We’ve written before about lenders raising the bar, or tightening, lending terms and conditions. One of the terms that’s started showing up in the covenants is “full recourse only”. Everything beyond the value of the property is now on the line. This was a somewhat common term in the 70’s and early ‘80s going...
Tag: lending
Post
COUNSEL MORTGAGE CLOSES $3.8 MILLION LOAN TO CONSTRUCT RETAIL CENTER
It’s not for everyone, we admit. But for those astute enough, aggressive enough, and pre-disposed to the commensurate high rewards, the effort is worthwhile. Case in point: We recently closed a $3.8m loan for an investor/developer to construct a retail center in the west valley. (A construction loan in this economy? And a...
Post
ANOTHER LENDER TO WHOM WE CAN BROKER – UNITED WHOLESALE MORTGAGE
Our account rep, Mike Stein from United Wholesale Mortgage (UWM), recently flew in from Michigan to visit us to see how they can help our business. UWM is the #1 wholesale lender in the Nation, and their owner recently bought the Phoenix Suns. The only way to get a loan from UWM is to work...
Post
ATTENTION FIRST TIME HOMEBUYERS!
Are you looking for a home loan, but don’t know where to start because you don’t know anything about home loans? You’ve researched on-line and found many different programs, but do not know which program is right for you. Should you put a little money down, no money down, or a lot of money down?...
Post
ARE YOU LOOKING FOR A COMMERCIAL LOAN?
Are you looking to purchase a plaza, office building, apartment complex, gas station, or some other type of commercial real estate? We can help you with these loans. We are a mortgage broker and have relationships with many lenders to find the best terms for your investment. As you know, the rate and terms...
Post
ARE YOU SELF-EMPLOYED AND ARE HAVING A TOUGH TIME GETTING A HOME LOAN?
Lenders look at your net income, not your total revenues, for qualification. But, there are other ways to get qualified. There are loans where lenders will look at your bank statements and use a percentage of deposits as income. Many lenders require 2 years self-employment, but there are some lenders who only require 1 year....
Post
GIFTS FOR DOWN PAYMENT
Gifts are allowed for down payment on conforming and government loans. They are allowed for primary residence purchases, and must come from a family member. Fiancés are qualified donors. Gifts are not allowed on investment properties. With competition heating up for first time homebuyers, we are seeing gifts for down payment so they can present...
Post
CONDOS CONDOS CONDOS
We are hearing it is becoming more difficult to get condos approved. Let’s take a look. On conforming loans, there are two levels of review, a limited review and a full review. A limited review does not require as much documentation as a full review. For example, a full review requires an Association Budget and...
Post
IS THERE MONEY TO LEND FOR CRE?
The CBRE Lending Momentum Index declined by 15% in Q4-22 from Q3 and 27% year-over-year. CBRE cited heightened market volatility amid higher interest rates. “The Federal Reserve’s commitment to reduce inflation with aggressive rate hikes continues to heighten market uncertainty, as borrowing costs increase and a lack of price discovery persists,” said. Rachel...
Post
ANOTHER LENDER TO WHOM WE CAN BROKER – PENNYMAC TPO
As a mortgage broker, we can broker to many different lenders. Here we feature Pennymac TPO. We have brokered conventional and government loans to them. They have a great process and support. These are important considerations when choosing a lender. We are in the people business, and it is important to have a support team...