OfflineCan anyone provide me with the web site for KLM Capital / Dave Nelson's firm...? Thanks!
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KLM CAPITAL FUNDING...
Posted on: Mon, 02/16/2009 - 03:27
Can anyone provide me with the web site for KLM Capital / Dave Nelson's firm...? Thanks!
Don't know about that, but here are 2 HMLs:
http://www.coastal-funding.com/
Coastal Funding is fast and mostly 2%.
http://seasonedfunds.com/?OVRAW=seasonedfunds.com&OVKEY=seasonedfunds&OV...
Seasonedfunds has a high interest rate (4% and north), but is also quick.
Key is to get quick funding. Note that for each property you want to make an offer on, you must have separate proof of funds letters from HMLs with specific property addresses on same. Not so when you're making offers on REOs (just need a bank's letter you can use over and over again until your offer is accepted).
Happy HML shopping!
http://www.coastal-funding.com/
Coastal Funding is fast and mostly 2%.
http://seasonedfunds.com/?OVRAW=seasonedfunds.com&OVKEY=seasonedfunds&OV...
Seasonedfunds has a high interest rate (4% and north), but is also quick.
Key is to get quick funding. Note that for each property you want to make an offer on, you must have separate proof of funds letters from HMLs with specific property addresses on same. Not so when you're making offers on REOs (just need a bank's letter you can use over and over again until your offer is accepted).
Happy HML shopping!
Jenny u are wonderful... anything I can do in the future to make your journey easier, just email!!!
Thanks for the info jenny......I am not sure what to do with it, but it looks worth keeping....
Sam
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When you say having a bank letter to use over and over again, which bank letter might that be?
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If you are buying a REO, you need either a proof of funds or prequal letter from your bank. You can use these letters over and over again (assuming the issued date of the letter isn't too old) when you make offers on REOs.
However, when buying a short sale to assign, you need a proof of funds letter that is issued specifically with respect to the property you are seeking. That's because you need to list the names of: Seller A, you (B), C (the end buyer) and the address of the property, as well as the purchase price.
Happy Funding!
Jenny
Okay folks, I can't take credit for this, but another Deanie (might be CBRpowerman), mentioned in one of his posts that he found a long term HML!
The interest rates are high (around 10%), but the terms go for up to 5 years!
This is what we all need! Now, intead of doing assignments, this HML can be our little Angel because this will allow us to buy REOs or short sales using their high interest rates (I'm not trying to fool anyone) and long terms to actually purchase in our own names, throw them up on the MLS with your Realtor, and be purchased in the normal course of business.
The website is:
http://www.privatemoneysource.com/guidelines.php
They only fund in certain states.
Caveat: I am in no way affiliated with this company, but read the entire website carefully before you make contact with them. This is not the kind of HML that you want to use to purchase, say, a condo in a condo development where the properties are all identical and they have a bunch of similar condos on the market. That's because there are too many of the same properties on the market. However, if you purchase a condo that is a foreclosure and all of the rest of the condos for sale in that complex are much, much higher, than that could be just ducky!
Caveat #2:
The site mentions a broker fee of 5%, and I'm not sure what that means. Not sure if that means we have to use their Realtors (who cares, and I'm a Realtor) or what. Just want to put that out there for you to investigate.
I'm planning on making contact with them this coming week and finding out about their services, and how they work. This could be what a lot of us have been looking for because assign deals are typically harder than you think!
By The Way:
I attended a Realtor funding meeting this week in Ventura County and a loan broker mentioned that FHA MAY lower their 1st time homeowners downpayment requirement of 3.5% to around 1.5% in the next month or so per Obama, The Candyman. I mentioned this to my owner/broker @ C-21 and he, as well as I won't believe this until we see this, but another Realtor in my C-21 office (and she's the highest producing agent in our 2 offices) confirmed that she heard this too. This was the day after Obama's state of the union address last Tuesday.
Also, I don't know if you Deanies know this, but for 1st time homebuyers, besides the current requirement of 3.5% downpayment, they have no minimum FICO score. I asked this loan broker what that means, and he said basically you need a 580 or north score. However, your debt to available credit ratio must qualify, and you need to be 2 years or more away from a BK.
Happy Funding!
Jenny
The interest rates are high (around 10%), but the terms go for up to 5 years!
This is what we all need! Now, intead of doing assignments, this HML can be our little Angel because this will allow us to buy REOs or short sales using their high interest rates (I'm not trying to fool anyone) and long terms to actually purchase in our own names, throw them up on the MLS with your Realtor, and be purchased in the normal course of business.
The website is:
http://www.privatemoneysource.com/guidelines.php
Thanks so much Jen for the updated... After you contact Fairfield Financial Services will let me know what they explain to you? Thanks!
They only fund in certain states.
Caveat: I am in no way affiliated with this company, but read the entire website carefully before you make contact with them. This is not the kind of HML that you want to use to purchase, say, a condo in a condo development where the properties are all identical and they have a bunch of similar condos on the market. That's because there are too many of the same properties on the market. However, if you purchase a condo that is a foreclosure and all of the rest of the condos for sale in that complex are much, much higher, than that could be just ducky!
Caveat #2:
The site mentions a broker fee of 5%, and I'm not sure what that means. Not sure if that means we have to use their Realtors (who cares, and I'm a Realtor) or what. Just want to put that out there for you to investigate.
I'm planning on making contact with them this coming week and finding out about their services, and how they work. This could be what a lot of us have been looking for because assign deals are typically harder than you think!
By The Way:
I attended a Realtor funding meeting this week in Ventura County and a loan broker mentioned that FHA MAY lower their 1st time homeowners downpayment requirement of 3.5% to around 1.5% in the next month or so per Obama, The Candyman. I mentioned this to my owner/broker @ C-21 and he, as well as I won't believe this until we see this, but another Realtor in my C-21 office (and she's the highest producing agent in our 2 offices) confirmed that she heard this too. This was the day after Obama's state of the union address last Tuesday.
Also, I don't know if you Deanies know this, but for 1st time homebuyers, besides the current requirement of 3.5% downpayment, they have no minimum FICO score. I asked this loan broker what that means, and he said basically you need a 580 or north score. However, your debt to available credit ratio must qualify, and you need to be 2 years or more away from a BK.
Happy Funding!
Jenny
The interest rates are high (around 10%), but the terms go for up to 5 years!
This is what we all need! Now, intead of doing assignments, this HML can be our little Angel because this will allow us to buy REOs or short sales using their high interest rates (I'm not trying to fool anyone) and long terms to actually purchase in our own names, throw them up on the MLS with your Realtor, and be purchased in the normal course of business.
The website is:
http://www.privatemoneysource.com/guidelines.php
They only fund in certain states.
Caveat: I am in no way affiliated with this company, but read the entire website carefully before you make contact with them. This is not the kind of HML that you want to use to purchase, say, a condo in a condo development where the properties are all identical and they have a bunch of similar condos on the market. That's because there are too many of the same properties on the market. However, if you purchase a condo that is a foreclosure and all of the rest of the condos for sale in that complex are much, much higher, than that could be just ducky!
Caveat #2:
The site mentions a broker fee of 5%, and I'm not sure what that means. Not sure if that means we have to use their Realtors (who cares, and I'm a Realtor) or what. Just want to put that out there for you to investigate.
I'm planning on making contact with them this coming week and finding out about their services, and how they work. This could be what a lot of us have been looking for because assign deals are typically harder than you think!
By The Way:
I attended a Realtor funding meeting this week in Ventura County and a loan broker mentioned that FHA MAY lower their 1st time homeowners downpayment requirement of 3.5% to around 1.5% in the next month or so per Obama, The Candyman. I mentioned this to my owner/broker @ C-21 and he, as well as I won't believe this until we see this, but another Realtor in my C-21 office (and she's the highest producing agent in our 2 offices) confirmed that she heard this too. This was the day after Obama's state of the union address last Tuesday.
Also, I don't know if you Deanies know this, but for 1st time homebuyers, besides the current requirement of 3.5% downpayment, they have no minimum FICO score. I asked this loan broker what that means, and he said basically you need a 580 or north score. However, your debt to available credit ratio must qualify, and you need to be 2 years or more away from a BK.
Happy Funding!
Jenny
Thanks so much Jen for the updated... After you contact Fairfield Financial Services will let me know what they explain to you? Thanks!
Not to sound stupid, oh well, What is a BK...Jan-----Stupid is a stupid does, or something like that Tom hanksguy said!!!!...Jan
Thanks for the great info!! One more resource to add to our arsenal. (I'm sad they're not in WI
)
I think the 5% broker's fee is what the mortgage broker (or HML) gets for their services (5% of loan amount up-front, or points, is my guess). Might be negotiable, though.
Jan, I think BK is bankruptcy. I suppose we should add that to the glossary? (I'll wait to make sure that's what Jenny meant. And remember, NO question is a stupid question!)
Rina
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That 1-1/2% down and lowered FICO threshhold would be great news for using the strategies in the new book for IEE!
what AWESOME news! I would love to hear more confirmation on this!
Tracey R.