All Forum Posts by: Marty Johnston

 Sam,

Send me a PM. Im a Commercial Broker with 11 Capital Finance, were a nationwide brokerage. Leta talk! Some more info on the property will help determine your options.

Thanks Sam!

Marty

@Christine Walsh, I'm just going to echo what other's have said - new agents will be more likely to lend you their ear more so than the experienced. One reason for that is that new agents will not (most likely) have the consistent and steady business at their stage in the industry simply due to the fact that they have not been around long enough to create a clientele or referral base that more experienced realtors will have. Therefore, the new guys are still in the "mode" of creating a name for themselves in the area and might be looking for whatever business they can. This will obviously vary by agent, but it's simply the natural process in the world of any commission/independent contractor position.

@Pat Parrillo and @Joel Owens nailed it on the head. Know exactly what you're looking for - give them direction. I'm a Commercial Mortgage Broker and it's the same way, if we can receive the necessary paperwork - bank statements (unless requesting a Stated loan), PFS, tri-merge Credit Report etc. we cannot move forward in any kind of direction. On our end, we can at least narrow things down because we need an address at least to get started, and we can work from there by asking necessary questions of the borrowers. I would imagine for an agent, they have much less to go on if you don't give it to them. It's great advice here from the others: create a game plan, narrow it down. Once you do, I think you might have better luck. A great connection to be had might be @Joshua Martin, he'll also be at the January Brew-City meetup. 

Best of Luck, Christine!

Jeff,

A couple questions for you - Are you saying that the property "price" is the full purchase price or the loan amount? If a property costs 50k and the rehab is 25k, total project cost is 75k. If this is the case, a lender is not going to lend 75k, that would be 100% financing for total project cost. 75% LTC is 56,250. Are you hoping for 100% financing? Sorry for any confusion Im just looking for clarification.

Also, What rates are you currently getting with the HML you're working with? What rates are you looking for?

Marty

Mark, send me a PM. I don't want to break any forum rules here by advertising outside the marketplace. I would love to speak with you! 

Marty

 Steven, Send me a PM. Let's talk! There are lenders who will find you, you just have to find the right ones. I look forward to talking with you.

Marty

Marcus, sounds great! Im in! If my ridiculous schedule asked for it. since it's in the evening I should be able to make it. Looking forward to it!

 hi Kristina, send me a PM, Id be happy to chat with you, but don't want to break any forum rules!

Marty

@Jay Hinrichs, those rates are not unheard of for some HML's, but as @Boris Grinberg said, the borrower's credentials and the property have to meet certain criteria to get those rates. Lenders will have their own considered "slam dunk" loan. Some are willing to offer those rates (sometimes lower) if they are a high volume repeat borrower with a lender and have an A+ PFS.  Other lenders won't offer these rates at all, you have to shop or ask around to find these lenders.

Marty

@Stephen Yancey, Welcome to BP! I'm a local to Milwaukee as well, just north up in Mequon/Thiensville. Milwaukee is offering some pretty sweet programs right now for investors, I believe I just saw on the news today that they're offering 100 properties for $1 or something? I'm sure the contingencies abound, but I'll be checking into it none the less, it seems crazy.

Anyways, I'd strongly encourage you to attend the local Brew City Meetup that is held every month here in Milwaukee. January's meet up is going to be at the Quality Inn in Brookfield. I'd check it out, there are already 150+ investors signed up to attend, so plenty of potential to network. There is of course, the Milwaukee REIA, another great opportunity for networking with other local investors.

Hope to see you there!

@Adam Reyher, Send me a PM! I don't want to break any rules on here. More information is required to know for sure if he's finance-able for a commercial loan. The purchase price of the property will effect his required liquidity for closing on a loan. There are many lenders who will issue a loan to a borrower with a 640 credit score, and while credit can affect a deal, that's not all that's necessary for acquiring a commercial loan. But as I said before, PM me! I'd love to hear more about your friend and his situation.