DFW REI Club

 Dallas/Fort Worth Real Estate Investor Club

Looking for a Local Lender that typically holds 30Y notes

  • 27 Jul 2020 10:01 AM
    Message # 9128103

    I'm looking for a lender that holds their notes and doesn't sell them to Fannie or Freddie. Gateway Mortgage was once such a lender. However, it is my understanding that they lost their appetite for residential property notes. So, I'm looking for another lender like that. Any help is much appreciated. I have 2 properties that I am considering refinancing.

  • 27 Jul 2020 11:30 PM
    Reply # 9129644 on 9128103
    Robin Carriger (Administrator)

    If you're looking to refinance, I recommend you call Andrew Postell.  He's now with Guaranteed Rate.

  • 28 Jul 2020 12:58 AM
    Reply # 9129739 on 9128103

    I offer 30 year loans. I keep them in house.  Let's discuss what you need. 

    Give me a call at 972-834-1565

    Thanks,

    Neil 

  • 28 Jul 2020 9:59 AM
    Reply # 9130417 on 9128103

    Thank you for the quick responses. Andrew was the first person I called. He was unaware of any lenders holding 30Y paper. However, I was pleasantly surprised this morning when I saw that the Federal Eviction Moratorium provision of the CARES ACT had wisely not been included in the Senate's HEALS ACT. So, I will wait to see what comes out of the negotiations before refinancing. Apparently there are some politicians paying attention this time around. 

  • 28 Jul 2020 9:30 PM
    Reply # 9131828 on 9128103

    Let me see if I can understand what you are talking about:

    You own a rent house.
    You (now) have a loan with Fannie/Freddie on that house.

    I do not believe the federal moratorium on evictions affects you.  It would only be relevant if the rental was federally subsidized.  That is not the case here.

    I hope this helps,
      Neil Aggarwal
      Property Financing, LLC

  • 29 Jul 2020 3:17 PM
    Reply # 9133499 on 9128103

    Neil,

    I believe that you are misinformed. It is not just Section 8 rentals that are effected. All the JPs in Tarrant County and probably other counties are now requiring a CARES ACT form to be filled out. The form requires you to use Freddie and Fannie's website tools to provide confirmation that the loan is not held by either of these entities. The eviction moratorium that just expired covers all properties that have mortgages insured by Freddie, Fannie, VA, and HUD which encompasses approximately 1/3 of all the mortgages in the US. I know because I just attempted to evict a tenant that was 3 months late. Fortunately my tenant was able catch up the rent and get current before the court date. However, had I gone before the judge, I'm fairly certain that my case would have been dismissed since Fannie May owns the mortgage on that particular property. So, the CARES ACT expired on July 25th. However, a 30 Day Notice clause in the ACT is still in effect until August 25th. I find the legislation combined with the medias attention to the subject quiet disturbing, as it effectively strips landlords of all legal recourse in collecting rents. Basically it vacates the part of the lease requiring any form of payment from the tenant for as long as it remains in effect. Thankfully, the Eviction Moratorium and 30 Day notice clauses are not in the HEALS ACT, the new piece of legislation proposed by the Senate last Tuesday. But you can bet your bank account that the House of Representatives will be aggressively lobbying to put it or something worse for Landlords back into the final piece of legislation. At the moment, I have chosen to maintain sufficient liquidity in the case I am compelled to pay off a mortgage to facilitate removal of a bad tenant. However, this is not a long term solution, and it makes me reluctant to buy and hold any more properties. 

    Last modified: 29 Jul 2020 4:30 PM | rockne ardoyno
  • 30 Jul 2020 2:22 AM
    Reply # 9134404 on 9133499
    rockne ardoyno wrote:

    I believe that you are misinformed

    Wow, thank you for the detailed explanation.  I was unaware of those rules because I don't have federal loans on my properties. My funding is all private money.

    I can't believe how backwards this situation is.  The government has taken over control of private businesses and put them all at risk of losing money. That is definitely a step too far. That might be the way a socialist country operates, but we are not supposed to be living in one of those.

    I am glad you got it resolved. Let me know if you need help on anything in the future.

    Thanks,
      Neil Aggarwal
      Property Financing, LLC

    Last modified: 30 Jul 2020 11:05 AM | Neil Aggarwal

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