Financing in Los Angeles>Question Details

khoylow, Real Estate Pro in Los Angeles, CA

Looking for Portfolio Lender for 2-4 Units non owner occupy for Los Angeles area property. 1/6/2013

Asked by khoylow, Los Angeles, CA Sun Jan 6, 2013

Want to purchase 2-4 units Los Angeles area. I do not qualify for conventional loan, because my total loan to vaulue is too high. I have a high Fico score. Is there any portfolio lender that will lend (fund)?

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Stephanie Irto’s answer
If you don't have enough cash to put down for a property in Los Angeles, you may want to consider going an hour or two outside of LA and you will find much more affordable properties that may actually cash flow better. How much of a down payment do you have to work with?
0 votes Thank Flag Link Mon Jan 21, 2013
Investment property is 25% down with minimum 660 fico score. It only takes a few dozen questions to qualify in minutes. There are to many options to guess. Do you also need properties emailed to you? I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to reaise fico scores to qualify. I can raise fico scores within 3-4 days in most cases.
Here are some links to study and consider.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
9am till 9pm 7 days
0 votes Thank Flag Link Mon Jan 7, 2013
My problem is not my fico score. It is around 800. I have too many loans under my name and not enough income based on fannie guide line. I am looking for an outlet that is a portfolio lener. Not a hard money lender.
Do you know any lender which will lend 70% LTV around 5% interest rate for non-owner occupy?
Flag Mon Jan 7, 2013
I have 3 units in Bellflower they are all rented getting good income every month give me a call perhap we can meet to discuss about a hard money loan
0 votes Thank Flag Link Sun Jan 6, 2013
I am not looking for hard money lender. Something like a soft money lender, around 5% fix interest rate 5-10 year.
Flag Mon Jan 7, 2013
I can get you a hard money loan for 6 to 9 months with 20% down, then I can help you refinance call me I need more information

Melvin Castro
310 930 6572
Prudential California Realty
0 votes Thank Flag Link Sun Jan 6, 2013
You did not say loan amount nor LTV you need.. but try

best of luck!
0 votes Thank Flag Link Sun Jan 6, 2013
There is a 30 years loan programm that requires 30-50% down (depending on the property and your credit) and no need for income with interest rates under 5%.

Contact me if you serious and would like more info about this loan program.

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0 votes Thank Flag Link Sun Jan 6, 2013
Portfolio lenders typically have more stringent LTV guidelines than Fannie/Freddie. Do you have other assets (liquid or real estate) you can collateralize the property with?

I'd recommend you look into BofI Federal Bank (stands for Bank of Internet) & Advancial Credit Union.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Sun Jan 6, 2013
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