There is a private investor in NY that lends up to 75% of the value of the property. In some cases, they will use the after repair value (ARV). If you are able to find such equity before or after the rehab, you do not have to put any money down. HOWEVER:
Fees up front: $900
Fees due at closing $3200
Points (can be financed): 7% - 75% minus 7% is 68% max LTV
The process is very slow: you pay the fee and submit application and financial info (bank statements are okay instead of tax returns or pay stubs) and credit score (report not needed, just a score).
Wait 2 weeks for approval
Get your property under contract
Submit property info (title, appraisal)
Wait up to 4 weeks to close
You can buy commercial and residential with minimum loan amount of $100,000 (which may increase soon).
Loan is for 5 years (amortized 30 years)
Start rate 9.5% interest only
No prepayment penalty
Available in all states
I have not closed a loan with this investor. I submitted 2 deals that did not close. The first one due to legal problems with the buyer (buyer previously squatted the property) and the second due to the 1 of 3 sellers taking 3 weeks to execute the contract on a multi property purchase deal.
The upfront fee is non refundable.
I am in the process of obtaining a new investor that will offer much better rates and down payment terms. Also, check out a blog I'm working on today regarding using NOTES to obtain financing. Stay tuned...
For NY properties, I would need to refer you to one of our NY licensed Renovation Loan Officers.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Private Money/Hard Money Nationwide (Residential and Commercial)
Private Money Group is a nationwide private hard money for real estate financing. Our product is a 3 year, interest only, no prepayment penalty loan. We specialize in time-sensitive deals and can turn around a loan in 12 - 21 days.
• Interest Rates: 9.5% - 14%
• Amortization: Interest Only / 360 months
• Loan to value: Up to 89%
• Origination Fee: 5% taken at closing from loan proceeds
• Loan Term: Up to 3 years
• Closing times: 12 - 21 days
• Loan Size: $30,000 to $20,000,000+
Some Collateral types that we are interested in are:
• Non O/O Residential • Office Buildings
• Commercial • Apartment Buildings
• A&D • Hotels / Motels
• LAND • Mixed-Use
• Investments • Shopping Centers
• Rehabs • Warehouses
• Construction • Investment Facilities
• Bridge • Marinas
• Mezzanine • Auto Repair / Mechanic Shops
• Income Producing Property • Gas Stations
• Second Homes • Multi-Family
• Business Financing • Jumbo Properties
To help quickly evaluate a scenario, please provide:
1. 1003 or Loan Application.(if interested, email us at firstname.lastname@example.org for send it)
2. Guarantors Tri-merge Credit Profile (if available).
3. Appraisal (if available).
For more information, please email us at email@example.com
Private Money Group
Meet with a Loan Officer and take t from there. I'm always available to meet in one o our Manhattan, Queens and Long Island offices. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax