Answers (2)
- tony.hagen
- Contributions:2
This is how I understand it:
Private lender - is an individual, or group of individuals whom are non regulated and lend their own money.
Portfolio lender - is a regulated banking institution and writes their own set of underwriting guidelines that do not have to conform to Fannie, Freddie, FHA or VA rules since they are lending their own money.
I believe your definition of private would be considered a hard money lender.
I could be wrong, but I am looking for a bank that underwrites a loan with a common sense approach and takes in to account compensating factors.
Private lender - is an individual, or group of individuals whom are non regulated and lend their own money.
Portfolio lender - is a regulated banking institution and writes their own set of underwriting guidelines that do not have to conform to Fannie, Freddie, FHA or VA rules since they are lending their own money.
I believe your definition of private would be considered a hard money lender.
I could be wrong, but I am looking for a bank that underwrites a loan with a common sense approach and takes in to account compensating factors.
- snoopysdad
- Contributions:30
Tony,
A portfolio lender loans on (or buys) Portfolios of loans?
I don't know a single P-Lender (or Buyer) that pursues less than 20 loan portfolios, with WAM (weighted average maturity...'aging') of at least 12 months, and WAC (weighted average coupon...averaged interest rate on the file/package of loans aka "portfolio") of less than 7%?
I think You mean a Private Lender?
I'm in Florida also, all privates I represent don't do primary residences, and they're (none of them) extending greater than 50% LTV currently? If You're considering cashing out Your retirement assets, please keep in mind that there's a significant financial (TAX) penalty for doing so?
Perhaps shopping lease/option, or owner financing available properties in Your area might be a good answer for getting You back in the ownership realm again?
-HTH
A portfolio lender loans on (or buys) Portfolios of loans?
I don't know a single P-Lender (or Buyer) that pursues less than 20 loan portfolios, with WAM (weighted average maturity...'aging') of at least 12 months, and WAC (weighted average coupon...averaged interest rate on the file/package of loans aka "portfolio") of less than 7%?
I think You mean a Private Lender?
I'm in Florida also, all privates I represent don't do primary residences, and they're (none of them) extending greater than 50% LTV currently? If You're considering cashing out Your retirement assets, please keep in mind that there's a significant financial (TAX) penalty for doing so?
Perhaps shopping lease/option, or owner financing available properties in Your area might be a good answer for getting You back in the ownership realm again?
-HTH
Looking for a portfolio lender in Florida
tony.hagen@yahoo.com
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