My husband and I have been trying to find a local lender who will give us an asset-based mortgage. So far, we're having no luck.

Asked by Amirek, Fayetteville, AR Mon Aug 13, 2012

The lenders we've spoken with all say the same thing (even the ones we've done business with for years, still have loans with, have never defaulted on or made a late payment)...they can't help us unless it's with an ARM mortgage. What we're wanting to buy is investment property. A single-family home, which we want to use as a vacation rental. We already have one vacation rental, and it's doing very, very well. We have no debt on that home. We also have a rental that pull in very little income because my mother is renting from us, but we own the home outright. We own our own home as well, and another home that we lease for more than our mortage/insurance/tax payment. We have plenty of assets, a trust, and other sources of income that aren't from employment. My husband and I are self-employed. We pay ourselves very little, putting everything we earn back into growing our businesses. How can we can obtain an asset-based mortgage? We really hate to miss an income opportunity.

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Tommi Perkins, Agent, Fayetteville, NC
Fri Aug 2, 2013
Tommi Perkins, Keller Williams Market Pro Realty, Fayetteville, AR
You will find it difficult if not impossible to get a secondary market loan in your present circumstance. While I definitely admire your personal program of obvious austerity to put all personal funds toward paying off all of your properties, I have to say that to a mortgage lender you do not "fit into the box" of secondary mortgage lending requirements. Until you get enough properties with enough positive cash flow to equal an income-less a percentage for vacancy, taxes, insurance, and a reserve for repairs, you will not fit into a secondary market program. The way many young investors get started is to purchase their income properties with in house loans at banks. At this time you cannot even get an adjustable loan! You can get a balloon note with a 3 or 5 year end. I am very conservative myself and find this somewhat uncomfortable. However, if you are truly going to put additional monies toward the principal, your payoff will be better in that it will be less than amortized. If you will call me I will help you struggle through this quagmire of financing sludge! I have helped many investors get started on the road to financial independence so if I can help give me a call! 479-841-2110
0 votes
Brenda Lee, Agent, Fayetteville, AR
Fri Apr 19, 2013
My idea would be to contact Iberia Bank and ask for Candice Hoggatt phone number - 479-695-2286. Sounds like you shouldn't have any problem getting a loan, I am sorry you are having a hard time with it. If you would like any help in the future in purchasing any properties please give me a call at 479-236-0398. Brenda Lee, Executive Broker, RE/MAX Associates
0 votes
cwhatucan, Home Buyer, Fayetteville, AR
Tue Aug 28, 2012
Try talking to Robin Simpson at BancorpSouth. They are a big bank, but easy to overlook because they only have a few branches up here. She made our loans work despite some major setbacks.
0 votes
Thank you! :)
Flag Tue Aug 28, 2012
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