I work strictly with investors and have been able to achieve great results for them, utilizing my

“No seasoning” guidelines.   

 

The basic guideline that needs to be understood is extremely simple.  No seasoning means that my company will refinance your property IMMEDIATELY after you are on deed, most important we will refinance based on APPRAISED value, not purchase price. 

 

How does this help you?  Let's say your are selling a home and your buyer qualifies for only 90% LTV, but does not have 10% down requirement.    How do you get around the lack of funds?  The objective is to get the buyer on deed.  You can owner finance it with a! 60 day balloon or make them a partner.  I don't care how you do it, just so long as it is recorded properly.  Also, that there is a mortgage.  This is very simple to do.

 

Because we have no seasoning, I will now refinance this property.  The seller held note or other obligation is paid off.  It could be a second.  It is really that simple.  The balloon keeps the buyer from "sitting" on your property.  If it is a bad prospect you will not want to do it.  I can say that I have never had a bad situation result from this approach.   I am a true lender (we service our loans), so we give a true approval, thus the take out loan will close.

 

This also eliminates the 90 day seasoning on resales (if you've run into that issue yet).

 

For different situations, different techniques need to be used.  I can explain these on a case by case basis.  For example, what if there is no equity, you can't have a mortgage.  This requires the partner approach. 

 

Also, this will not work in all situations.  For example, bank foreclosures or strict realtor sales.  The parties must be understanding and motivated.  Most of my deals are investor to investor or investor to retail.

 

Lastly, the no seasoning guideline is very vague.  For example, many lenders may state they have no seasoning, but when the loan gets to the underwriter they simply refuse to sign off.  The reason normally is the underwriter’s refusal to accept the "new" value.  They may state it is not reasonable.  In essence they become deal killers.  Most companies now require one year seasoning. 

 

Again, I don't care if you paid $100,000 for your home yesterday, if it is worth $500,000 today, I'll refinance you at 90% cashout and you can walk with $350,000 cash after recapturing your $100,000 investment.

 

I do this type of transaction in all 50 states.

 

I hope this helps.  Call me on my cell if you have a deal to discuss.

 

 

Nick Williams

Loan Officer

American Home Mortgage

AHM (NYSE)

cell 864-320-6493

nick.williams@...