All Forum Posts by: Sunil Sehra

Good Afternoon All,

I am looking for small local banks in Maryland that will do lines of credit for Investment Properites.  I have called the bigger banks and they will not do lines of credit on investment properties (even though some of the properties are paid off).  A broker recommended that a small local bank might be able to help since they sometimes can take a little more risk.  Can anyone recommend a small local bank in Maryland that might be able to help me.  I suppose a portfolio lender in Maryland would also be worth a try.  If anyone has any info on this that they can provide, it would be greatly appreciated.

Thanks in advance...Sunil

Thank you all for the information. I will call my investment property lender (Credit Union) today and see if/how we can make this happen.

Thank you again.

Sunil

Correct...You can apply for credit alone. The only thing (if it matter is) that they will only count your assets.

Good Luck...

Thanks Dion and Tim.

I started the process for my Primary Residence on April 1. I am thinking, worst case, my primary will close in 45 days (May 15). The settlement date for my investment property is May 20. The lender on my primary residence is Bank of America. I did disclose my dilemma to them and the Loan Officer said that I would wait to close entirely on the first property (Don't want to risk anything). That would mean that I probably would'nt be able to close the second property on time.

Another option is that I have a second lender who could do the loan in 30 days on the second property. The second lender has full disclosure that I am waiting on closing the first property. Is it possible to start the process for the second property (or at least do some %age of it) before the first loan closes?

Thanks in advance.

Sunil

Hi,

I am buying a primary residence in CA, which will hopefully close by May 5,2013 via conventional loan. I have another property (investment property) in Maryland under contract, however the settlement date for this is May 20, 2013 (I have already moved out the settlement date once - earlier it was April 20, 2012). The Primary residence is most important to me but I would like to somehow finance both. I wanted to reach out to the forum and ask for ideas.
Btw - the seller is willing to do a seller-carryback but I am hesitant (I have never done it and based on the way the lenders are acting these days, I am not sure if I would be able to refinance the property in the future).

Regards,

Sunil

Hi Matt,

Welcome to the site. I have 3 properties in PG county in Maryland. Anything I can do to help, please let me know.

Sunil

This would be bad news for me. I've got 3 properties under contract (short sale) in PG county. Let's see what happens. Thanks for letting the forum know - Being out of state, I had not idea...

Good Morning All,

I wanted to validate my thinking. Is it possible for me to buy 4 properties under my name using my income, credit, etc and then another 4 properties under my wife's name using her income, credit, etc. The reason I ask is that I've heard it's a bit harder to get properties once you get above 4 properties.

Regards,

Sunil Sehra

Good Morning All,

Has anyone had really good experiences with conventional lenders. I realize that the lending environment is in a flux but I am having a difficulty finding a lender that is flexible. For example, when I'm writing an offer some of the sellers want to see the address of their property on the pre-approval letter (not a generic pre-approved dollar amount - don't ask me why). A couple of lenders I've worked with - it takes them a couple of days just to change the address on the letter. By then, the property is gone. Note - this is just to put offers on short-sale properties. Whether I get the ratified contract is not even in the picture at this point. Anyone have any lenders that they can recommend. Your advice would be greatly appreciated.

REgards,

Thanks Teresa. But I think the annual credit report does not give you a score. I was looking for something with a score because that would probably be required for a pre-approval from a lender.