FHA and Investor Specialist

A Buddhist Monk finds himself in New York.  He decides to order a Hot Dog from a Street Vendor, so he says to the vendor:

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"Make Me  One With Everything!" 

The vendor does, and gives the hot dog to the Monk.  The Monk gives the vendor a $20 Bill.  The vendor starts serving other customers, and the Buddhist Monk worries he will not get his money back.  the Monk says to the vendor: "Where's my change?" - and the vendor replies:

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"Change can only come from within."

-original author unknown-

Michael Byrne

www.mortgageprosforum.com  

Currently we have sources of funding for a variety of commercial loans, including small balance mixed use, small balance commercial, and short term(12-18 month) hard money commercial financing.  Typically our hard money programs range from a 60%-70% Loan To Value, although there are programs we can offer up to 75% if the property is income producing and fully debt services.  Our loan amounts range from 500k to 50 million, depending on the property and program.

The main benefit of such short term financing is getting a closing done in as little as 10 days, getting the money you need, and setting one up for success when they get long term financing in the future.  For more information about property types, please see my contact information.

Michael Byrne

www.mortgageprosforum.com

I am trying to do a refinance loan for a client who has a current mortgage in the double digit interest rate range.  I ran his credit and his mortgage was not reporting on his credit report.  No problem, I have a general authorization and got a copy of my client's recent mortgage statement and sent out a verification of mortgage.(VOM)  I get the VOM back, and the servicer-SN Servicing Corporation out of Eureka, CA-reports the date of origination, original balance, current balance, interest rate, and principal and interest payment....but state "It is not our policy to rate our accts.". 

Has anyone, in this decade, ever encountered this?  Unbelievable.  My client, unfortunately, may not be able to provide cancelled checks to prove his timely mortgage payment history to qualify for an FHA and Fannie Mae loan.  Is there a way to require a servicer to provide a credit rating on an account?

Thanks

Michael Byrne

www.mortgageprosforum.com

The vintage base ball club I play for, The Elizabeth Athletic Club, is getting ready to start it's Spring Season.  Based out of Elizabeth, NJ, we get the opportunity to play other Vintage Clubs up and down the East Coast from Elkton MD up to Providence, RI. Our players range in age from 18-50 and play the game as it was in the 1860's through the 1890's: replica balls, bats, gloves(or no glove). 

What is Vintage Base Ball?  Check out www.vbba.org and our team at www.eaclub.org .  We are always  looking for new players who enjoy a sense of history and enjoy base ball.  If interested shoot me an e-mail.

Thanks,

Michael Byrne

www.mortgageprosforum.com

Judging by the activity lately on This page of  My site , there is a rising need for financing for small mixed use properties.  I thought  I would make some notes on some highlights of our small mixed use financing:

As a general rule, small mixed use properties are found in downtown areas and have a business on the first floor and residential space above.  By small mixed use, the maximum loan amount is  1 million dollars and the maximum number of units is four.  Typically, to qualify for financing there should be at least a 51% residential use to the property. 

Typical financing for such properties requires a minimum 25-30% down payment and reasonably good credit, although there are financing options available down to a 580 credit score.  Since most folks obtaining financing are self-employed, there is also a stated income program available as well with 30% down.

Rates for these programs are higher than pure residential loans, and begin in the 7 percent range.  Don't be afraid to take a listing that has is mixed use, there are loan programs still available for them.

Michael Byrne

http://www.mortgageprosforum.com/