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Replies (22)
- Hamp Yonce, "Zilluminati"
- Contributions:3464
Are you making these things up?
- Michael DeMay, "mdemay"
- Contributions:68
Nope. Client is in the horse racing/training business. Has pots of cash, but wants a small loan for some reason. In this market, I won't argue.
- Hamp Yonce, "Zilluminati"
- Contributions:3464
Farm Credit Banking System, they call themselves AgSouth around here.
Rural Housing Loan, through USDA, they have SFH and Biz loans.
I think you are going to have to have a residence (building, not just raw land) on the property in either of these cases. Maybe not on the Rural Housing Business product.
If this guy can't go to his "private banker' type person and get the 20% borrowed, something is fishy.
Rural Housing Loan, through USDA, they have SFH and Biz loans.
I think you are going to have to have a residence (building, not just raw land) on the property in either of these cases. Maybe not on the Rural Housing Business product.
If this guy can't go to his "private banker' type person and get the 20% borrowed, something is fishy.
- Hamp Yonce, "Zilluminati"
- Contributions:3464
All you really need is a surveyor, and a residence, and a Conforming Lender.
He never says if there is a residence. If there is this would be easy.
Buy approx. 480 acres with the most of the cash, survey out 5,10,15,22 acres and residence as seperate deal, and go conforming 80%.
He never says if there is a residence. If there is this would be easy.
Buy approx. 480 acres with the most of the cash, survey out 5,10,15,22 acres and residence as seperate deal, and go conforming 80%.
- Michael DeMay, "mdemay"
- Contributions:68
I have to agree with Hamp on this one.
How does the guy put down over $1.4 mil and then 'need' a loan for like 20% ltv ???
Surely the owner can do a carry back on this one for christs sakes.
How does the guy put down over $1.4 mil and then 'need' a loan for like 20% ltv ???
Surely the owner can do a carry back on this one for christs sakes.
- Hamp Yonce, "Zilluminati"
- Contributions:3464
Pirate smells the fish.
- Hamp Yonce, "Zilluminati"
- Contributions:3464
If there is no residence, and you are a broker, say this. NEXT Customer please. He threw you a piece of grissle, there is no bone.
Wanna hear something wild?
Just got a call from a guy who has a baloon due on a 5mil 30 acre piece of choice real estate zoned commerical on US 1.
he owes 2.8 on it.
Know anyone who can finance that ?
Just got a call from a guy who has a baloon due on a 5mil 30 acre piece of choice real estate zoned commerical on US 1.
he owes 2.8 on it.
Know anyone who can finance that ?
- kirkwilliamsgroup
- Contributions:150
"Any tips for a Lender or local bank?"....DeMay
Aren't you the same guy writing articles for the Scottsman undercover?
If this guy is big cash guy maybe he has other assets that he can cross collateralize be it real estate or assets from his other business.
Good luck.
Aren't you the same guy writing articles for the Scottsman undercover?
If this guy is big cash guy maybe he has other assets that he can cross collateralize be it real estate or assets from his other business.
Good luck.
- Nic Netherton, "Colorado Lender"
- Contributions:7200
Michael- i got a buddy thats the VP of a bank in Monument, CO (just north of colorado spring, south of Denver) an if the deal is as strong as you say it is i am sure he can get it done for you, and they can work to pay you on it as well. Let me know if you want his contact info....
- Hamp Yonce, "Zilluminati"
- Contributions:3464
Tom is this property in the Space Ghost area? Those are SC prices.
It doesn't even sound like it is on the penisula, I mean in FLA.
My Sisters co. might take him out before he gets ashammered.
They were paying 2 something for acres on the tip of the penisula. I mean FLA.
It doesn't even sound like it is on the penisula, I mean in FLA.
My Sisters co. might take him out before he gets ashammered.
They were paying 2 something for acres on the tip of the penisula. I mean FLA.
Hamp.
Yes. Its right on US 1, which means much of it is on or near the water. Its 30 acres and in fact I think he wants to stick a walmart on it.
