New Real Estate Investor Mortgage Product
I am beginning to market a brand new mortgage program for private real estate investors that allows for quality long term fixed rate financing for their Residential Real Estate Portfolios.
This mortgage program is designed for Real Estate Investors who own, in aggregate, over $4 million dollars in investment property and can accomodate transactions up to $50 million is size.
This program allows these property owners to obtain one blanket loan, for up to 70% of the value of those stabilized and rented properties for refinance (cash out or rate and term) this program can also accomodate bulk acquisition of stabilized and rented properties in one transaction as well.
Program Terms:
Non-Recourse
ZERO Credit Score Requirements
50-70% LTV $4 Million-$50 Million Loan Amount
6-8% Fixed Term for 20 Years (4 Years Interest Only)
1.5% Total Points
Rate Term, Cash-Out, Bulk Acquisition
SFR, Condo, Units 1-4’s
For more information – please call or email today. Mortgage Brokers are welcome to participate. Michael Foote michael@michaelfoote.com 949-584-4600 for details
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Comments (136)
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1. On the Bridge loan, you can take out up to 85 percent of the value, and put it into a new home panmeyt is deferred for 6 months. That will enable you to #1 buy the new home, or build the new home #2 gives you time to sell your other home.2. You are still responsible for all mortgages.3. Lenders will take a hard look at your credit, your middle credit score needs to be in the 600 s for the Bridge loan. The middle score varies from lender to lender rom 620 680 and higher. Other factors come into play.BRIDGE LOAN:It is a short-term bank loan of the equity in the home you are selling. You may take out a bridge loan, or interim financing, to help with a knotty situation: closing on the home you are buying before you close on the property you are selling. This loan basically enables you to have a place to live after the closing on the old home. The key to a bridge loan is having a qualified buyer and a signed contract. Usually, the lender issuing the mortgage loan on the new home will write the interim financing as a personal note due at settlement on the property being sold.If, however, there is no buyer for the property you have up for sale, most lenders will place a lien on the property, thereby making that bridge loan a kind of second mortgage.Things to consider: interest rates are high, points are high, and there are costs and fees involved on bridge loans. It may be cheaper to borrow from your 401(K). Actually, any secured loan is acceptable to lenders for the down panmeyt. So if you have stocks or bonds or an insurance policy, you can borrow against them as well. So basiclly it is this: A bridge loan is financing secured by your current home, a home typically listed for sale. The bridge loan is used to finance the purchase of the second home and is paid off when the first home sells. In addition to other questions, when considering a bridge loan seller/borrowers should ask about interest costs, up-front fees (because bridge loans are short-term financing, it’s better to pay a higher interest rate than points for a loan which will generally last just a few weeks or months), and what happens if house #1 takes longer to sell than anticipated.
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