All Forum Posts by: Marc Cesar

Hey guys, looking to connect with a commercial broker in the Rochester NY area. Currently looking to acquire some assets in that market within the next 90 days. Would greatly appreciate any referrals or recommendations made.

Hey guys I'm seeking to touch base with a commercial broker either in the Rochester NY or Philadelphia Pa area. Looking to bring some business via asset purchasing. Lets touch base. Appreciate any recommendations as well.

Rehab Loan Program w/ Advance Draw! Fico: 600+ Loan Terms: 9 - 24 months Loan Amount: $75K to $2.5 Million Max LTV/ARV: Lender typically finances 75% of the purchase price and 100% renovations (renovations are done in draws). The loan amount is capped at 75% ARV! Interest Rate: 8.5%-12% based on experience Property Types: Only 1-4 unit investment properties! Pre-Payment Penalty: None! Use of Funds: Bridge and Rehab Loans Lender Points: 2-3. Lender also has a $999 closing fee. Lending Territory: Almost Nationwide Closing Time Frame: 14 days! Special: This lender allows an upfront draw at closing, which is typically 10-15% of the purchase price or as is value if property is already owned!  Extra: This lender can finance wholesale fees!

House is being sold as-is, where is. Great opportunity and a great area for a full rehab.

Comps: 

1) 627 Marlyn rd Philadelphia, PA 19151  

3/2, 1110sqft, sold for 150k in 18 days

2) 1538 N 61st st Philadelphia, PA 19151

3/1/1, 1380sqft, sold for 150k in 9 days

3) 447 N Gross st Philadelphia, PA 19151

3/1, 1114sqft, sold for 129.9k in 8 days

4) 517 N Gross st Philadelphia, PA 19151

3/2/1, 1048sqft, sold for 133k in 70 days

5) 1439 N 60th st Philadelphia, PA 19151

3/2/1, 1236sqft, sold for 180k in 21 days

6) 1416 N Felton St, Philadelphia, PA 19151

3/1, 1080sqft, sold for 149.999k in 53 days

7) 545 N Simpson St, Philadelphia, PA 19151

3/2/1, 1280sqft, sold for 154k in 8 days

Tip: with a finished basement and central air, comp prices are on the higher end

Greetings all. I'm presently doing a subject-to deal which I'm looking to wholesale but I'm not exactly sure  how to properly structure the deal, how to give the seller any form of reassurance once the deal is structured. 

Details on the deal:

Payoff amount: $75,972.42

Monthly Pymt: $553.64

Loan Type: FHA

Interest Rate: 3.5%

1. Being that I'm seeking to wholesale this deal, how would I properly structure this deal with the above figures? 

2. I know that in sub-to deals, the seller holds the loan in their name while the buyer name goes on the deed and they make the monthly payments and should the buyer default on a payment, the deed returns back to the seller. But in this case, what reassurance must be given to the seller when posing this option to them, as their name remains on the loan and they transfer the deed over? How does one word this scenario to a seller ( a complete stranger) and make them feel secure and comfortable with this process?

Thanks in advance for all insight

Fico: No Fico requirement! Lender does not like late mortgage payments though!

Loan Terms: 1 year, 2 year and 4 year, interest only options.Pre-Payment Penalty: No PPP per se, but an interest guarantee for a certain amount of months per termExtension: 6 months for one point

Loan Size: $100K to $7 Million. PP 100k or higher Max LTC: Lender will finance up to 80% of as-is value or purchase price (whichever is lesser)! Can lend up to 75% of the rehab budget. Can lend up to 90% of the purchase price if the as is value comes in higher than purchase price. Interest Rate: 8.5-10.5% Property Types: Only 1-4 unit investment properties. Can go up to a 10-unit MF property Borrower Experience: Welcome FIRST TIME investors Use of Funds: Purchase + rehab, Refinance + rehab, Cash-Out Refinance Points: 2 lender points Lending Territory: AZ, CA, CO, FL, GA (need to close in entity), HI, NV, OR, TX, UT, WA **Closing Time Frame: 7-10 days! Foreign Nationals: Work with foreign nationals! Need to have a US Bank account! Need their ITIN Number.
DM for more info.....

Fico: No Fico requirement! Lender does not like late mortgage payments though!

Loan Terms: 1 year, 2 year and 4 year, interest only options. Pre-Payment Penalty: No PPP per se, but an interest guarantee for a certain amount of months per term Extension: 6 months for one point Loan Size: $100K to $7 Million. PP 100k or higher Max LTC: Lender will finance up to 80% of as-is value or purchase price (whichever is lesser)! Can lend up to 75% of the rehab budget. Can lend up to 90% of the purchase price if the as is value comes in higher than purchase price. Interest Rate: 8.5-10.5% Property Types: Only 1-4 unit investment properties. Can go up to a 10-unit MF property Borrower Experience: Welcome first time investors Use of Funds: Purchase + rehab, Refinance + rehab, Cash-Out Refinance Points: 2 lender points Lending Territory: AZ, CA, CO, FL, GA (need to close in entity), HI, NV, OR, TX, UT, WA **Closing Time Frame: 7-10 days! Foreign Nationals: Work with foreign nationals! Need to have a US Bank account! Need their ITIN Number. DM for more info.....

No worries hope we were able to assist you

Hey @Amitoz A. hope all is well. If your still in need of funding for this deal or any other deals you may be looking to inquire, I may be able to assist you with your funding needs. Shoot me an email at [email protected] and I'll be glad to send you over our product sheet for you to review.

Hey @Richard Cole hope all is well. If your still in need of funding for this deal or any other deals you may be looking to inquire, I may be able to assist you with your funding needs. Shoot me an email at [email protected] and I'll be glad to send you over our product sheet for you to review.