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Old 09-28-2005, 11:01 AM
johnderoma214
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Default RE: [IncomeProperties] fixed rate loans for investors

Thar does not accress the issue at hand...he can get a
loan not the fixed rate he desires
--- Peter Rochford <prochford@comcast.net> wrote:

> Your Broker is partially right. Lenders will not
> lend to an LLC because the
> Lender is basing the credit decisions off of your
> credit, income and assets.
> not your LLC's. The Lender knows nothing about the
> LLC or how you have
> entity set up behind the LLC. Nor do they have any
> financial history on the
> LLC. Plus if the property goes into default how is
> the Lender going to try
> to collect its money. Through the LLC. I don't
> think so.
>
> Peter Rochford
> Prochford@comcast.net
> -----Original Message-----
> From: franxyz@comcast.net
> [mailto:franxyz@comcast.net]
> Sent: Friday, March 04, 2005 9:06 PM
> To: IncomeProperties@yahoogroups.com
> Subject: [IncomeProperties] fixed rate loans for
> investors
>
>
> I've just been told by a mortgage broker that I
> thought I trusted that an
> LLC can only get an ARM, that they can't purchase
> property with a fixed rate
> mortgage. He said this is a Fannie Mae and Freddie
> Mac charter violation.
> Only individuals can sign off on fixed rate loans.
> Corporations, LLCs, etc.
> can only sign off on adjustable rate loans.
>
>
>
> I find this very hard to believe.
>
> First because legally a corporation IS an
> individual, just not a "natural"
> individual.
>
> Second because not all loans have to conform to
> Fannie Mae and Freddie Mac
> guidelines.
>
> Third because I know a lot of people that purchase
> property within trusts,
> and if a trust can sign off on a fixed rate
> mortgage, I can't imagine why a
> corporation couldn't.
>
>
>
> Is this true? Or is it just that this broker is so
> used to working within
> the conforming loan requirements that he can't even
> think about loans that
> don't meet Fannie Mae and Freddie Mac guidelines?
>
>
>
>
>
> [Non-text portions of this message have been
> removed]
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
>
>
>
>


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