Has any one used BROKER ENTERPRISE out of Houston? They advertise 100% financing on Loopnet. Sounds too good to be true.
Small local banks will still do 100% financing (with a low LTV).
Mike
100% financing on Commercial deals never left. There are several lenders that will do this on certain property types. If you are looking at residential, most smaller banks will entertain a second mortgage to 100% CLTV…but it is getting very rare.
Thanks for the link I will look into it. I want to make a small 30 unit mobile home park. This may help.
I havent found a small bank to do a $5,000,000 loan 100%
If you’ve read many of Mike’s (Propertymanager) posts on here, you’ll see he thrives on buying numerous SFHs and smaller apartment buildings for a very low price. He’s not going to the local bank asking for a $5MM loan. Obviously not every comment will fit every situation.
What are some rates you have been getting for 100% financing? Any companies you want to share?
Justin, I didnt mean to come off that way. Mike does a great service here by sharing his wisdom. If any one knows of a bank or mortgage company that will loan $1,000,000 or more for a MHP/RV park in Texas at 100% or even one that will loan 80% and allow the seller to carry 20%, please let me know.
Maybe I should have titled this thread, “Has anyone received a loan from Broker Enterprise?'” I’m just concerned about giving them $6K just to process my app.
have you heard the saying “a fool and his money are soon parted”? that is what is going to happen if you give those people 6K to process your loan application. that has scam written all over it.
What do you think about 100% owner financing, if that is possible?
It looks like a scam to me as well, if they are still in business in two years and in good standing with the BBB, then I might give them a shot. For now I’m looking at a 90% loan and will have to put up the 10% myself.