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1st Community Bank.
They do flip the loan. I think its to Chase if I remember correctly.
Sheeut! What podunk bank are you dealing with anyway? They aren't gonna own it before flipping it? Most self respecting banks will pop the loan, let it age for 6 months and then package and flip it.
1st Community Bank.
They do flip the loan. I think its to Chase if I remember correctly.
My point was they normally shave a few more points on the flip by popping it themselves and aging the receivable for a few months instead of flipping it green.
You might have me confused. There's an interim carry. They flip after I close around 30 days prior to completion of the build.
I will say this. If for whatever reason they have taken me this far only to decline me I'm going to assault if not kill someone. This is why I don't understand the constant delays. If I've been "run through" and all is golden then why sit on . They've always taken the approach that this is a done deal and we just need to get the formalities of the paperwork out of the way. The only real hurdle was making sure the appraisal went okay because there aren't many comparable properties out in that area. The dollars were more than good. To now ask for more comparisons really pisses me off.
The comp issue always sucks with unique properties. My house always under-appraises because of the acreage and the fact that it has a barn and equine arena but it's "in town". I ALWAYS have to argue with them on comps...they want to say "well, here's a house on 1 acre with a swimming pool...we'll just swap the pool for the barn/arena"...I'm like uhhh bull ! the barn/arena costs at least twice what a pool costs and 1 acre doesn't comp to 2.5 acres...then they want to go "out" to find a house with an equine facility and I gotta and say you can't compare it to a house out past Camp Bullis...
you just have to take unequal comps and fight for your variance dollars.
Dude I would say screw teh house get the business loan, but don't most small business have a hard time as it is without being in a depression?
I would only recomend the business loan since it is pretty apparent that youhate your job and it's only a matter of time until you snap one way or another.
Depends on the business. Ours is doing fine. The only thing holding us back is lack of equipment.
I think I'm going to wait until Thanksgiving before pushing the eject button.
Thanksgiving as in next week?
Does that mean your days of posting on ST (out of boredom at your existing job) are almost over?
Oh no. Even if I bail on the build I won't secure the loan until Jan. My tax return would allow me to put a little over 10% down. Then I'll likely continue working for the next 6 months to a year before I quit. Unless we just get swamped and then I'll quit before then.
I can work nights or allow the employees to handle the work load until we capitalize on the equipment. I don't have to rush.
We purchased through our credit union (Randolph-Brooks) - it took a couple of weeks, not months, and the amount of paperwork at signing was absolutely tiny compared to the last time we bought a place thru Wells Fargo. If you have to walk, check out a CU.
Are you dogging Wells?!
My husband needs a loan for an some equipment he wants to buy for his practice. I guess banks do special loans for medical practices. Calls up our bank that holds our business and personal accounts and they tell him no problem, only to turn around that they only lend to certain medical specialties. WTF?
Called another bank that we currently have a loan with and secured the loan without a hitch.
They can not find enough comparable properties appraised within the last 6 months. I may be dead in the water here.
I'm sorry.
Make it better?I'm sorry.
That's crazy. They could adjust the comps if they wanted to. There are industry accepted standards for adding/subtracting comp value based on lot size, house size, type of construction, etc.
What can I do?
You should know better than to ask B2B something like that...
PM me for details.
ing lazy pieces of they are.
The thing that makes me so angry is that this was a "done deal" right out of the gate. I was very specific about needing to know how this was going to go down and what the risks were before I started cutting absurdly giant checks. I was assured with no shred of doubt that all was well.
On top of all that before I cut the additional check of 500 for the appraisal I had her make sure that they could get the necessary comps for the underwriters. She told me that she "made phone calls to confirm the parameters that needed to be met" before ordering the appraisal. Well apparently she didn't do that because it wasn't enough. Obviously I'm going to ask for my money back but I'm not holding my breath. 500 is a drop in the bucket compared to the hole I'm in over this.
They are ing full of ing .
That's what I said. How does that even become a real enough or valuable enough reason to not do a loan? Risk assessment. Used to be the primary objective behind lending. The question was always should be "how much of a risk is this person to default or pay late". They have 3 comp properties all within a 6 month period. That should more than suffice.
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