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Richard Cooper

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About Richard Cooper

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  1. The GC-GOLD Program from Capital Direct Group offers qualifying investors up to 100% Loan to Cost Construction financing for "Spec" homes as well as construction-to-perm financing on SFRs that you intend to retain for rental income or for deferred sale on a Lease With Purchase Option tenancy. Mid FICO of AT LEAST 680+ for Construction-only and a mid FICO of 700+ for NOO const-to-perm. Plus sufficient asset strength. FULL DOC and SIVA Programs available. All States except Alaska, Hawaii and California. We are "modular-friendly" and have strategic alliances with three major manufacturers. The Capital Direct Group also structures jv and debt financing for land owners wanting to develop sub-divisions and Master Planned Communities Email your inquiry for "GC-GOLD" info: coopercash@earthlink.net
  2. Assuming that an appraisal of market value confirmed $300,000. Your mortgage pay-off = $225,000. Loan-to-value is 75% with a theoretical equity of $75,000. That assumes your local real estate market is strong in terms of favoring the seller rather than the buyer. Since the foreclosure "clock" explodes on 4/26/06 you have got to make some fast decisions which have more to do with SAVING your credit history from showing a foreclosure which will be on file for many years making it more difficult (and more expensive) to obtain a mortgage in the future. "Dreams" of finding a full appraised value-buyer in your timeframe is akin to you picking up a major lottery win! So, if you can find a buyer willing to at least cover the mortgage pay-off be prepared to sell and "walk away" with no cash in your pocket! But at least you have saved your credit. Is the "low ball" buyer a real estate investor? If YES, then you might want to quickly seek out other investors for a competitive "up bid". They won't come close to meeting your higher end assumed appraised value but you MIGHT just get lucky and find an investor willing to at least give you $10,000 cash over the mortgage pay-off. My advice would be to look in your local daily newspaper (Sunday edition) and scan the real estate wanted section which will frequently have ads from local RE investors seeking deals. Call your local HomeVestors franchisee or local REIA Club if there is one. Do a Google search for REIA Clubs. Find those active in your State and preferably those who are local to your area and start making calls. Frankly, it would still be worth your while contacting a local BK/RE attorney to see if there is any hope of negotiating a mortagge forebearance with your lender. If you can prove suffiicent monthly income it is in the lenders interests to avoid the foreclosure process if possible. As far as your ex is concerned, she will just have to face the "reality" that $$$$s in her pocket (from the house sale) isn't going to happen. If you can "save" your home from foreclosure and can make on-time payments for the next 12-months you might be able to find a new lender willing to do a refi with limited "cash-out" which will enable you to give your ex something. If annual housing appreciation in your market is strong that could be your best bet. Thanks,Jeff
  3. "Kickbacks" from a Mortgage Broker? Strictly ILLEGAL... in any State for mortgage brokers to pay incentives or commissions for business introduced by third parties. Here's what you might want to do... talk with the mortgage broker and inquire about becoming a LOAN ORIGINATOR / LOAN OFFICER. In some States you will need to Register with the appropriate State Dept and in most you will need to be formally LICENSED. In South Carolina for example, Licensing goes hand in hand with a minimum of 8-hours of education and an annual requierment for "continuing education". If your MB regards you a source of quality business, he or she should be eager to have you on board! As a Loan Originator/Loan Officer your Registration/License will be held at that particular business and that will prevent you from placing loans with any other broker. Compensation? That's a matter for negotiation. If you don't need office space or desk space and your use of their facilities is minimal you might be able to get a 60%+ share of Points generated on each of your loans. However, if you take office/desk space and you will be routinely using office facilities (phone, fax, copier etc) you might find that the commission is going to be somewhere between 40%-55% of Points income generated by your deals.
  4. Rehab and Fix 'n Flip loans from $50K up to $1,000,000 in FL, GA, SC and NC. Loans up to 75% of AFTER REPAIRED VALUE. 1-12 month term. "Star" Program is our 90-day "Fix 'n Flip" 13.75% + 4 Points with a mid-640+ FICO (max loan up to $250,000). Investors deal directly with one of our local Managing Partners. Visit www.sanjoseinvestment.com for your closest MP. Pre-approvals within 24-hours and deals can be approved, underwritten and closed in as little as five business days. Also available... our new constuction loan Program for investors/builders seeking to build a "spec" or pre-sold single family house on an IMPROVED sub-division or suburban "infill" lot. Mid FICO of 650+ required. Loan term 9-12 months. Min loan $100,000 up to $250,000 including lot cost. Our loans are based on 80% of land cost added to actual cost of construction. Lot only loans? YES! 12-month term at 75% of appraised value. Improved sub-division lots ONLY. In Charleston/Tri County area contact: richard@sanjoseinvestment.com
  5. Bill, San Jose Investment Corporation recently introduced a construction loan program specifically for investors/builders. The Program is handled by San Jose's own Managing Partners and you should visit www.sanjoseinvestment.com and select "Managing Partners" for your closest contact. This Program is offered in FL, GA, SC and NC. I am not aware of ANY construction lender willing to risk 100% participation in funding. We will go into a deal with 80% of the combined cost of lot added to actual cost of construction. The investor/builder has got to have a 20% equity position. In some cases where the applicant has owned land for some time and the property is free-and-clear of liens and mortgages the value of that asset could well equal/exceed the 20% required by us. We will lend on "spec" as well as Builder Pre-sold deals. Min loan is $100,000 up to $250,000 including land cost. Up to two construction loans per borrower at any one time. We can even advance up to 75% of lot purchase cost ahead of permits being pulled. Loan term is 9 months with up to three one month extensions possible. If investor is the borrower, he/she needs to have a contract in place with a licensed home builder. Loans must be for conventional "site built" construction since we do not accommodate modulars at this time. In addition the lot MUST be in an improved sub-division or an approved suburban "infill" lot with public water/sewer hook-up available in the street. As a side-note, please be aware that San Jose Investment is the S.E.'s leading provider of short-term purchase/Rehab and "Fix 'n Flip" loans with loan amounts from $50K up to $1,000,000. Loans based on up to 75% of AFTER REPAIRED value. Hope this info is helpful Richard Cooper coopercash@earthlink.net
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