All Forum Posts by: Charles Johnson

Is there a way to stall a tax foreclosure. I just found out today I have until the 3rd of Jan before they foreclose on it. I was under the impression I had more time. Is there a way to stall?

Originally posted by @Nick Belsky:

@Jim Kalish

My company is still doing nationwide HELOCs, never stopped.  I don't personally lend in NC, but can talk to a few in my group to see if anyone can help you.  I'll send them over if I find one.

Cheers!

Hello do you do Helocs in Ny?

Im looking as well, please post if you find one

Whats a good place to find an iron clad lease option agreement that will give me credits for being time with the payments to the owners? I have been having a hard time finding or at least knowing what is leagal or not in NY

Im looking for a quick Lease option to present to my current landlord, I have never done a lease option but I remember years ago i went to a workshop where the instructor mentioned getting credits for paying on time. I tried to find a template online that actually had credits on the templates but they tend to miss other things. Can someone point me in the right direction?

please forgive the late response, I used statefarm for my personal but rentals I work with Northeastern 

insurace ask for Matt sgambelluri. tell him Charles Johnson refered you, he knows who I am. they are located on Albanyschenectady rd

I too am having a problem, i however made a bad move with another property and crushed my credit. A hard money lender gave me this quote on a cash purchased property and Im trying to figure if its a good deal also, its on a 2 fam building in upstate Ny, if anyone can give advice please respond to me publically so other people can lean as i am. thank you. 

Loan Amount: Total loan amount of $63,750 or 65% of After Repair Value, whichever is less (Subject to appraisal, inspection, applicant interview and additional underwriting. All required plans must be approved prior to funding, if applicable). Initial Disbursement of $21,250 (which consists of up to 90% of purchase price). Rehab holdback of $42,500.

Loan Term: 12-month interest-only balloon note.

Payments: Interest-only monthly in arrears with balloon payment

at maturity.

Interest Rate: 9.99% fixed interest rate

Collateral: A first priority lien on Borrower’s fee simple interest

in the Property and the improvements thereon

together with any personal property owned by

Borrowers related to Property

Prepayment Penalty: none

Loan Fees: The following fees shall be due: (1) 3.00 points, plus

customary underwriting, processing, legal,

administrative and site inspection fees to (**) at closing

of the loan; (2) $50 application fee due upon signing of

the term sheet. This fee will cover credit, background,

and initial valuation reports (all of which will be shared

with the borrower). Upon appraisal being ordered an

additional $350 application fee will be due and

credited towards closing costs if the loan closes. If the

loan fails to close this fee will be forfeited.

Closing Fee Schedule

Lender Points

$250 Legal Review Fee

$75 Appraisal Review Fee

$30 Servicing Setup Fee

$30 Draw Company Admin Account Setup Fee

$1,250 Attorney Closing Fee **Draw Fee is $200 per draw and a $30 wire fee for each draw wire** 

A hard money lender gave me this quote and Im trying to figure if its a good deal also, its on a 2 fam building in upstate Ny, if anyone can give advice please respond to me publically so other people can lean as i am. thank you. im going to try to post this on other threads because its time sensitive

 Loan Amount: Total loan amount of $63,750 or 65% of After Repair Value, whichever is less (Subject to appraisal, inspection, applicant interview and additional underwriting. All required plans must be approved prior to funding, if applicable). Initial Disbursement of $21,250 (which consists of up to 90% of purchase price). Rehab holdback of $42,500.

Loan Term: 12-month interest-only balloon note.

Payments: Interest-only monthly in arrears with balloon payment

at maturity.

Interest Rate: 9.99% fixed interest rate

Collateral: A first priority lien on Borrower’s fee simple interest

in the Property and the improvements thereon

together with any personal property owned by

Borrowers related to Property

Prepayment Penalty: none

Loan Fees: The following fees shall be due: (1) 3.00 points, plus

customary underwriting, processing, legal,

administrative and site inspection fees to (**) at closing

of the loan; (2) $50 application fee due upon signing of

the term sheet. This fee will cover credit, background,

and initial valuation reports (all of which will be shared

with the borrower). Upon appraisal being ordered an

additional $350 application fee will be due and

credited towards closing costs if the loan closes. If the

loan fails to close this fee will be forfeited.

Closing Fee Schedule

Lender Points

$250 Legal Review Fee

$75 Appraisal Review Fee

$30 Servicing Setup Fee

$30 Draw Company Admin Account Setup Fee

$1,250 Attorney Closing Fee **Draw Fee is $200 per draw and a $30 wire fee for each draw wire** 

This is my first time using private or hard money and I came across a lender who sent me their proposal sheet and Im not sure if this is typical or a good deal for me since im used to borrowing from banks or self funding, if anyone has an opinion please respond. The property is a brick 2 fam 4 br/2 ba, purchase price was 25k paid for by me, the rehab is about 25-35k (still in progress) the arv has been quoted between 90-120k via r.e. agents. here is what was sent to me by the lender

Loan Amount:    Total loan amount of $63,750 or 65% of After Repair Value, whichever is less (Subject to appraisal, inspection, applicant interview and additional underwriting. All required plans must be approved prior to funding, if applicable). Initial Disbursement of $21,250 (which consists of up to 90% of purchase price). Rehab holdback of $42,500. Loan Term:    12-month interest-only balloon note. Payments:    Interest-only monthly in arrears with balloon payment at maturity. Interest Rate:    9.99% fixed interest rate Collateral:    A first priority lien on Borrower’s fee simple interest in the Property and the improvements thereon together with any personal property owned by Borrowers related to Property Prepayment Penalty: none Loan Fees:    The following fees shall be due: (1) 3.00 points, plus customary underwriting, processing, legal, administrative and site inspection fees to (**) at closing of the loan; (2) $50 application fee due upon signing of the term sheet. This fee will cover credit, background, and initial valuation reports (all of which will be shared with the borrower). Upon appraisal being ordered an additional $350 application fee will be due and credited towards closing costs if the loan closes. If the loan fails to close this fee will be forfeited. Closing Fee Schedule • Lender Points • $250 Legal Review Fee • $75 Appraisal Review Fee • $30 Servicing Setup Fee • $30 Draw Company Admin Account Setup Fee • $1,250 Attorney Closing Fee **Draw Fee is $200 per draw and a $30 wire fee for each draw wire** 

does anyone have a good walk away clause for a down payment? I have a property (full rehab) i want to lock up but I have not gotten the title work nor have I done any updated due diligence. Im looking for a form that allows for a clean break should i be unhappy with my findings