I've worked the TCI lenders that are listed and so far I am striking out on 80% loans (stated income) for more than 4 units. No sellers are holding notes in South Florida these days either. I am a 772 Fico. I was quoted 9% by a local broker not to mention two points.
Any ideas?
If you can go 25% down, Great Northern might be able to help. Don't know about FL, though.
No, I am not an agent or officer. 
Big Al
Stated income is the constraint. Some of the 'experts' on this board scoff at putting as much as 20% down. I have to believe that a substantial minority of the users of this board are 'newer' investors who don't have 5 years of documented income to submit Full Doc apps. So far, it has been all talk and no walk. 
[ Edited by Cornell81 on Date 06/09/2005 ]
Getting a stated commerical loan thought single minded lenders is like having the wife at wheel pressing on the gas while your in back pushing your truck out of the mud, only to come up wearing more mud then you currently stuck in.
lets break this down your a tier one w/ 770 fico on a four unit
going stated
seems simple enough
hows a 80% LTV ( 90%CLTV) @ 8% @ 1.5 stated income stated asset with full assumability loan sound?
Let talk.
**Please See My Profile**
Now the offer extens to more the four units too.
Spader, are you a loan officier/broker? I'm looking for a $300K loan for a 4-unit apartment in MS. Has $50K down. Credit score in the high 700s. Is that do-able?
If all things being equal, what would the interest rate be?
A local broker here in South Florida is saying 6.5% interest only with 1 point 80% LTV. Stated income.
For what it's worth. 
Im a loan officer and a fellow investor, with about 6 years in banking.
Going on my previous post I quoted on a tier one commercial more the 4 units
@ a 4 unit you are still residential rates.
Ok some questions come to mind, are you going to live in one of the units? If so we are at a owner occupied verses non owner occupied on a fixed rate
Which would range from 5.7 to about 6.9 conservable
@ 250& 3% 7.500 est closing cost, would be 1495 @ 5.7 & 1695 @ 6.9
By increasing your down payment by additional 10,000 you could take advantage of the lower payments offered on a adjustable rate @ 80%LTV 1.5 to 2.5 % with a 2 year prepay which can be converted to fixed rate for a fee of 200 to 300 at which time it would immediately increase to the fully index margin.
Or stay with the adjustable if your going to roll this investment.
This type of loan has total assumability.
Now this rate would increase each year by 7.5% on the payment until it hits the fully index margin rate just email me and I will send you a payment break down.
So a few numbers change, first if you going to flip this property before a year
You would incur capital gains and lets not forget about prepayment penalties
I charge 1.5 starting which could increase due to the amount of work involved.
I can close within 7 days on fixed rate and 15 days on the adjustable time difference due to closed appraisals verses open.
Just drop me a email and we can get you into this before the 4th.
Now, I just closed a stated o/c interest only @ 100% LTV with a seller concession of 11,000 with no prepayment & lower fico score of 660 On a triplex @ 6.6/10.1 not that im bragging but ………..
Thanks Spader. No, this would not be owner occupied. Although I read somewhere on this board that I could just say it is. 
But owning a primary residence in CA and purchasing another property in MS would look very suspicious.
All kidding aside, I shifted gear this morning and decided to invest in a new construction in Florida. I did the math for the rental in MS after recieving the I&E Stmt and cash flow is just several hundred dollars a month so it pales in comparision to this new construction in Orlando, FL where the real estate is more prime and whereupon flipping the property, I could get a lump sum that would take years to capture from investment in MS.
But can I have your contact anyway? Something tells me I'm not done with MS yet. I hear Gulfport and Boloxi are up and coming.
[ Edited by cdoan477 on Date 06/10/2005 ]
Thanks Spader. With South Florida inventory so tight, I need to get a contract first. I have an idea of the range of rates to plug in to evaluate deals.
MY question is @ the bottom of post so bare with me please
Total building size: 3,194 s.f
Sale price: $337,050 or $105/psf.
Unit detail: Unit # Size: Current rent Market rent
1- 650sf $550 $780
2- 600 sf $465 $720
3- 400 sf $385 $480
4- 350 sf $385 $420
5- 500 sf $450 $650
Total: 5 units 2,500 sf (3194 total building size –subtract stairs and hallways in building
2500s.f $2,235/mo $3,000/mo
$26,820/yr $36,000/yr
Property taxes: $1,071. Will be adjusted next year after act of sale. I estimate $3,000 annually.
Insurance: Waiting on a quote from my agent.
Estimated debt service: $25,116. Assume 80% ltv, 7%, 20 year amortization with 5 year balloon.
Value as condos: Approximately $200/psf. Condos have appreciated by 10%+ over the past 2 years.
will convert to condo’s in 2-3 years
Renovations to condo: Approximately $80k to $100k.
Could I find a beter loan deal out thee I am hoping for 10/90 at a better www.rate.no full doc type of loan i got the good credit score and asset
Property in Louisiana
Thanks