Do lenders do such programs in NY?
Thanks to all.
90% LTV with A Credit
95% CLTV with A Credit and a seller carryback of 20%
100% LTV with A Credit and very high net worth (Prefer money market accounts, stocks, bonds, etc…)
Yes there is such a thing as 80 - 100% LTV on commercial properties.
Regards,
Patti Porter
There are many lenders that give upto 80% LTV even CLTV of 95% depending upon your credit rating and the type of property. We offer upto 95% CLTV on full doc loans with fico of 600+ and 90% CLTV on NO doc. I would have no problem explaining this to you.
I’ve spoken with several lenders. Most of them claim that they can do 90-95% commercial loan. But in the end, they all fail to deliver what they promised. They’ll come up with excuses like, one has to be a landlord for 2 years and fico of 685 minimum. That’s why it’s kinda hard to give information nowadays. I hate to generalize but my experience is such so far.
It really depends upon what type of proerty it is we are talking about, I could explain our programs to you and you go from there. 90-95% CLTV is based on the seller holding a 2nd in most cases, but if you have 20% to put into the deal and you are not getting results it’s time to speak with someone else.
Hello everyone I am Brenda and new to the group.
I wanted to respond to the question on 80%-100% LTV on Commercial deals, there are lenders out there that are willing to do a 100% on a Commercial Deals, but most of the time you will find lenders that will only do 80/20, 75/25 split
This is based on Credit Factors, and assets that the borrower has, Most Lenders would like to see an investor put some of his own money into a Commercial deal, to see that the investor is making some type if sacrifice" or effort into his commercial investment.
Normally when you do 100% financing on a Commercial deal, you will have to go Full Doc, UNLESS you go with a Hard Money Lender. Then based on your credit, liquid assets, cash on hand will determine if a lender will be willing to do a 80/20 split
Hard Money Lenders are used for a quick purchase, ex. if you wanted to purchase a property, that is a REHAB, you want to repair the property, the purchase price in $150k, and AFTER REPAIR VALUE" the property is worth $450K and you need to close on the loan in 7-14 day’s.
As long as your credit is good and the After Appraised Value has been reviewed, Then the Hard Money Lenders NORMALLY will only fund 75-80% of the After Appraised Value, Getting another Hard Money Lender to Pick up the rest of the note is another thing, you will have to have collateral" meaning some type of Assets" that will support the loan in the event that you default on the loan.
Since there are a tremendous amount of Commercial Lenders willing to fund up to $10 Million, and as MUCH AS I LOVE those hard money loans, I would go commercial to avoid getting hit with a high interest rate.
If you plan on selling the property… You can go interest only with a Commercial Lender. Gain as much profit out of the property, then either refinance the property, or sell it.
I don’t mean to be long winded, sorry!