All Forum Posts by: Neil Aggarwal

Although the investor can report to the credit agencies, it is usually too much of an effort for a single loan.

Are you trying to start a HML business and looking for a mentor? Please clarify what you are trying to do.

The best thing to do is talk to several lenders, including traditional banks, portfolio lenders, and others to see what they give you.  They will have different terms.  Some will be better for you and some will be worse.  You have to decide which is the right fit for your needs.

The only way I know is to talk to everyone around your and keep your ears open.  Someone may know a contact for you.

There may also be private money sources in your area.  The rates will be higher than a bank or credit union, but it is an option.

Asking for business assets is too much.  They will have first lien on the properties.  That should be good enough.
I suggest you find a different lender.

You should also consider using your three rentals as collateral instead of your primary residence.

Banks are amazing.  I have been self employed since 1998.  I have been paying my bills without any delinquencies.  Despite that, I can't qualify for a loan because they think I have zero income.

If you are talking about making a loan to a homeowner, there are regulations you must follow.  There are exceptions to the license requirements, but you need to be very careful that you fall into one of those.

I think it is better to use an RMLO for your transaction.  They will handle all the legalities.  They will guide you on the process and ensure the loan is compliant.  Once the loan is closed, you will collect your payments as usual.

It does not matter what the seller thinks it will appraise for.  Have you done your own analysis of what it is worth?