Money

[IBNewb]

Any recommendation for REI lendors in the Atlanta/Marietta area?

[Just Information]

Our loans are also collateral based. Thus, we lend based on the property. We have a very short Borrower's Application which I have attached for your review. In addition, we require a Property Worksheet for each loan which will need to include a repair estimate/bid. I have also attached for your review. OK, here is the NO bull details ... We will only loan up to 70% LTV based on the after-repaired value. The loan may include purchase, rehab and closing costs as long as it is 70% LTV or under.

There is a $300 appraisal fee paid at time of appraisal for an as-is and as-repaired appraisal. Prior to the appraisal, we will run comps and validate the ARV. We will inspect the property at the time of appraisal (or before), but do NOT charge a lender's inspection fee. I charge 5 points (or minimum $2500) and 15% interest-only based on the loan amount. I have absolutely NO junk fees charged at closing. All other closing costs are charged by the title company.

Payments are due monthly starting one month after closing. Repair money is held in escrow and disbursed based on a draw schedule / inspection. I charge $150 for each draw inspection which is paid when the loan is paid off. I will also evaluate the exit strategy of the borrower to make sure it makes sense. For example, I won't lend 70% LTV on a property in the "hood" when the borrowers only exit strategy is to buy, rehab and sell for full market value. On the other hand, if they are going to refinance and hold as a section-8 rental it is a different story. Let me know what you think. I would welcome the opportunity to meet with you in person, so you can put a face with a name.

Thanks,

Kyle Bush
913.940.7058 (Cell)

888.348.7377 x703 (Toll-Free)

[Dan Auito]

IBnew, I want you to watch this topic.
It should shake out some good info for you! http://www.gareia.org/mboard/topic.asp?TOPIC_ID=5302 :beerchug:

Go to the general posts section to follow-up!

[IBNewb]

I forgot about that site. Thanks and great post but I doubt they really exist :praise:

When you start thinking negative, THINK AGAIN!
http://www.changethis.com/14.PositiveAttitude