Yes. Its right on US 1, which means much of it is on or near the water. Its 30 acres and in fact I think he wants to stick a walmart on it.
- Nic Netherton, "Colorado Lender"
- Contributions:7200
A1A Beachfront Avenue!!!
- Michael DeMay, "mdemay"
- Contributions:68
Got it worked out.
To: kirkwilliamsgroup, what do mean Scottsman undercover? I asked for opinions, as my original post was an opinion.
To: hamp vance, I'm glad I tried (and helped this ref'l), he ref'd a nice $2,000,000 purchase my way.
Just because someone has loads of cash doesn't mean they have to put down 100%, nor does it mean, the client has other issues. The land produces hay, so it's a business. The small loan gives him the write-off expense he wanted.
And in this California market, I'll work my ass off for a $350,000 loan.
To: kirkwilliamsgroup, what do mean Scottsman undercover? I asked for opinions, as my original post was an opinion.
To: hamp vance, I'm glad I tried (and helped this ref'l), he ref'd a nice $2,000,000 purchase my way.
Just because someone has loads of cash doesn't mean they have to put down 100%, nor does it mean, the client has other issues. The land produces hay, so it's a business. The small loan gives him the write-off expense he wanted.
And in this California market, I'll work my ass off for a $350,000 loan.
- Hamp Yonce, "Zilluminati"
- Contributions:3464
How did you do it?
I didn't mean to say I woudn't have wanted to do it for the guy.
I just didn't know where to.
The last millionaire I did a loan for wanted to buy a 55 ft sailing catamaran and have a tax deduction for it. I did a refi for a house one of his trusts owned.
There's a reason for everything you just wern't telling us what it was. Or he wasn't telling you. I know what he was doing. All the milionaires have the small farms to dodge Uncle Sam. Just most of them have a dwelling.
You and I know raw land loans are not really the domain of Mortgage Brokers. Especially not big land like that. I would have called Interbay or Silver Hill maybe. Congrats.
Where you going to get the 2 million?
I didn't mean to say I woudn't have wanted to do it for the guy.
I just didn't know where to.
The last millionaire I did a loan for wanted to buy a 55 ft sailing catamaran and have a tax deduction for it. I did a refi for a house one of his trusts owned.
There's a reason for everything you just wern't telling us what it was. Or he wasn't telling you. I know what he was doing. All the milionaires have the small farms to dodge Uncle Sam. Just most of them have a dwelling.
You and I know raw land loans are not really the domain of Mortgage Brokers. Especially not big land like that. I would have called Interbay or Silver Hill maybe. Congrats.
Where you going to get the 2 million?
- Michael DeMay, "mdemay"
- Contributions:68
Since this client was fat with cash, I assumed he owned his home outright and he did. So, we'll cashout refi and get a nice 30yr fixed conforming for 6.125--ish. But, I did find a local bank to do the land if needed.
The 2 million will go to Chase, Citi or Indymac.
The 2 million will go to Chase, Citi or Indymac.
- Hamp Yonce, "Zilluminati"
- Contributions:3464
Nice piece. I was gonna say that but I knew you wouldn't let that go unasked.
- kirkwilliamsgroup
- Contributions:150
"I'm NOT a Realtor, just put it in my profile. I got the reaction I thought I would. Look for my article in an upcoming issue of the Scottsman Guide."
You posted the above comment on another thread so I took it at face value, my mistake.
You posted the above comment on another thread so I took it at face value, my mistake.
- Larry Haertling, "Larry Haertling"
- Contributions:276
I may be able to help you. Please contact me ASAP.
Thank You,
Larry
Thank You,
Larry
- Michael DeMay, "mdemay"
- Contributions:68
Thanks. Deal is done. Refi'd the house, 7/1 arm at 5.875 with .540 back with Chase and it qualified for stated/stated. Crazy! Stated/stated, but at least my clients can back it all up. I think the 35% LTV allowed that finding.
Land Loan
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Contributions:68Property has cattle and hay growing. Any tips for a Lender or local bank?
Thanks.
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