OfflineI have called every single HML I have in my arsenal. NONE of them will do a loan that is 60-70% of ARV. There is ONE that will, but it needs to be over 250K. I don't need that much. I REALLY don't want to lose this deal. I've been waiting too long to be defeated by the word 'no'. I've been on the phone since 7am looking for just ONE HML that can do this.
If ANYONE knows of a HML in CA that will lend under 250K with their % based on the ARV of the property, PLEASE PM me with the info.
I talked to Diane at the Success Academy and bless her sweet heart! She is the kindest, most positive person! I just love talking to her. But when I asked 'why can so many other people on DG.com do this and I can't' and she replied 'because you're in CA' it broke my heart. This is so sad! There has GOT to be ONE HML in CA that will do this! *sigh* 
I've been on the phone nonstop since 7am while the kids tear up the house and chase one another around screaming. Since this is an auction, I need to have the POF by the end of 24 hours or I lose out on the great deal and my 5K deposit. They won't take transaction funding letters. Any suggestions?
Here' the Prop info:
Listed for: 295K
My winning bid: 190K
ARV: 305K (COMPS, CMA)
Work needed: $8K (I have a couple thousand of padding in there) All work is exterior. The inside is already beautiful. Another investor didn't calculate his rehab and holding costs and foreclosed on the property. Its owned by FANNIE now, not assignable (ahhem... technically).
I really DON'T want to lose this deal. Any help or references would be appreciated so much!
Frustrated, sick with the flu, but NEVER giving up!
~Tammy
is that all HML now want skin in the game. When you talked with the HMLs did they look up the value of the house? Perhaps your comps are off. What city is the property in? I might have some resources for you.
Check out www.1stcalifornialoans.com I dont know if you've tried them but there a no bs lender.I think the credit requirements are 640 and above and they'll roll closing,title,repairs "get 3 contractor bids for repairs" etc into the loan.I've tried to get a loan from them before on a flip property and it was a hell of a deal but they wouldnt give me the money because of my credit even though i have money.But i know what you feel like calling HML's all day and getting shut down if that makes you feel any better.
ANY FOOL CAN CRITICIZE,CONDEMN AND COMPLAIN AND MOST FOOLS DO.
BENJAMIN FRANKLIN
Kimmy! I'm just amazed not ONE of them will go for ARV; they'll only do 55-65% of purchase price. That doesn't help too much. So, I thought I'd built up a great network of HML; some from this site, some from my own findings. But, when push comes to shove, they are just like banks. Plllbbbtt
It is CERTAIN we will SUCCEED.
Hi Tammy,
I was putting together a list of California HML's that I've heard good things about (from word of mouth and from real estate magazines). I have not used them personally but please let us know if they can do it!
Norris Group
thenorrisgroup.com
Up to 65% ARV
Source capital
Source-Capital.com
Mid Valley Financial
http://www.financialfreedom4you.net/
Up to 65% ARV
Blazevic
http://www.blazevicfunding.com/
Have to show ability to make 6 months of payments.
Good luck!
- Tom
I have many in my arsenal that do loans in California, I will take a look and get back to you. I thought you were high on PM, what happended to that?
I don't know if these guys will do anything in Cal. or not. I know they need a lot more time that 24 hours. If they can help now or later and will work in Cal. get your self pre qualified with them! They charge 4 points and 15%. They like to see 6 months of interest payments in liquid assets in your bank account. Can't hurt to ask if they can help!
Pine Financial Group
Kevin Amolsch
303-835-4445
Fax 303-600-9688
Kevin@pinefinancialgroup.com
www.pinefinancialgroup.com
They will look at your repair estimates and determine
what the ARV will be based on your fix up. They will have the property appraised. They will then loan you up to 70% of the ARV value THEY determine. The 4 points you pay at closing, the interest payments are made monthly.
This is a great learning experience for you. The real world of HMLs!! It is not just based on the deal and they throw money at you!
Don't worry, you will do it, if not this time, the next one will happen!! PM me if you want.
Hope they can help out,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I have several lenders for you to talk to. I decided to post them here for everyone to see, to help them.
The best one is Mid Valley Financial-Contact is Wendell Harris Phone number is 888-956-2689 or 2684. They do res, comm and rehab in the Western States. They do $30K min, self directed IRA non-recourse loans and other hm loan programs. No fico score required. 1-5 year terms, to 65% of the ARV. Website is www.financialfreedom4you.net.
Bridgelock Capital-contact is Eli Tene phone is 877-663-4268 website is www.bridgelockcapital.com
California Equity Lenders- Contact is Gillee Sherman phone is 818-584-2318 website is www.calequitylenders.com
Capital Benefit Mortgage- 888-443-4777 website is www.capitalbenefit.com
Let me know how these work for you.
HOWEVER, I only have a PML for 74K (3%, no points) (no, its not family), and I need more. Do you know how hard it is to present your company and deals with 4 kids in tow pulling on you, jumping on you, wanting your constant attention, while the older ones must say some interesting tidbit about how they're 'bored' or 'what can I do' or 'are you done yet' instead of reading their books nicely?
But, I'm working on getting a webinar presentation all together to fix that problem. Time is limited, and I want to do deals now!
I appreciate all the response. MANY I have not tried yet! I appreciate it so much! DG Family ROCKS!
It is CERTAIN we will SUCCEED.
Yes, this was a learning experience, that's for sure. When talking to all the HMLs today, I couldn't tell the difference from dealing with a bank! They all want tax returns, w2s, good credit, FULL doc loans and go off purchase price and want you to have a ton of money in the bank already. What's the difference from a large bank, other than the pts and interest rates?
This fixer only needs outside repairs. I've got this one under contract and I will stay up day and night to see that it happens. In SoCal, this is my first opportunity to land a deal this far below ARV! (Except my cabin in the mountains). It doesn't even need as much work as some of the rental homes I've bought in years past. I'm NOT letting it slip away. I'll equity partner if I have to! Better to make 1/2 than nothing at all!
Thanks for all the encouragement Michael!
Thanks Ranger, I know it gets pretty frustrated and intimidating! I'm working on getting my EMD in. I have to untie up money for that. THe auction no longer takes your credit card for the down payment.
It is CERTAIN we will SUCCEED.