Conversations with Lenders at Academy Mortgage

 

Use the prompts to determine if our short-term, fix-and-flip loan products are right for you.  

 

Reviewing the hottest fix-and-flip loan in 2018 >>

Lender, Academy Mortgage (Member— "I have lots of friends that work at banks and credit unions. I don't know of anything like this. They have construction loans. They have land loans. They have home equity loans. Again, it's all very qualified. These are all the restricted mortgages that have to go through all that underwriting. This is like a hard money loan. There are hard money lenders out there, but they don't do conventional mortgages. They specialize in hard money. We specialize in mortgages. This is marrying the two."

Input from arizona mortgage lenders >>

Lender, Academy Mortgage (Member— "I would not probably recommend this for people who are doing the one-time flip because there are ways that I can help them finance something like that."

Asheville mortgage lenders on national fix-and-flip program >>

Lender, Academy Mortgage (Member— "This would be a good product for somebody who needs the funding on the house and the reno."

Even the best home lenders can't help real estate investors >>

Lender, Academy Mortgage (Member— "A lot of these people need money from the one project to move to the second project. They don't have the funds to do everything. They tie up their own assets in order to do it. They wouldn't qualify with me because they'd be fully extended credit wise. Usually, they're fully extended. They don't have any extra income. They don't claim income because they use investments. They're savvy, and they write off everything. All their money is dumped into one project. Until that project is done, they can't move on."

What the best home loan lender wish they had >>

Lender, Academy Mortgage (Member— "Yeah, it's like what do you want to do? Rob has the money."

the best lenders should all want to work for academy mortgage >>

Lender, Academy Mortgage (Member— "I can help you buy an investment property, so you have it. I can't fund anything more than that. This loan is the whole deal. You want to buy it, renovate it, turn around and sell it, that would be this product. The other thing would be, like I mentioned, if this is somebody who is an investor, they also probably don't qualify for typical financing a lot of times because these people use money in a lot of different ways than me and you. A lot of times, they're strapped. If I were to look at it on paper, they'd look strapped for my loan because my loan is extremely conservative. If you claim a loss on your taxes, I'm taking the loss. I can't show any income. Rob's loan is definitely more flexible because it's a private loan. It's private money. If they can secure their loan some other way using collateral or stocks, and it sounds like they can use all kinds of things as their collateral, then they can do the loan. Me, I don't have that option. I have to have textbook income, assets."

academy mortgage lenders in phoenix az are in for a treat >>

Lender, Academy Mortgage (Member— "I would not probably recommend this for people who are doing the one-time flip because there are ways that I can help them finance something like that"

expanding soon to more academy mortgage lenders in oklahoma 2018 >>

Lender, Academy Mortgage (Member— "We were supposed to do Rob's loan first on my project. Yes. Rob's loan was supposed to be done first. It was supposed to pay off their current loan, give them money to renovate, and then divide the lot. Then we were going to do a second Rob loan to build. They wanted to do it differently even though we've advised them against it. They wanted to do my loan first. They wanted to do a cash out loan with me, take out money, renovate the house, divide the property. Then they only want to use Rob's loan to build on the free and clear lot when it's time. How much is that project going to be? I have to check my numbers, but they still plan on using Rob for that. However, the caveat is, which I advised them against this, my loan right now is on this whole thing, this whole property. Until this is legally taken off of this debt, Rob doesn't want to touch it either because it has to be removed from my loan. Their thought process on how to remove this property from the loan is to refi this again later. After they divide the lot, they want to refinance it again with my loan again, which is going to cost them more fees because I have to charge them fees every time."

finding a mortgage lender for a new kind of borrower in 2018 >>

Lender, Academy Mortgage (Member— "The kind of borrower that wants this loan is somebody who doesn't use my kind of financing. They wouldn't qualify with me. They would never bother calling me because they couldn't finance a project and renovate it with my loan. They'd need more money somehow."

What most residential mortgage lenders can't touch -- until now >>

Lender, Academy Mortgage (Member— "How I've been pitching it is this is new money that's available on the market. It sounds like to me, and I'm not an expert. There's only so many hard money lenders. There's only so many lenders out there that will lend this kind of money with good terms. A lot of them have very bad draw processes. It's not easy to get the money. The way that I've been introducing it is it's new funds on the market because it sounds like a lot of the funds get tied up with these lenders. They get used up. Then at that point, I don't know if the terms are worse to borrow more money. That's the other thing too with this loan is instead of a onesie, twosie property flip, it's like a blank check of money. If you're an investor who can prove you have a track record, and you want to do three properties at one time, with Rob's loan you can. With any other money, that would be very hard because we'd have to sit there and calculate every loan that you have, and it would be moving. You could just do larger projects or multi-projects versus mine as that's not going to happen. If there's a debt outstanding I'm going to have to take into account, all that debt and hold it."

what are the signs of a reputable mortgage lender? >>

Lender, Academy Mortgage (Member— "A lot of these people need money from the one project to move to the second project. They don't have the funds to do everything. They tie up their own assets in order to do it. They wouldn't qualify with me because they'd be fully extended credit wise. Usually, they're fully extended. They don't have any extra income. They don't claim income because they use investments. They're savvy, and they write off everything. All their money is dumped into one project. Until that project is done, they can't move on."

