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02-20-2018, 02:27 PM #1Karen37aGuest
Fix and Flip Loan
Has anyone had any direct experience with any of these fix and flip Loan companies listed?.
I was referred to Velocity but never used them.
http://www.scotsmanguide.com/Residen...rs/Fix-N-Flip/
I have to contact a few Lenders I know to get a more accurate reflection of the mood of the markets and Lenders .
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02-20-2018, 02:36 PM #2
- Join Date
- Oct 2016
- Posts
- 4,318
Contact velocity: cjenkins@velocitymortgage.com
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02-20-2018, 02:37 PM #3
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02-20-2018, 02:40 PM #4
- Join Date
- Feb 2017
- Posts
- 3,450
Velocity is a stip-crazy (handwritten note that the cash-out is for business purposes?!?!), and they don't do Fix & Flip loans.
I just secured a million dollar LOC for a fix & flip investor at 8% and 3.5 points. Working on a second one, as well.
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02-20-2018, 02:43 PM #5Karen37aGuest
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02-20-2018, 02:49 PM #6
OH please, Go Away - your wasting everyones time.. nobody is interested .
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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02-20-2018, 06:35 PM #7
Fix and Flip Loan
@ jstarr: being a jerk to another person I see. I reached out to you two weeks ago & I said siyonara on the phone but your attitude is worse than what I thought. Big deal that Karen is asking a question to Abfunders, which is a class act. You have been doing hard money for 18 years correct! You never asked questions starting off the block? It's silly that you want to talk smack about me regarding hard money when I told you my first HM deal was in 11.17 for 275k, every month it has been double the amount till now, something light. She is an ex-Stockbroker from Queens, NYC like myself. Karen could be a bit wacky but she is on point when talking about the business. bottomline. Wish you the best jstarr, haha.
Gómez Capital Funding
Richard Gómez~Director of Funding
12555 Biscayne Blvd
North Miami, FL 33181
917.600.5647 Mobile
305.320.7125 Office
305.513.5735 Fax
Richard@gomezcapitalfunding.com
www.gomezcapitalfunding.com
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03-01-2018, 11:08 AM #8
- Join Date
- Feb 2018
- Posts
- 23
Are you a business owner? Real Estate investor?
Perhaps you need funds for your personal needs.
Worry no more, we have got you covered.
Our loan programs ranges from Real Estate Investment loans
including long term and short term loans for fix and flip projects,
buy and hold, commercial properties etc.
Our Business loan program is design to help start-ups,
grow your business, expand and asset purchases.
Need a Personal loan? Feel free to contact us.
Our rates are unbeatable, friendly, and processes are very swift and
time sensitive!
E-mail: enetfinancialserviceinc7@gmail.com
contact@e-netfinancialservice.com
website: www.e-netfinancialservice.com
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03-01-2018, 11:32 AM #9
I am in the process of doing a fix and flip now. The amount of paperwork they need to get them done is crazy and the commission is low but once you get it done and get in if the person is someone who flips multiple houses a year it is a a program you can make a lot of money on over the life of the deal. Definitely not an easy deal to complete though.
If anyone can give me info on Velocity I dont know them and would like to learn moreJohn Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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03-01-2018, 11:41 AM #10Karen37aGuest
http://www.scotsmanguide.com/Residen...rs/Fix-N-Flip/
Follow the link They are on the bottom...also RCN is good
I knew the answer to the fix and flip as I did loans for 15 years...was just seeing if anyone knew others I may not know...new players, new money
** i never did a deal with velocity...I just heard of them, seeing if anyone had a bad experience( which I doubt)Last edited by Karen37a; 03-01-2018 at 11:53 AM.
