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Any Mortgage Bankers/Brokers On Here...

mookie9999mookie9999 Posts: 4,677
edited February 2008 in All Encompassing Trip
That would allow me to pick your brain before I go insane?
"The leads are weak!"

"The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"

"What's your name?"

"FUCK YOU! THAT"S MY NAME!"
Post edited by Unknown User on

Comments

  • given2fly78given2fly78 Posts: 404
    I do, but not subprime stuff :-)
    "Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. "
    Albert Einstein (1879-1955)

    I saw Hard To Imagine LIVE at MSG!
  • mookie9999mookie9999 Posts: 4,677
    given2fly78 wrote:
    I do, but not subprime stuff :-)
    Excellent. Here goes, I will be as brief as possible. I need to get a loan funded for my client. My client is purchasing a condo from an LLC. The LLC is my company which bought 30 units in a new construction building. Within the agreement of the purchase, my company is allowed to assign the units without ever holding title. Obviously, when we assign said units, we will be doing it for a profit. In this case we "bought" the unit in 2/2007 for $710,000. We are reselling the unit for $849,000. The price of $849,000 is less than units are comping out for in the building. It has appraised out (ethically) and was given the green light to close. Last minute, the bank (Citibank) refused to fund the loan due to the fact that a profit was being made on the assignment. Had the building sold the unit for $849,000 directly, there would be absolutely no issue. What I need to know is a)why is there an issue with this (it seems 6 of one, half a dozen of the other to me) and b) is there anyway around this that you are aware of? The unit is scheduled to close on Friday. I understand that that will not happen, I just need to know how to get this loan funded. Unfortunately, every mortgage banker/broker I've asked about this does not speak English as their native tongue and so the answers they are scattered at best with leaving me even more confused. Thanks in advance! And if you can get this funded somehow, please pm me! No joke! :)
    "The leads are weak!"

    "The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"

    "What's your name?"

    "FUCK YOU! THAT"S MY NAME!"
  • Steve DunneSteve Dunne Posts: 4,965
    Well you can ask me, I know nothing about banking...but I did stay at a Holiday Inn Express last night! :D
    I love to turn you on
  • Fu_ManchuFu_Manchu Posts: 422
    Sounds like a standard off plan transaction to me.
    Nil Satis Nisi Optimum
  • mookie9999mookie9999 Posts: 4,677
    Steve Dunne wrote:
    Well you can ask me, I know nothing about banking...but I did stay at a Holiday Inn Express last night! :D

    Sweet! How was the continental breakfast?
    "The leads are weak!"

    "The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"

    "What's your name?"

    "FUCK YOU! THAT"S MY NAME!"
  • Get_RightGet_Right Posts: 13,143
    mookie9999 wrote:
    Excellent. Here goes, I will be as brief as possible. I need to get a loan funded for my client. My client is purchasing a condo from an LLC. The LLC is my company which bought 30 units in a new construction building. Within the agreement of the purchase, my company is allowed to assign the units without ever holding title. Obviously, when we assign said units, we will be doing it for a profit. In this case we "bought" the unit in 2/2007 for $710,000. We are reselling the unit for $849,000. The price of $849,000 is less than units are comping out for in the building. It has appraised out (ethically) and was given the green light to close. Last minute, the bank (Citibank) refused to fund the loan due to the fact that a profit was being made on the assignment. Had the building sold the unit for $849,000 directly, there would be absolutely no issue. What I need to know is a)why is there an issue with this (it seems 6 of one, half a dozen of the other to me) and b) is there anyway around this that you are aware of? The unit is scheduled to close on Friday. I understand that that will not happen, I just need to know how to get this loan funded. Unfortunately, every mortgage banker/broker I've asked about this does not speak English as their native tongue and so the answers they are scattered at best with leaving me even more confused. Thanks in advance! And if you can get this funded somehow, please pm me! No joke! :)

    is the assignment an encumbrance on the title and who would citi cut the check to? The LLC? I could see how they might have a problem cutting the check when you are not the title holder.
  • mookie9999mookie9999 Posts: 4,677
    Get_Right wrote:
    is the assignment an encumbrance on the title and who would citi cut the check to? The LLC? I could see how they might have a problem cutting the check when you are not the title holder.
    No encumberance. The value of the unit is actually more that what the LLC is selling it for. As to the distribution of funds, citi (or whichever bank used) would have to cut the LLC a check for the difference.
    "The leads are weak!"

    "The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"

    "What's your name?"

    "FUCK YOU! THAT"S MY NAME!"
  • Get_RightGet_Right Posts: 13,143
    mookie9999 wrote:
    No encumberance. The value of the unit is actually more that what the LLC is selling it for. As to the distribution of funds, citi (or whichever bank used) would have to cut the LLC a check for the difference.