Coming soon to UTAh mortgage lenders 2018 >>

Lender, Academy Mortgage (Member— "The only reason why I would recommend this loan over my own product would be if this person is an actual investor, so this is their business."

where do the highest rated lenders go for fix-and-flip money? >>

Lender, Academy Mortgage (Member— "Sometimes you get a weird deal like I had a few months ago. It was a little weird, but I think we might run into it more because with Rob's loan it opens up the possibilities of doing those kinds of things. I don't know that they even were thinking about doing this. Then when they met with Rob, they literally were like, "The property is big enough. We could have partitioned it. We thought about that. We should do that, and we can build on it." I don't know what the parameters are when you use other loans, but the fact that they can divide a lot, and build on it, and improve a property they already have all at the same time with Rob's loan or work it out with the same person is pretty competitive, I mean, pretty flexible. Whatever you could think of, you could do with Rob's loan. That's how I feel compared to our loan."

who good mortgage lenders will refer most in 2018 >>

Lender, Academy Mortgage (Member— "A lot of people don't want to touch land acquisition loans. I talked to the investor. They have built one house so far on new land. That's something they might continue doing. Rob can help with that. Obviously, if they want to hold the land, we can't do that. If they want to buy the land, and then build, we can help with that. There's some interesting things we're going to be talking about soon. Every project is new."

you can't compare this to traditional mortgage lenders >>

Lender, Academy Mortgage (Member— "It's like, tremendously flexible."

Coming soon to academy mortgage lenders in greensboro, nc >>

Lender, Academy Mortgage (Member—  They own an investment property. Then they say, "I want to do some renovation on it." Usually, what I would do is I would look at their primary home, and try to take cash out, and give them cash to renovate that house. That's a cash out refi. It could also be a rehab, it must be on their primary though. That's one of the differentiating factors too. My products, I can only offer for houses they live in, like the reno product. Cannot offer it on an investment, so I'd be out of luck. This product would be perfect for anything that's a non-owner occupied. It could be used to not only renovate the house, but to buy it because a lot of my stuff, I can't fund everything. I can help you buy an investment property. You have to put 15% to 20% down, but I could help you buy it. I can't help you reno it on top of that.

coming soon to academy mortgage lenders in okc >>

Lender, Academy Mortgage (Member— "I would say the flexibility of different project types is something very new for this market because most lenders don't do land loans. I have to send out constructions loans."

a new breed of internet mortgage lender worth trying out >>

Lender, Academy Mortgage (Member— "A lot of these people work with more than one. They try them out. These guys seem to try out all of these until they find which one they like the best, or private people, or private money. If they know a guy that wants to get a 5% return on something, he'll give him his own money, which is not very common. Yes, a lot of these people who are going to look at Rob's loan, if they need financing, they've probably worked with either Home Lending or Rain City."

a product even national mortgage lenders haven't been able to touch >>

Lender, Academy Mortgage (Member— "There's not very many players though. That's the nice thing, is most of these people have tried all these other ones. Maybe what the niche is more, like I was saying, a lot of them don't want to deal with land. They don't want to do big projects. You get capped out with a lot of them at a certain dollar amount, depending on your experience. We might have something similar. I wouldn't compare it to our product because our product is meant for homeowners that are living there. This is totally different. This product can't be done unless they're not living there."

Local portland mortgage lenders have been waiting for this >>

Lender, Academy Mortgage (Member— "It's totally new for us. It's not like anything we have. It's not. The way that I want to use this is more of a tool for me to build relationships with realtors because realtors work with investors. They find the property for them. They tell how much it's going to be worth, if they improve it, and the investor goes and finances it. That's what this product would be used for. This product is for me, and I think for everybody. It's just another in with realtors, and with builders, and with investors who have a lot of money in the market and influence. That's really what this is going to help do."

Where refi opportunities are born >>

Lender, Academy Mortgage (Member— "This is a tool to help get us more business and build, get our name out, and then differentiate us from other lenders because the credit unions, they don't deal with this kind of stuff. They don't want to. Big banks don't want to touch it either. They just want A paper clean loans. They don't want to deal with this either. This is putting us in a totally different category because a lot of home loan lenders don't specialize in anything but home loans. The fact that we have this, the investor product, now we're in this different space where no one else is."

'this will be one of the biggest lenders in 2018' >>

Lender, Academy Mortgage (Member— "Conventional loans are long-term. My products are long-term. I have to make sure you qualify to hold it forever, for 30 years. The short-term financing like Rob's loan, they're basically going to charge a lot of fees. They know they're going to give it back. They don't care when you pay it off. It's going to be 12 months or less. They know they have their investment made. As long as you have the equity to sell the house, then they make their money. I don't know what their guidelines are, to be honest, because I've never done a hard money loan. As long as they see that when you sell the house, they're going to get a return on their investment, I think it's pretty easy to write a loan."

there's no list of mortgage lenders that compares to this >>

Lender, Academy Mortgage (Member— "If you have some money and skin in the game, and you can prove that whatever you're investing in is going to make more money, then I think it's a little more black and white than my loan."

where are the largest mortgage lenders now? do they matter? >>

Lender, Academy Mortgage (Member— "The biggest problems you run into when you're doing fixed flips or even doing standard remodel, even home construction, they call pull offs. A guy pulls on the job, works, and in about a week he's gone. It's standard in the business. My realtor has a general contractor she works with, but she does the slower fix-and-flip path. She can't do another flip until it's done though because she has her own personal money wrapped up in it. The benefit of this is stop tying up all your personal funds, give us a down payment, and keep moving."

coming soon to academy mortgage lenders in omaha ne >>

Lender, Academy Mortgage (Member— "If there's a good deal, capture it."

i would recommend mortgage brokers nationwide share this >>

Lender, Academy Mortgage (Member) — "I have a realtor tell me, 'I have this property, and I need to get rid of this.' I'll give the best deal just to take this off my hands. That's what's cool too though, realtors and investors talk to each other. Word can spread pretty quickly."