All Forum Posts by: Carter Catlett

Jimmy,
The terms of the commercial loan were 5.5%, 30 yr amortization, 5yr call. The loan
Package took about a week to complete and be approved. I closed 12 days after I was awarded the bid from the clerk of court.

Carter

I just flipped a house that I won at the courthouse steps. I went to a small local bank here in NC and they lent me money on a commercial loan to do my flip. Also they agreed to lend me up to 70% of the tax value as long as I put down 20% of the loan amount.

The only drawback is you have to know how much the rehab is going to cost so you can get the right amount of money in the loan.

David Beard, Here is why I ask about the Fannie Mae foreclosures. I am currently trying to refinance some of my rental properties into 30 yr fixed notes to take advantage of the better rates terms than commercial loans. One lender tells me I can have up to 20 properties financed through Faannie Mae just as long as properties 11-20 are Fannie Mae foreclosures. Another lender says I can only have 10 mortgages properties total but said they would look into the 20 mortgages property plan.. I currently have 12 mortgaged properties and 2 of them are Fannie Mae foreclosures , one bought in 2008 and the other bought in 2012. So the question is do i qualify to refinance into Fannie Mae notes and can I continue to buy properties using Fannie Mae. If I can now many homes have to be Fannie Mae Foreclosures and how many can be unrestricted purchases.

Thanks for the replies. I guess my next question is when Fannie Mae goes to count loans involving Fannie Mae foreclosures do they count ones you already own ( i have 2) or do you need to purchase new foreclosures to get the fixed rate?

How many Fannie Mae backed loans can you have? I got a call last week from a local bank who holds some of my mortgages and they said they could now do up to 20 Fannie Mae backed loans on fixed notes. The only restrictions were the loans could not be to an LLC and that loans 1-10 could be for any properties and loan 11-20 had to be for Fannie Mae or Fredie Mac foreclosure properties. Has anybody else heard this?

Ok, thanks. Also, yes they are on the same title which is part of the hang up with several of the lenders. Again thanks for the reply.

I am trying to get a fixed term note of 15 or 30 years for a rental property ( non owner occupied)that has two duplexes on the same parcel of land. I have talked to several banks and mortgage brokers and am being told the only way to refinance this property is with another commercial 5 year note. The government regs say you can refinance using a Fannie Mae/ Freddie Mac backed loan on properties with up to four units, however, everyone so far says the units need to be under one roof. Has anybody had this experience and if so how did it work out?