All Forum Posts by: Mike Grudzien
Mike Grudzien has started 2 posts and replied 1143 times.
Post: Credit Line (Not HELOC) to Purchase?
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
What rate on the PCL?
Post: Second Home Loan options?
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
How did you acquire "a small portfolio of long term rentals". Paid cash? No past mortgage broker contacts? Where have you been? What have you been doing?
Post: Second Home Loan options?
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
You sound well profiled. But no local contacts? No current lender relationships? No personal contact at a local credit union?
Post: Trigger Leads Are Legal Harassment—Here’s My Story”
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
Sucks...
Post: PMLs - What Do You Need to See Before Funding a Deal?
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
There is no 1 thing.
For a full loan package, I need a full package on the borrower: 1) experience, 2) credit score, 3) good numbers in the deal, 4) ability to repay and finally 5) only loan up to 50% of the value of the lien that I file and hold.
Post: ⛳️ How to Find and qualify an STR Investor focused Broker and why you need one
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
With the apprehension of repeating myself, AJ knocks it out of the park, AGAIN! Spot on information. And unlike some posters who are blatantly shilling for themselves/their services, AJ offers REAL content for the good of the order. And in doing so, shows off his expertise and he takes the higher ground.
AJ: keep doing what you are doing.
And if I'm buying on the Oregon coast, you are my go-to, as you have earned it.
Post: Lines of Credit/ Credit Cards
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
I'll be watching for the answers, but my two-cents: credit card leveraging is expensive and fraught with many possible perils...
Post: VRBO's New Penalties
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
Having done a thorough review of all comments, I can sum up my analysis as follows:
Ouch!
Post: DSCR Loans Will Default
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
Yes, click bait!
Post: DSCR Loans Will Default
#1 Creative Real Estate Financing ContributorPosted - Lender
- Eugene, OR
- Posts 1,282
- Votes 857
Quote from @Matthew Crivelli:
Since 2018 we originated over 500 DSCR loans, in that time we have seen less than 10 defaults. This video is really doom and gloom. The lenders don't care? The majority of these loans are packaged and sold as mortgage backed securities. If the lenders loan roll is full of defaults, the secondary market stops purchasing the notes, which in turn puts the lender out of business. Right now the rates on these non QM products are better than what Fannie or Freddy are offering with way less red tape. This product has been around since 2010ish, there has never been a wave of defaults, even through COVID. This is click bait.
Matthew: WELL SAID!