slim_jim
Contributor
Good info.
speed ++
speed ++
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Free registration at the forum removes this block.Yep, they're right. It did change - it went up 50 points.
Chewsie, I know this doesn't make you feel any better. We've gotten letters from Indymac and Greenpoint so far. The one from Greenpoint cracked me up - we have about $600K mortgage on a property where the nearest sold comp is $1.6 mill (so about $1 mill equity). They said the reason they froze our HELOC was due to a change in my husband's credit score. Yep, they're right. It did change - it went up 50 points.
True, however....Only thing is that the fees are becoming more and more common, and higher than they have been in the past -- Sometimes 3% of the amount you write the check for, which is like a really expensive origination fee if there is no cap.
True, however....
You as a rehabber probably know this, sometimes you need the money to fund a rehab and, given current lending market situation, can't get a loan to complete a 5-months deal. The only alternative seems to be hard money lenders, 10 points, 12% APR, or something similar.
When compared to this, that is still cheap money, the 3 points are pretty much nothing compared to the ability of completing the deal.
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