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Twenty-six files, eight closings, and I got paid on two
Twenty-six files. Eight closings. Two fee splits that actually landed in my account. The setup was supposed to be simple. I do a lot of talking to small investors in my area, and…
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A mortgage broker connects borrowers with lenders, helping buyers and investors find and secure financing by shopping their loan among multiple lenders, advising on options, and facilitating the loan process, in exchange for fees or lender-paid commissions.
Log in to followTwenty-six files. Eight closings. Two fee splits that actually landed in my account. The setup was supposed to be simple. I do a lot of talking to small investors in my area, and…
Heavy rehab, 1920s four square split into three units, all-in budget $1.1 million with $780,000 of it eventually drawn. Bridge loan through a broker at 65 percent of total cost, r…
I've been planning this purchase for over a year and financing was the part I was most afraid of, so I want to write down what actually happened. Small three bedroom, $268,000 pur…
First attempt at a small duplex, $268,000, both sides rented. I went to a broker because two banks had already looked at me funny for being self-employed. He took my paperwork, as…
Bought a two bedroom cottage for $132,000 last spring, put about $28,000 of my own labor and materials into it, rented it at $1,450. Went to my bank for a refinance and got turned…
$2.4M acquisition, 14 units, 1970s brick garden walk-up, 62 percent occupied at takeover with a real path to 92. I wanted a 24-month bridge at 70 percent of cost with 12 months of…
Five single family rentals, all owned free and clear except two small notes, combined value I had at about $1.09 million. I wanted one blanket loan to consolidate and pull out rou…
I had a small house under contract at $84,000 in a working town about an hour out. Cheap, tenanted, nothing exciting. I thought the financing would be the easy part because the nu…