Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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April,you are going to need equity in your home to get a second mortgage or tap into cash to pay your outstanding debts.
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Loans for churches. You can get up to 75% to 100% loan to value on churches. How much is the church? What is the loan to value. We are both lenders and brokers. Who owns the church. In wheelhouse or outside wheelhouse. Credit score?
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DANNY, HERE’S YOUR ANSWER. YOUR LENDER CHARGING 15% AT 30% RATE FOR 5 YEAR TERM LEASE. WE DON’T DO LEASING. ITS PURCHASE. THEY OWN IT AFTER PAYMENTS ARE SATISFIED. OUR RATES ARE 12% TO 15%. NOTHING DOWN. 700 FICO. NO DOC IP TO $150,000. WE CAN GO OVER $150,000 WITH LIGHT DOC. We are direct commercial direct lender and we deal with hedge funds securitize AND KEEP INHOUSE OR sell. We do SBA 100% financing. On the same food trailer the pricing
$45,000 food trailer
1077 IRS Purchase
SBA EXPRESS LOAN
MANY COMPANIES USE LEASING AND NOT PURCHASE. PURCHASE PAYMENTS ARE HIGHER VERSUS LEASING
$45,000 LEASE
$45,000 PURCHASE
NO FIRST OR LAST MONTHS
TERMS 5, 7, AND 10 YEAR TERM
CANNOT USE LOAN USE FINANCING
CASE SCENARIO ON A
$100,000
RATES 12% TO 15% RATES. HIGHER THE RATE THE MORE BROKER MAKES. 24 TO 48 HOUR CLOSING.
6% TO 10% POINTS CHARGING TO BORROWER. BROKER GETS PART OF THIS
YOU MAKE money on the interest.
WAREHOUSE LINE ON COMMERCIAL LINE 1.5% TO 2.0% NOT FLOATING
WAREHOUSE LINE ON RESIDENTIAL LINE IS 6% FLOATING
YOU MAKE PART OF INTEREST PAYMENTS
NO Upfront Fees SINCE ITS A PURCHASE
$45,000 EXAMPLE
REFERAL 3% TO BROKER
KICKER OR POINTS UPFRONT LIKE YOUR COMMERCIAL LENDER
2% POINTS TO LENDER 3% TO BROKER. YOU CAN CHARGE MORE.
NO SBA FEES UP TO $150,000 SO DOWN FROM BORROWER SINCE ITS PURCHASE. NO FIRST MONTH OR LAST MONTH PAYMENTS. PAYMENTS ON PURCHASE ARE HIGHER VERSUS LEASE. DIANNE BURNETT WILL COVER MORE FAQ CASE SCENARIOS ON THIS FORUM.NEXA Mortgage is a mega mortgage broker. AXEN Mortgage is a correspondent mortgage lender on residential mortgage lending.
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Financial PACIFIC Leasing, Terry Jennings, has Super Broker BSB LEASING OUT OF DENVER COLORADO. DANNY DEALS WITH SUPER BROKER WHO DEALS WITH FINANCIAL PACIFIC LEASING. 15% points total. DANNY MAKES 12%, SUPER BROKERS MAKES 3%
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The best Secured Credit Card to rebuild your credit is Capitwl One and Discover card. Credit Rebuilder loans that are the best is SELF.INC
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Joe Betro of the Loan Store may have come up with something. According to Joe’s underwriter who underwrites VA loans, Texas Cash-Out rules on VA loans supposedly allows Cash-Out on VA loans if the cash out refinance process goes to pay off debts and the buyer does not get any cash back. If this is the case, it is a game changer on Chapter 13 Bankruptcy buyout in Texaa. Texas currently does not allow Cash-Out Refinance on FHA and VA loans. I will call the state regulatory department in Texaa and see what they have to say as well as the VA.
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Thanks Michelle on sharing the credit Rebuild links. Ww need more resources on rebuilding credit for our clients. We need tips on how to fix the late payments in the past 12 months. Late Payments in the past 12 months is the biggest issue facing borrowers.
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Anyone have a list of other states like Illinois with property tax prorations where the homebuyer can use property tax prorations for their down payment or closing costs? Property tax proration states is when home sellers pay property taxes in arrears and owes the property tax credit to the homebuyers.
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Tatiana, of course. Let’s set up a time to talk tomorrow late morning or early afternoon. However, in the meantime, can you please get me more information? Do they have a church now and are they buying a new church or are they adding on to an existing church? How much is the loan? What is the loan to value or how much is the church planning on putting down? Who are the guarantors of the loan? If you can answer these questions so I can do some legwork and get you something solid for tomorrow. My number is 262-627-1965 and website is http://www.gustancho.com and http://www.lendingnetwork.org. Thank you.
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