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03-01-2018, 01:19 PM #11
- Join Date
- Jan 2016
- Posts
- 435
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03-01-2018, 01:44 PM #12
- Join Date
- Apr 2015
- Posts
- 231
Not to jack the thread but we do fix and flip leads as well as MCA leads and a few other categories, and always looking for more areas to break in to. mike@popcrumbs.com
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03-01-2018, 02:08 PM #13
- Join Date
- Oct 2016
- Posts
- 4,318
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03-01-2018, 11:46 AM #14Karen37aGuest
http://www.scotsmanguide.com/Commerc.../Bridge-Loans/
I have others but they are my private "stash"...follow the trails you will find them all ...ask the brokers/lenders "who do you know that may like this " ...if they dont want the deal
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03-01-2018, 08:33 PM #15
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
https://wholesale.foacommercial.com/
I have a client that worked through this group (Finance of America) and now have an LOC to pull from to cover purchase and renovation costs. They also do one off deals.Shannon Harris
Funding Specialist
888-705-8818 phone
239-790-2664 fax
Shannon@StellarBusinessFunding.com
www.stellarbusinessfunding.com
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03-02-2018, 09:20 AM #16
- Join Date
- Feb 2017
- Location
- Fort Washington, PA
- Posts
- 37
If anyone has any questions on Velocity, let me know. Yes, we are more of 'buy' & 'hold' collateral based, no income/stated income lender, as we have our Quick Fix that is a bridge loan, that allows a purchase LTV of 75% with no credit score minimum, it is a 1 year interest only loan, it works for 1st time investors (borrower must own their primary residence,) and there is no credit score minimum (keep in mind having mortgage lates- discredits anyone looking for a mortgage.) If you have any questions give me a call at 215-619-2543 or email me Scott at sbuchholz@velocitymortgage.com . We also have a promotion this month for March, any deal submitted before March 31st, we'll pay a 1 point override when it closes, this works for purchase and refi's.
Scott Buchholz
Account Executive
Velocity Mortgage Capital
215.619.2543 Direct
sbuchholz@velocitymortgage.com
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03-04-2018, 09:18 AM #17Karen37aGuest
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03-05-2018, 11:31 AM #18
- Join Date
- Feb 2017
- Location
- Fort Washington, PA
- Posts
- 37
Scott Buchholz
Account Executive
Velocity Mortgage Capital
215.619.2543 Direct
sbuchholz@velocitymortgage.com
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03-06-2018, 02:21 PM #19
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03-25-2018, 09:28 AM #20
- Join Date
- Aug 2016
- Posts
- 486
SBuchholz, I am very interested in getting more info on your this loan product.
I own my primary residence, and was never late or missed a payment on the 15 year mortgage that I had originally taken out on it.
I am looking to get in to new construction this year.
In theory, I think I have it figured out. Now I need to vet my theory and get a complete understanding of all my financing options and there requirements.
Sent you a PM.. Thanks.
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03-03-2018, 08:51 AM #21
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
I would suggest RCN to the bloggers here for Fix and Flip projects (RCN stands for Rehab Cash Now). Velocity is a solid outfit-among the few Stated Income Lenders out there with competitive pricing- based on location, guarantors FICO, appraised value etc..
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03-04-2018, 09:33 AM #22Karen37aGuest
*** as an added note.
The paperwork drama is something I try to avoid at all costs. ( and you cant avoid it) This is why its good for some to go to someone like ab or Richard( for certain deals) and you move on down the line to get another deal.
Same with cash advances
** I take my own deals in and my team but could never handle 1000 brokers funneling me deals at this point. Especially when I am focused on mca.Last edited by Karen37a; 03-04-2018 at 09:38 AM.
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03-05-2018, 02:37 PM #23
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
Working loan with velocity. They are slower than other lenders used in the past , stips are not crazy , downside is terms like PPP and rates are not great many private investors match them on rates. They have some slow underwriters. Hopefully will get it done with them
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03-05-2018, 02:53 PM #24
- Join Date
- Feb 2017
- Posts
- 3,450
Omega, I sent you an email
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03-06-2018, 04:42 PM #25
- Join Date
- Apr 2015
- Posts
- 231
These guys claim to do 100% LTV
http://www.aesgcapital.com/commercial-real-estate.html
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