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Do you like this website??

joel profile photo
  • Contributed by
  • joel
  • Monday, May 12, 2003 @ 09:58 AM EDT
  • 7 Comments

If you do, I need your help. One way of helping us out in the development of this website is to give some great feedback on tools that will help people like us - RE INVESTORS.

We are currently developing a major part of the Lender Finder v2.0 right now and have come upon a stumbling block.

If most of you haven't taken a look at the Lender Finder, it is a tool that will scour through our database of Lenders to find you the perfect loan for your property.

What we need is to find out what is more important to you (the investor) when looking for a specific loan?

For me it has always been the rate. But I know for other investors it is the length of the loan, or other criteria.

I put up a poll, that I need some serious feedback on. PLEASE VOTE
http://www.thecreativeinvestor.com/Survey32.html

If you have any comments, just post them on this topic.

Comments(7)

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    raider07188th May, 2003

    yes, I like this web sight alot. I am a new invester, and just found this sight yesterday. I ended up spending about eight hours reading and studying. I have learned alot from it already. It would be a good tool to be able to find the right loan, one of the things I had questions about was where to find the contracts and paper work for the different offers that everyone is talking about, and if there is a downloadable sight for that. I thought it would be a good learning tool to look over the paperwork. good luck to all and may god bless

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    pur_ange8th May, 2003

    I think the most important part of a loan (in my case anyway) is bad credit, and low downpayments!! I can't find financing anywhere and I've called SSOOOOO many lenders.

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    hibby769th May, 2003

    This could be perhaps the most valuble part of this website. Here's what I look for.

    #1. What type of money.
    Hard (bridge, flip)
    Soft (purchase, refinance)
    Line of Credit (somewhere between hard and soft money)

    #2. LTV
    Many lenders say LTV when they actually mean LTP or LTC (Loan to Purchase/Cost). True LTV loans go off of the appraised value. If you have a property that is 20% under market value and a 80% LTV loan, you can get 100% financing for it. To me it's extremly valuable to know if they go off of the price or the appraisal.

    #3. Seasoning.
    I also want to know if they season the down. If it's a refi, I want to know what seasoning they'll need. Will they allow a simultaneous/double close?

    #4. Res/Commercial (up to how many units).

    #5. Loan amounts - what is their min/max amount that they will loan?

    #6. Fixed? Variable? ARM?

    #7 Interest rate.

    #8. Interest only or ammoratized?

    #9. Additional comments regarding the loan program.

    #10. Geography. Some lenders can only lend within certain states.

    I realize that that is a lot of information to take into account. On the other hand, most of it is cut and dry. If the lenders were allowed to enter multiple loan programs it would help.

    Look forward to seeing what this becomes. thanks





    #2. Interest only

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    tanya12159th May, 2003

    hibby76 hit it right on the spot...

    I like to know as much as possible about the loan programs available to me because I have different situations come up. I also have many ideas of how I want to finance a property.

    Tanya

  • joel
    joel9th May, 2003

    Really, Having 7 fields is too much criteria searching for a loan.

    I really need to make it around 4 fields.

    1. State.
    2. What category the loan is for (hard money, non-owner)
    3. LTV I am thinking that this is more important than others.
    4. Documentation.

    Interest is a secondary thing compared to these things.

    Anybody agree with this?? or disagree

  • no photo
    hibby7612th May, 2003

    Joel,

    I understand that it's not practical to have all the fields above listed. If there are too many, the lenders won't input all of the data correctly, and it becomes useless. Too few and we have the same result

    I was being greedy! I think your list of 4 is close. I do feel strongly about distinguishing between LTV and LTP. You could take care of this with an extra field.
    Field 1: "What is the max LTV?"
    Field 2: "is the LTV based off of purchase price, appraisal, or the lower of the two?"

    That information would save me many phone calls!

    Thanks

  • joel
    joel12th May, 2003

    Great suggestion. I think I will half to do a slight modification in the database in order to do that.

    I think it is a wonderful idea!

    Keep the ideas, coming guys!!

    Quote:
    On 2003-05-12 04:27, hibby76 wrote:
    Joel,

    I understand that it's not practical to have all the fields above listed. If there are too many, the lenders won't input all of the data correctly, and it becomes useless. Too few and we have the same result

    I was being greedy! <IMG SRC="images/forum/smilies/icon_lol.gif"> I think your list of 4 is close. I do feel strongly about distinguishing between LTV and LTP. You could take care of this with an extra field.
    Field 1: "What is the max LTV?"
    Field 2: "is the LTV based off of purchase price, appraisal, or the lower of the two?"

    That information would save me many phone calls!

    Thanks

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