OfflineHi ...Ive been struggling with this for dean showed us on his weekly blog how to find a bank that will give you a FMV loan...but all the "Small" banks i called around here dont even have a "Commercial" dept.!...What do you do then?...Maybe someone has ran into the same situation and found out what to do or what?>...there are only three "Small" (Non Corporate) banks in my area and thats the three that dont have a Commercial dept!...Someone Help?
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"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
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b
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
https://librivox.org/the-autobigraphy-of-benjamin-franklin-ed-by-frank-w...
How is this FMV loan supposed to work? Is it like HML or PML funding?
If your having a problem with finding a bank go to this link. The coach have a assignment for us. You can do the action steps and get it for free or in your case you can buy the list. I have not try it yet but if this is to hard I will buy the list because it will help us a lot.
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/1368...
That link is for HML's, not banks. Big difference.
~Rose'lani~
Sean, I have had the same problem. I live in a small town and there are only a total of 7 banks, and 4 of those are national chains. One is a state bank with 30 branches. That leaves me with 2 local, small banks to work with, and neither of them lend based on FMV. They only loan up tp 70% of FMV. So, that program didn't work for me at all. Kind of a bummer...
~Rose'lani~
Roselani,
You said that "they only loan up to 70% of FMV" Well thats what you are looking for. The bank is either going to lend of the purchase price or they are going to lend off fair market value FMV. You want to call around to banks to see if the will do a cash out refinance off of FMV. The usually loan 70-80% of FMV. If you are buying your properties low enough, you can get all your money back. If the bank doesn't have a "commercial" department then ask to speak to someone who deals with residential loans. If the banks in your town don't have what you need call the banks in the next one or the next one. It may take 20 banks before you get to the one you want
DON'T GIVE UP
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
This is what I'm working on now and this is hard!
http://thecommunitybanker.com/
Hard money lenders will most likely be the option you are looking for. There are multiple hard money lenders that lend upon the value of the property rather than your offer price.
Banks almost all traditionally lend upon the offer price.
There have been a lot of hard money lender forums that you can view here on this site. Fantastic information as well.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125