[sosillas23]

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.

[Olderguy]

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.com

[Olderguy]

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.

[RichardScholtz]

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.

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.

[Olderguy]

YUP...no origination points lenders are available in Neverland.

[abfunders]

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.