All Forum Posts by: Kathy Calderini

@Marcony Simoes can you clarify your definition of Commercial for me?

@Sammy Lyon congrats! Love that you are giving back to the community! Keep up the great job and good luck!

Your welcome and make it a great day! 

@Meir Greenblatt that is very concerning!  Tough to quote specific terms due to complexity of most projects in this arena. 

@Meir Greenblatt since I don’t know the details of the project tough to know if the terms are competitive or not. 

@Wesley Williams if the property needs that much work, have a contractor walk the project and verify the cost of repairs to tighten up the numbers!

@Zachary Floyd if I am understanding your scenario correctly you would treat this as a purchase of a second home or a non-owner occupied property. You would be required to put money into the deal as a down payment. Get a first mortgage of $70,000 with a second mortgage from your friend/relative for the remainder of the purchase price.

For example:

Purchase Price: $150,000

10% down: $ 15,000

1st mtg: $ 70,000

2nd mtg: $ 65,000

The lender will base the ltv off the lesser of the purchase price or appraised value.

If you use private money there may be the option of a gift of equity for the down payment but most institutional and hard money lenders will not use a gift of equity.

Hope this helps!

@Meir Greenblatt that seems odd that a lender would solicit your business and not discuss the $1000 in the initial conversation. Most lenders have an application fee or a credit report fee as well as an appraisal fee for the specific project; not a general $1,000. P.S. Putting the $$ in escrow is a great idea!

@Jonathan Anderson getting the deal under contract first and then the inspection. Make sure the contract has a clause in it that clarifies what happens to your deposit if something comes up that you no longer want to move forward with the purchase. Putting a timeframe around the inspection period will help the seller be more comfortable as well!

@Daniel Curtis start with the basics and build/learn/grow from there!