Kathy Gray wrote:
Fellow Investors,
Being an investor and also a mortgage originator by trade for 20 plus years, I have been actively searching for a product to keep us all in the business of purchasing SFR at discounted prices. I now have the product that bridges the financing between Hard Money and Conventional Financing and eliminates the 4-10 property limit.
For buy and hold investors - No Limit to number of properties:
30 Year Fixed Rate Loan - 85% of Appraised Value
Full doc - 620 FICO - 55% debt to income ratio - 6 months reserve -
1-2 units only
In some cases you can actually receive money back at closing.
Here is an example:
Purchase Price - $98,000
Appraised Value - $150,000
Cosmetic Repairs - $10,000
Loan Amount - $127,500
Est. Total Loan Cost - $11,475
Est. Cash at Closing - $18,000
This is great for a cosmetic rehab as the loan is based on current appraised value, not purchase price.
I also have products available for 3-4 units, the self-employed investor and even a 75% refi for investor with equity in their properties.
This is Private Money Mortgage Financing.
For consideration, application or just more information please contact me directly.
Kathy Gray
FCCI
817-228-4415
I found this very interesting, and know it would be of interest to other investors- so i copied it to a word doc, and will put it out on the FWREIO table tonight (Mar 12, 09)- hope you get some calls. We might also want to talk to you- you can give Robin or me a call any time. Our office number is 817-581-7520. Blessings to all!