    I understand about the value, but how would you protect your rights if the unit was sold without your knowledge, breach of contract with the builder?
    Your LLC holds an exclusive right of assignment, but no interest in the title? Correct? You purchased the exclusive right of assignment (right to assign the title?).

    I could see how a major lender would be put off by having to cut a third
    party check, especially when that party is niether the title holder nor a lien holder.

    Get citi to cut a check to the title holder and get the title holder to cut you a check for your profit. Perhaps that would appease the lender.

    You could always call countrywide.

    :)
  • TrailerTrailer Posts: 1,431
    Steve Dunne wrote:
    Well you can ask me, I know nothing about banking...but I did stay at a Holiday Inn Express last night! :D

    hahaha.. :D
    Whoa, chill bro... you know you can't raise your voice like that when the lion's here.
  • mookie9999mookie9999 Posts: 4,677
    Get_Right wrote:
    I understand about the value, but how would you protect your rights if the unit was sold without your knowledge, breach of contract with the builder?
    Your LLC holds an exclusive right of assignment, but no interest in the title? Correct? You purchased the exclusive right of assignment (right to assign the title?).

    I could see how a major lender would be put off by having to cut a third
    party check, especially when that party is niether the title holder nor a lien holder.

    Get citi to cut a check to the title holder and get the title holder to cut you a check for your profit. Perhaps that would appease the lender.

    You could always call countrywide.

    :)

    The LLC does hold the exclusive right of assignment with the option of assigning it once to ourselves or to another party. Our only interest in the title would be if we assigned it to ourselves. As to citi cutting a check to the title holder, the problem is that the original contract price still exists. It would require the developer of the building to re-draw the contracts at the resale price with us orchestrating a side deal with the title holder. The sponsor is unwilling to do that as if does not benefit him in anyway. As to Countrywide, they're on my speed dial and I have been talking to them for the last couple of days. Thanks for your input Adam, I really appreciate it. I also just received an update that one of these deals has been cleared for closing and the loan funded by B Of A. If Bank Of America will do this I will vow to never say another foul word about that extreme service charging, poor customer service, joke of a financial institution ever again! :D
    "The leads are weak!"

    "The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"

    "What's your name?"

    "FUCK YOU! THAT"S MY NAME!"
  • Get_RightGet_Right Posts: 13,143
    mookie9999 wrote:
    The LLC does hold the exclusive right of assignment with the option of assigning it once to ourselves or to another party. Our only interest in the title would be if we assigned it to ourselves. As to citi cutting a check to the title holder, the problem is that the original contract price still exists. It would require the developer of the building to re-draw the contracts at the resale price with us orchestrating a side deal with the title holder. The sponsor is unwilling to do that as if does not benefit him in anyway. As to Countrywide, they're on my speed dial and I have been talking to them for the last couple of days. Thanks for your input Adam, I really appreciate it. I also just received an update that one of these deals has been cleared for closing and the loan funded by B Of A. If Bank Of America will do this I will vow to never say another foul word about that extreme service charging, poor customer service, joke of a financial institution ever again! :D


    As long as it works out, Im happy for ya.
    It would seem to me that here has got to be a more efficient way to structure that deal. I could see other cos balking if the contract of sale is for one price, but the mortgage is for another, higher price that involves a payoff to a third party whose vested interest is questionable.

    Hey, hopefully you have found your golden goose!
  • mookie9999mookie9999 Posts: 4,677
    Get_Right wrote:
    As long as it works out, Im happy for ya.
    It would seem to me that here has got to be a more efficient way to structure that deal. I could see other cos balking if the contract of sale is for one price, but the mortgage is for another, higher price that involves a payoff to a third party whose vested interest is questionable.

    Hey, hopefully you have found your golden goose!

    When we orchestrated this deal we had done this with four other buildings we no issues whatsoever. We drew up the deal last January. It wasn't until January 1st of this year that all the restrictions came to light. We will continue to do these package deals with right of assignment, but they will definitely be drawn up much differently! Thanks again! As to your last sentence:

    http://www.youtube.com/watch?v=vKNmqS4nSYY
    "The leads are weak!"

    "The leads are weak? Fuckin' leads are weak? You're Weak! I've Been in this business 15 years"

    "What's your name?"

    "FUCK YOU! THAT"S MY NAME!"
  • Steve DunneSteve Dunne Posts: 4,965
    mookie9999 wrote:
    Sweet! How was the continental breakfast?

    Fantastic! :p

    Gotta love those hockey puck bagels!
    I love to turn you on
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