Deb Smith, Transactions To Order: Sell and Buy Your Way (Desert Pride Real Estate Brokerage , LLC)

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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
St. George Utah Area Residential Sales Agent

Are you looking for a lender or agent? If it's an agent...and she may have some private money connections as well.

Feb 11, 2022 11:27 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

My suggestions would be to contact an agent in your particular area of Oregon, they may have a source.  A

Feb 11, 2022 09:44 AM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I wish you all the best with this. I am confident someone in the AR community will have a helpful resource for you.

Feb 11, 2022 09:22 AM
Rainer
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Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Hard money wants 40% down. Let's talk about what the hold up really is. Your phone posted has some problem?

Feb 11, 2022 04:37 PM
Rainmaker
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Seems like there is more to this story than we know.

 

3.5% down seems pretty skinny for any hard money lender. Eventual repayment from a VA loan that they cannot get now seems questionable.

 

Have the buyers looked into FHA financing?

Feb 11, 2022 02:33 PM
Rainmaker
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Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Caroline Gerardo lends in many states, not sure about Oregon but she is very well connected and if she can't help can refer you to someone who can.

 

Your Q puzzles me...why are they not going VA initially? I have never heard of anyone doing PM then six months later refi to VA (former mortgage broker here).

 

Edited to add: Do they have their COE from VA yet? If not, they need to obtain it before moving forward with this plan.

 

Feb 11, 2022 12:18 PM
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Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Try Max Boyco, 916-470-3198.  I worked in his office for a few years, have participated in investments with him and he has offered to help some of my clients with hard money loans in the past.  I know he does loans in multiple states, but you will have to ask about Oregon.  Good Luck!

Feb 11, 2022 12:13 PM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I have a couple Hard Money Lenders here, I'm checking to see if they lend in Oregon, given they are SoCal based. Back 'atcha soon.

Feb 11, 2022 09:22 AM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Deb.

    With respect, 96.5% LTV is not attractive to a lender.  And the risk of a future re-fi is shaky ("VA Loan 6 months from now"). 

    Someone out there will make that loan, but the interest rate is going to be very high.  Keep trying; I hope you find that lender.

Feb 12, 2022 06:07 AM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Sounds like your buyers are light on the downpayment to get a hard money loan and the end value at refinance only equals the purchase price. If they don't have cash for any rehab, this sold s like they want the lender to take all the risk. Good luck.

Feb 12, 2022 04:05 AM
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

VA mortgages help a lot of people but there are limits Deb. I expect you should get an Oregon financial advisor to help you sort through the hurdles you'll face. Seems easy enough although it is not a walk in the park.

Feb 11, 2022 12:43 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

What kind of interest and fees are they willing to pay for this hard money bridge loan?

Feb 12, 2022 09:12 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I don't know a single hard money lender who wants that little down.

Feb 13, 2022 02:08 PM