I have been buying in the states for 15ish years. I always assumed my credit was stuffed and that was why I was always turned down for a loan.
I found out last week my FICO was 769 – yet utterly useless as I don’t eat grits for breakfast and do not live in the midwest. If I did, I am sure it would be wonderful as I get no end of offers for zero percent apr auto & personal loans.
For those that seek to ‘get good credit’ so they can get housing finance – believe me it won’t happen.
Forget the angst and hassle – go for VF deals, or as my sister has dug up with private money (as a buyers agent for LV foreclosures) 50% down and 8% I/O. I think AlexSC contacted me with something similar.
Apart from looking at cheap boat finance (something I can convert to an Aus use at $1k per foot, landed in Newcastle from Fl or Ca) the only thing it has helped me do is seriously look at getting cheap US auto finance. It is utterly useless as a property purchasing tool.
As a non resi alien, spending time building a decent fico is a complete waste.
lawsjs wrote:I have been buying in the states for 15ish years. I always assumed my credit was stuffed and that was why I was always turned down for a loan. I found out last week my FICO was 769 – yet utterly useless as I don't eat grits for breakfast and do not live in the midwest. If I did, I am sure it would be wonderful as I get no end of offers for zero percent apr auto & personal loans. For those that seek to 'get good credit' so they can get housing finance – believe me it won't happen. Forget the angst and hassle – go for VF deals, or as my sister has dug up with private money (as a buyers agent for LV foreclosures) 50% down and 8% I/O. I think AlexSC contacted me with something similar. Apart from looking at cheap boat finance (something I can convert to an Aus use at $1k per foot, landed in Newcastle from Fl or Ca) the only thing it has helped me do is seriously look at getting cheap US auto finance. It is utterly useless as a property purchasing tool. As a non resi alien, spending time building a decent fico is a complete waste.How are you? Most of the loans in the USA are coming from one or two companies. They are offering the same terms we use them for our Charlotte deals and Atlanta deals. This is basically private or hard money depends on how you want to term it. From the point of leverage ,not a bad way of doing things. We have a mutual friend here on the site.I will be flying to meet him in Portland next week some time.We have discussed some things about lending.I am hoping from his banking back ground and know how.He can help put some thing better on the table. For now it is what it is.
Hope all is well
Alex
My sister on LV foreclosures gets 50% down 8% I/O – as a buyers agent her clients net 16%+ so thats OK. However, I just got refi’d on a comm building 4.15% 30y 70% L/V – Wachovia. Trick was on the comm building they wanted evidence of 6 months payments in seasoned money up front… Having passed that test (which even I was surprised I could) I am now being ‘offered’ finance on my other buildings…. Back to the future???
My sisters stuff is hard money private lenders – with their own criterium, you may fit you may not, but the figures are indicative of a ‘trust’ of RE investment. I am pretty excited with a bank giving me very good terms. I have quality stuff and they personally (as in the loans officer) inspect the buildings, as well as everything else – but its good. If _I_ can get ‘real’ finance, then the property boom is about to commence…
Residential is a totally different kettle of fish. It will filter down there eventually when they work out how to protect themselves.
lawsjs wrote:My sister on LV foreclosures gets 50% down 8% I/O – as a buyers agent her clients net 16%+ so thats OK. However, I just got refi'd on a comm building 4.15% 30y 70% L/V – Wachovia. Trick was on the comm building they wanted evidence of 6 months payments in seasoned money up front… Having passed that test (which even I was surprised I could) I am now being 'offered' finance on my other buildings…. Back to the future??? My sisters stuff is hard money private lenders – with their own criterium, you may fit you may not, but the figures are indicative of a 'trust' of RE investment. I am pretty excited with a bank giving me very good terms. I have quality stuff and they personally (as in the loans officer) inspect the buildings, as well as everything else – but its good. If _I_ can get 'real' finance, then the property boom is about to commence… Residential is a totally different kettle of fish. It will filter down there eventually when they work out how to protect themselves.I submit this is the difference between owning an investment grade property that is commercial. different rules for Commercial.
I would think to get this deal you had great equity, the good fico as you describe and fantastic cash flow and a property that was precieved to be investment grade, not some <moderator: delete language> inner city detriot 20k rental with its 30% a year return There is plenty of US financing for investment grade properties or those that have TRUE large equity positions.
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