All Forum Posts by: Keith Anderson

Hey Brad,

Are they in your name or LLC?

Ok. Thank You Rick!

Rick, I'm trying to refinance for the son. The son and the executor haggling over this is how it has gotten into foreclosure. ( Neither one paying the nut ).

I grew weary of listening to the opposing legal speak and thought I would reach out to a more cerebral crowd. No offense to my attorney friends on here!

I have run across a head scratcher....

A property owner in New Jersey dies and wills the property to his son who lives in New York. The property is valued at $450k. There are two mortgages totalling $160k in the father's name. The property is in early foreclosure. 

The son and his attorney in N.Y. want to refi the property (obviously) and the executor wants to sell the property to the son for the sum of the notes. ( $160k ) This is what I suspect is the correct way to do it. Since this would be a purchase transaction Lenders want money down even though sale is well below appraisal. 

Anybody run across something like this before? Figured I would pick BP brains before more lawyers get called in.

Hi Karen, 

I will send info to your email.

Keith

Good borrower and good property can see 10-12%. Send me an email with particulars and I will respond. 

With 4 members in the LLC remember that personal financial statements, credit scores, etc. of each member are needed for most loans. ( Sometimes not for strong properties, low LTVs or hard money. ) The viewed viability of the LLC by the lender is only as strong as the weakest member.

Wesley,

Call me on Monday.

For 5+ Properties there is a great Blanket Loan program to refi all properties into one loan with all cash out no seasoning. Also can sell a property out of the portfolio.

There are many direct wholesale lenders who loan to LLCs on both recourse and non recourse basis. It's all case by case and strength of the full story.