Finding Bank Owned Properties

Finding bank owned properties is much easier than most people think. Just Google REO (and the name of the bank). Most larger banks have the homes that they took over right on their website. These homes are usually priced anywhere from 10-30% of the current market value. Banks are looking to unload these properties and are willing to accept offers. These properties are reclaimed by a bank after an unsuccessful auction. So if you are looking to purchase these homes, you need to do some research. These homes may be in need of major repair. It is a wise investment to have a licensed Home Inspector look at the house. They usually provide a detailed report on the condition of the home. Lenders are not held to the same laws that sellers are. Lenders did not live in the home. If you don't want to look through the banks website, There are services that you can subscribe to. These companies usually charge $49 per month for foreclosure listings. They break it down in simple English. They sometimes provide a picture of the home. There is currently,a record amount of foreclosure listing. Investors with cash and good credit are reaping the rewards. For more info on geting financing or a Rehab loan contact Weapprove@gmail.com

When does Hard Money make sense?

Hard money is used when companies can't get funding through conventional sources. Rates usually start at 9% and can go as high as 30%. Limited documentation is required. The loan decision is based on the asset and the companies ability to pay back the loan. Hard money loans close within 10 days. We recommend that our clients evaluate what they are going to do with the money. It only makes sense if they can make a profit on the Hard Money. Here is our loan process. Our Loan Process 1. Submit Business Plan / Executive Summary 2. Pre-qualification determination process - project is reviewed and evaluated resulting in: the project being accepted proposed revisions being issued for the project the project being declined 3. Lender / Investor conceptual interest is obtained along with projected terms and the proposal is issued 4. Due-Diligence document checklist of typically requested data is prepared and sent to client 5. Analysis of all documents, preparation and packaging of the data for submission to designated lender/investor; formal due-diligence commences 6. Term Sheet/Conditional Commitment and/or Firm Commitment issued 7. After Term Sheet/Conditional Commitment and/or Firm Commitment are accepted, a site visit and market analysis will commence 8. Closing | Capitalization | Funding

Our Loan Process

Our Loan Process 1. Submit Business Plan / Executive Summary 2. Pre-qualification determination process - project is reviewed and evaluated resulting in: the project being accepted proposed revisions being issued for the project the project being declined 3. Lender / Investor conceptual interest is obtained along with projected terms and the proposal is issued 4. Due-Diligence document checklist of typically requested data is prepared and sent to client 5. Analysis of all documents, preparation and packaging of the data for submission to designated lender/investor; formal due-diligence commences 6. Term Sheet/Conditional Commitment and/or Firm Commitment issued 7. After Term Sheet/Conditional Commitment and/or Firm Commitment are accepted, a site visit and market analysis will commence 8. Closing | Capitalization | Funding

Borrow money on your Stock or Mutual fund holdings

The Time Line and process Here is the time-line and a quick overview of the steps for the completion of the transaction. Submit a Request for Quote. Once we receive your request a Term Sheet is issued. Usually within 24 hours The borrower will be asked to complete a simple 2 page application form. Neither income or credit is not asked. It is simply who they are and where do they want the funds wired to. Conference called is placed between the borrower and Us to answer any questions. Loan Agreement is sent to the borrower to sign. Lender tracks the closing price of the shares for 3 days to obtain an average price. The loan is disbursed based upon the loan-to-value previously agreed upon. Borrower makes Interest Only payments quarterly. Any dividends from the securities is credited to the loan payment and any excess is returned to the borrower in the form of a check. Note: Dividend payments made on behalf of the borrower towards the loan are not taxable. At the end of the loan term the loan is paid off and the same amount of shares are returned to the borrower. The time frame from start to finish may be as little as 5-7 days. Contact Richard for more info: 516 308 2963 WeApprove@gmail.com

What is an SBA (7) a Loan and who qualifies

Product Type: Owner-Occupied SBA 7a Property Type: Community lending program to improve the locality for almost any business in the U.S. Loan Amount (min/max): $250,000 to $2MM LTV (max): 90% Amortization / Term: 20/20 Minimum FICO: 650 Minimum DSCR: 1.10x Non-Eligible: Ground Lease, Gas Stations, Churches Cash-out: N/A Collateral: Real Property

Hard Money plus declining real estate growth equal disaster

Hard Money plus declining real estate growth equal disaster

With negative real estate growth and conventional lending getting tougher, real estate investors have turned to hard money loans. Hard money loans are typically easier to get but come with much higher interest rates. Hard-Money-Review.com has reported an increase in new applications. While it is easier to get a hard money loan, credit scores still need to be at 660 FICO or better. A hard money loan is not a less than perfect credit loan. Another consideration is the new Appraisal rules that have caused a backup in loan appraisals. For years real estate investors have profited from refinancing existing properties. I am seeing a flood of owner financing. While some real estate investors are hurting, new opportunities arise for new investors.

While Conventional Lenders are hording cash, Private lenders are lending

Collateral loans have been the primary source of lending.

Asset backed loans have been on the rise. Companies

that have been getting turned down by banks

have been using assets to secure working capital

Private Money

65 LTV

No Credit Score requirements

No Prepayment 100K Minimum

7.75% of Loans showing signs of distress

NT Times reported today.  That can't be too good for Banks.  Declining real estate prices and increasing unemployment.  Yikes