Financing? How do you do it?
Looking for a bank that will loan for a property that needs work (plumbing, electric, C of O change 3fam + store to 2 family). Love the property but it’s frought with financing challenges. I try to be upfront with my financing needs but I am finding a lot of different loan names for the…
Looking for a bank that will loan for a property that needs work (plumbing, electric, C of O change 3fam + store to 2 family). Love the property but it’s frought with financing challenges. I try to be upfront with my financing needs but I am finding a lot of different loan names for the type of loan I need vs what lenders are willing to offer. I see all the renovation occuring around the neighborhood and I am wondering – how the heck are you getting financing and who are you using? Thus far WAMU does not handle these types of loans, the SunTrust recommendation is no longer with the company, Commerce wants to do a commercial loan with a sizeable downpayment, Bofa has had no response and Chase wants an arm and a leg just to fill out the application. I’d even consider a mortgage broker (not my first choice) but I’d like to exhaust my resources first. I know it’s a tough marketplace so any advice, helpful hints are appreciated. Maybe I am being to upfront about the amount of renovation that needs to happen? And what do you call these types of loans? I was told a “Rehab”, “construction”, Purchase + Renovate but they all mean different things to different lenders.
The post who recommended Marhsa Morency at Wells Fargo obviously has not had contact with her.
She does not know what she is talking about. Seems inexperienced and made comments I knew to be wrong as I have been through the process and was looking to refinance.
Would not be my first, second or third choice…not any choice.
Just stay away from Alphonso Gill at Wells Fargo – he has a horrible reputation.
Check out 203k loans, they are purchase + reno loans and could be what Wells Fargo offers. These I believe are FHA loans.
Here is a contact at Wells Fargo per the mortgage + renovation loan package:
Marsha Morency
Home Mortgage Consultant
Renovation Specialist
Wells Fargo Home Mortgage
M6534-031
75-20 Astoria Blvd., Suite 130
East Elmhurst, New York 11370
718-310-4343 Tel
866-201-5006 Fax
marsha.morency@wellsfargo.com
I just got a construction loan. The loan to value was 50%. I pay interest only on what is used for 12 months at 4.5%. After 12 months it can go permanent or be paid off. I got it through Merrill and Mortgage Family.
I just got a construction loan. T loan to value was 50%. I pay nterest only on what is used for 12 months at 4.5%. After 12 months it can go permanent or be paid off. I got it through Merrill and Mortgage Family.
try Wells and a Broker so you know Wells has the availabilty to broker out as well. I tried the guy above Brian Scott Cohen as Well his service was insane, but he could not do our loan, but definitely recommend him. We needed no income verification on a 4 family Jumbo…He may help you 718 n780 9132 or cell 646 584 8009
Seriously, call Brian Scott Cohen from Wells Fargo he be very honest with you and tell you what can be done. He does not charge an application fee. He hooked up our loan and we had a 500k commercial loan he did for us went smooth as can be 718 780 9132
Seriously, call Brian Scott Cohen from Wells Fargo he be very honest with you and tell you what can be done. He does not charge an application fee. He hooked up our loan and we had a 500k commercial loan he did for us went smooth as can be
Thanks all for the advice.
@el salar – I will definitely check out Wells Fargo.
@11216 Good suggestions. I was thinking of something along those lines using the equity in my current properties that I don’t have mortgages on and using the rental income so I won’t have to much of a noose around my neck. I know cc’s are risky but it’s a good back pocket option.
& ontheparkway – thanks for the response. not in over my head and need to make sure i stay that way. trying to paint the financing picture before I make any offers on the property. I learned my lesson early on that issue. Just trying to gauge the financing landscape since it’s changed so much since my last purchase in 2004.
@denton & bricktar – I’ll check out the mortgage broker option after i check in with Wells Fargo. I used a broker the last time and ended up with an indy mac loan. I was kicking myself because I could have gone directly to the bank.
@ the what – brother i hear you on all points and trust, I am not making any decisions without considering every possibility.
Love the opinions – keep ’em coming. Thanks.