Fix Up Loan Replacement

[skijrt]

Please excuse the long post.

A local Colorado Credit Union has withdrawn their fix up loan product due to auditor instructions. This was THE financing engine behind my fix up business and it has put a stick in the spokes of my purchasing goals for 2005. I would like to know if anyone knows of a product/lender similar in nature:

Here are the parameters:

1. I find a property that needs fix up, normally through HUD and always 0.xxc on the $x (at least 70c)
2. An appraiser comes in to assess the as is sale price and the post fix up value
3. Lender lends me 80% of the post fix up value
4. I use the over borrowed amount to fix up the property

[/B][B]Either this loan remains in place until the property is sold, less than 6 months (preferable) OR

I need a lender who is prepared to help me with the next piece.

1. Once property fix up is complete, appraiser returns to property to confirm post fix up value
2. Property is refinanced at 80% LTV within 90 days of fix up loan (as defined above)
3. Property goes straight on to the MLS
4. Purchase to Sale < 6 months.

Someone else may have posted on this already, if so maybe someone could point me towards that post.

Happy New Year to all.

Regards

Ben Lockett
Carlton Enterprises LLC
Cell: 303 907 8801
email: ben.lockett@carltonenterprisesllc.com
Fax: 303 593 9042

[Dan Auito]

Ben no excuses necessary, long posts are quite acceptable around here, otherwise how could you accurately get your point across!

I or shall I say WE here up to this point don't have a solid Colorado contact as of yet, in addition to the following resources if you are an investor in Colorado and anywhere near Bill Bronchick, I highly recommend him in the real estate investors circle of friends and networks for that area, I want you to come back here but I also strive to give you good leads so here is Bills website: http://www.carei.com/ By digging into this association I am confident you will come up with some excellent solutions to this problem!

Other resources that may help!

www.mbaa.org (solid mortgage news and resources)
www.eloan.com (financial/loans)
www.mortgagequotes.com “
www.quickenmortgage.com “
www.mortgage-referral.com “
www.lendingleaders.com “
www.mainstfinancial.net/Loan%20Programs.htm (100%cashout, non-owner occ)
www.interest.com/discussion/ (mortgage discussion)
www.brookviewfinancial.com (rehab lenders)
www.access-100.com (more rehab funding)

Note to our Members: Folks if you know of any Colorado resources or alternative lenders in a position to help please post them here! Thanks so much for the question Ben, I look forward to your return with what shakes out! Dan :SM025:

[skijrt]

Thanks for the reply. Actually I am already a CAREI member and have posted a similar message on their web site. I got this website directly from the CAREI website. I will try the URLs you have kindly provided. However, if any of your members can help I would greatly appreciate it.

[Dan Auito]

Thanks for the reply. Actually I am already a CAREI member and have posted a similar message on their web site. I got this website directly from the CAREI website. I will try the URLs you have kindly provided. However, if any of your members can help I would greatly appreciate it.

I'll be dog nabbed, you're one step ahead of me Ben, I hope we can pull the rabbit out of the hat here for you, ok crew Ben just threw down a challenge can you come up with the answer?

Ben you're officially our Colorado connection again welcome to the frey! :SM128:

[skijrt]

I would be honored to be your CO connection. If any of your members are interested in buying at the bottom of a RE market please let me know.

If anyone can help with my current dilema I would GREATLY appreciate it. In fact let's up the ante a bit. Two Vail lift tickets to the person who can help!

[Dan Auito]

I would be honored to be your CO connection. If any of your members are interested in buying at the bottom of a RE market please let me know.

If anyone can help with my current dilema I would GREATLY appreciate it. In fact let's up the ante a bit. Two Vail lift tickets to the person who can help!
That's an offer worthy of a special announcement Ben! And we are honored to have you as our #1 go to guy in Colorado! :SM113: :SM040: