Results 1 to 6 of 6
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05-15-2023, 12:12 PM #1
- Join Date
- May 2023
- Location
- Georgia
- Posts
- 3
Seeking a New Construction lender that doesn’t charge origination
Just as the title says I have a 400k New construction budget. Interest rate is not the clients biggest concern, instead he cares more about origination as he will have multiple projects coming in and out.
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05-15-2023, 12:41 PM #2
Good luck with that....Velocity Mortgage doesn't charge origination.
Todd Hardy
Account Executive
Velocity Mortgage Capital
250 Commerce, Ste. 210
Irvine, CA 92602
818.338.9771 Direct
805.795.2434 Cell
thardy@velocitymortgage.comSteve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-15-2023, 04:11 PM #3
From Todd
Oh, thanks Steve. We don’t have origination fee’s on the long term product.
However, I don’t have a ground up construction product.
I have a Fix and Flip for Residential Investments.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-16-2023, 01:39 PM #4
Too funny
Hello
Tell your customer I LIKE TO GET PAID so this will not work for him :-)
Here in Seattle we have = A wrap around loan
Warehouse Revolving Asset Pool
Revolving capital without additional
origination fees for 24 months
Payments
24-months with option to renew at 12 months Up to 60% (Vertical) 57.5% (Lot Bank) 55% (Dev)
Development, lot bank, or vertical construction Up to 80%
Cash out allowed if within $5,000,000 to $20,000,000 LTV requirements
Maximum $3M Property /Lot
Single Family
Condo
2-4 Unit Properties
Townhouses
All lending for investment purposes only
Interest calculated on drawn balance
Construction draws based on inspection report
No rural properties
1st Lien Position at all times
(/A) Available capital is reused as many times as you
can use it throughout the Revolving period
[/B] Convert Development to Vertical without
additional credit qualifications.
All loans to include a 15% Temporary Reserve
Capacity for unplanned needs.Warmest Regards
Richard Scholtz
www.imsfund.com Richard@imsfund.com
206-800-7171 Office
206-238-4864 - Fax
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05-16-2023, 03:24 PM #5
YUP...no origination points lenders are available in Neverland.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-16-2023, 03:31 PM #6
- Join Date
- Feb 2017
- Posts
- 3,426
There are some lenders who won't charge origination fees on their long-term products.... but get ready for a higher rate so that the broker makes money on the yield spread. And there are some construction lenders who will give 0 points, but they have to have like VERY high experience levels.
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