All Forum Posts by: Jo-Ann Lapin

Subject property we are getting ready to fund on in Southern CA I was informed from investor was 1980"s built on a perm foundation with a recorded 433. We proceeded with the loan process. The appraisal came back and the 433 was never recorded after all and to also add to the mystery the home 10 year ago had a VA loan on it??? Investor needs the funds to purchase another home already in escrow. We came up with a sound solution of doing a hold back to get it recorded and yes the foundation has to be redone in order to do this. Investor able to move forward on the purchase.

Hi my Name is Jo Ann Lapin with Hanover Mortgage Company. We had an investor looking to take cash out of a property he owns here in San Diego CA earlier this year to develop another property for ground up property in San Diego. He was had a real hard time getting a loan from any bank and finally had to access private capital. My experience with Foreign National's with no tax returns filed here in the States and even having a established credit is a no go. He did state that he found a bank and after giving all of his paperwork to the LO and ordering an appraisal they then asked for more paperwork that he just did not have. Private funds have historically been available  as another option.

How do you think Crowd funding has impacted the lending world? 

You may want to check out Prospect now.

We here in CA are literally scraping the bucket for deals. With the combination of not much building activity in the last 10 years and CA population growing steadily there is a real lack of solid investments out there. It just takes one mistake as we all know. Our investors this year and last have been very resourceful in finding some alternatives such as land that they could add or replace a manufactured home on to flip or hold. On the commercial side we have business owners now that want to purchase as their rents have jumped so high that they are prepared to over pay. Not a great  current climate!  And then there is the problem with water meters in may counties and cities. Not easy. However resourceful investors will find an opportunity. Just have dig deeper. On the positive side we have seen areas that were pretty run down now being rehabbed by investors and they have done a darn good job. Just visited Lake Elsinore this am for site inspection and our investor really added to that area every rehab has such an impact on the community. Nice to see. So onward and upward.

Hi Brain;

I just joined too. I am here in CA. Where are looking for your first deal?

Regards;

Jo-Ann Lapin

Hi Susan;

If you are new to flipping I would tread cautiously and maybe look at some other alternatives to buying all cash that way you have more leverage and are not putting all of your eggs in one basket. Everyone's circumstances are different of course. I would be happy to speak with regarding any future projects.

Regards;

Jo-Ann Lapin

On Commercial Loans, we offer long term fixed rate financing, with no appraisals on property located in California, such as:

• JUNK YARDS - SCRAP METAL/WRECKING/SALVAGE
• MIXED-USE REAL ESTATE - MULTIPLE PROPERTY USES WITHIN A SINGLE BUILDING.
• RELIGIOUS INSTITUTIONS - HOUSES OF WORSHIP, CHURCHES, TEMPLES

AUTOMOTIVE RELATED - TRUCK & AUTO SERVICE, GARAGE/STORAGE, TIRE SHOP