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Jon Bon

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« on: June 17, 2019, 12:14:57 PM »
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« Last Edit: June 17, 2019, 12:47:05 PM by Jon Bon »

Another Reader

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Re: Net worth of 4 million and can't get a 200k loan!
« Reply #1 on: June 17, 2019, 12:49:54 PM »
I shit you not.

So Chase furthermore known as the WORST BANK EVER. They really crapped the bed on this one. Between my business partner, and I net worth has to be in the 4 million range. However zero w-2 income.

Chase discovered this about 24 hours before closing.  So after 2 weeks of them freaking out, completely ignoring me, blowing deadlines, and providing zero feedback of what documents and accounts they actually needed they formally denied the loan. So Chase might be fine for credit cards/bank accounts etc. Just don't try and get a n investment loan from them. Good lawrd what a mess.

*Yes I know better than to use a massive bank like this but my regular banker retired/quit and I could not find him.

So where do you guys turn for financing as you grow?

I really should send a thank you note to the faceless bureaucrats at Fannie/Freddie that came up with the four loan limit.  They prevented me from doing some stupid things when prices went down 25 percent.  That allowed me to buy for cash when things went down 70 percent.  The only borrowing for rentals I did between 2006 and the end of 2013 was a series of HARP loans that dramatically reduced my interest rates plus I got a 30 year fixed on my primary at 3.125 percent at the end of 2012.

These days, Freddie is at a limit of six conforming loans and Fannie is at 10.  I never work with a bank now, especially not Chase or B of A.  Everything is done through knowledgeable, skilled brokers that can finesse the application through the lender's underwriter.   They don't get paid unless I get the loan so they only bother with underwriters with lenders that will get the job done.  Start dialing for dollars with the better agents you have dealt with and other investors in your market.  Find a sophisticated broker that can get deals done and stick with that person.