured or secured LOC and or cross collateralization are certainly options that could be explored to minimize your inward investment (down payment).

Regards,

Scott Miller

I responded to the other thread you posted...

Regards,

Scott Miller

You could consider a commercial rehab loan that would allow you to finance the cost of purchase + repairs + closing costs---I offer such a program in NY up to 65 ARV but would need to know more about you and the property to determine if it is a proper fit...

Regards,

Scott Miller