Matthew J Blum - (retired from the business)

What a great way to meet people and network in Palm Beach Gardens. Come join us and other professionals every other Tueday in the oldest Cigar Shop in Palm Beach Gardens:

Cigar Networking Event
Date: April 14, 2009 (Tuesday)
Time: 5pm to 7pm
Location: Gardens Cigars 10967 N. Military Tr. (In the Publix Shopping Center)
Palm Beach Gardens, FL
Cost: $10.00 (Good towards any purchase)
Come meet other local professionals in the area who appreciate a good quality Cigar in a relaxed networking event. Appetizers will be provided.
Pre-Register
Please Call Matthew Blum (561)294-3202
E-mail: MBlum@SchumacherAuto.com

As a Mortgage Broker who works with several Hard Money and Private Money Investors it seems my phone is ringing more than ever, with questions about this type of financing. (Which is a good thing) It just seems so many people who come to the realization that they need this type of financing really don't know what to ask or what to expect when inquiring for this type of financing.

Below is some basics that you should ask your Licensed Full-Time Mortgage Professional.

• How many Hard Money / Private Money Investors do you work with?
• When Was the Last Time you closed and funded one of these types of Loans
• Are They Licensed?
• How long have they been doing this type of Finance
• Make sure you are upfront and disclose everything to your Mortgage Professional.. Trust me they will find out anyway.
• Remember gone are the days of favors.. These loans are make sense loans.. not favors

Things To Watch Out For

• During your first converstion if the person tells you total fee's and final rate. This means the person only work with 1 Hard Money person and can only offer you 1 product. Any true professional works with several companies and Private Investors. I know I have some companies that start off with as little as 2 points and rates that start at 11%. However, until I have a complete understanding and full application on the client the rate and programs are the last thing. These loans are all on a case by case situation. Their is NO FLAT Rate or Program.
• If the person sounds like a Used Car Salesman on the phone... Guess what.. They probably are. Gone are the days of people slamming people into loans that are bad. If you get this feeling from the person you are speaking with RUN! With the Mortgage Industry the way it is now, more and more true Mortgage Professionals have entered into this form of lending.

Standard in The Industry

• Application Fee. Yes believe it or not many Investors want what they call "Glue". Before they start doing all the paper work, title work, appraisal they want to make sure the client is very serious about the loan and will close. (I still have some Investors that do not require a application fee)
• Points. Yes Points have an "S" on the end. Please keep in mind these are all high risk loans it just depends on how much risk. The Higher the Risk the Higher the rate and points.
• Pre-Payment Penality. Now please speak to your Licensed Mortgage Professional and check with your state laws first. However, most of these type loans come with a Pre-Payment Penality. These companies want to ensure the most profit they can. ( I still have some Investors that Do Not Have a Pre-Pay)
• Documentation. No this is not a typo! Know matter what you read and what people tell you the truth is a these Lenders/Investors DO NOT WANT YOUR PROPERTY PERIOD..... These are high risk loans and also high returns for the Investors. They make money when you pay. Now keep in mind if you can't provide documenation that is ok as well but as I stated before RISK = RATE.. The more information you can provide the better.
• Exit Strategy. This is mostly for the investors. Be prepared to have an exit stragety on this loan/property. If you don't know what this means please consult your Mortgage Professional and also re-think being an Investor.

In closing, please remember if a deal sounds to go to be true in this type of lending, it probably is. Take my advice and RUN as fast as you can away. Before signing anthing make sure you fully understand what you are signing and commiting for.

For More Mortgage Advice: Mortgage Advice in South Florida

Hard Money / Private Money Home Equity Lines of Credit

As a Mortgage Broker in Palm Beach Gardens, Florida (Northern Palm Beach County) I have found many of my clients looking for Home Equity Lines of Credit(HELOC) or just plane seconds because they have such a great first Mortgage. Recently, with all of the guideline changes and the market conditions going crazy it was almost impossible to get a first Mortgage let alone a second one. This is why I am so excited to have one of my Investors come back in the market with this product.

Minimum Loan Amount $25,000

No-Prepay

No-Prepay (worth writing that twice)

80% must be drawn at closing

No Proof of Income

Credit only as a guide

Independent Appraisal (not from Lender)

Closing can take place in as little as 5 days

If you have any questions please feel free to call or e-mail any time. (561)294-3202

For FREE Mortgage Advice: Mortgage Advice in South Florida

First off: No the headline is not a typo. (5/30/2008).

It is true in South Florida we have seen a surge of a true Buyers market. However, many of my clients cannot always provide full income documentation. This is why I am so excited to start to see some of the loan programs coming back.

If your credit score is above a 660 and can provide proof of your assets you may still be able to qualify for up to a 90% financing on a primary property. (w/ a 700 FICO No proof of assets would be required)
These programs are not Fannie Mae, Freddie Mac or FHA programs. This type of financing are manually underwritten. (no Computers) Their will be an actual person at the other end of your file to review your application.  You don't have to listen to what a computer has to say! 

Before all the changes within the mortgage industry many people would have called this Alt "A" Financing.  What this basically means is that these borrowers are genuinely solid borrowers, but just for some reason don't fit into a square hole.  Before you ask YES the rate is slightly higher than that of a true Fannie Mae or FHA Loan but please keep in mind those loans are either for higher credit scores or full documentation loans.  As always RISK = RATE

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Basically if you have a 660 FICO to borrow a quote from Jerry Macguire "Show Me The Money" and if you have a 700 + Fico then you might be able to go with no proof of assets as well.

With our economy in South Florida working at a snails pace many of us our opting to hold on to our cars longer these days. This in turns mean we will have to perform more maintaince on our vehicles. It is nice to know that we have a place in Northern Palm Beach County that feels our pain, Jupiter AAMCO. I know at first I believed all AAMCO does is Transmissions but the fact is they do a lot more than that and lets face facts, if they can tear apart a transmission and rebuilt it the ods are they can probably do most anything to your vehicle.

I met Bruce (The Owner) and the gang when I needed service and found them to be a very honest and caring shop about my needs on my Lincoln. Below where some of the specials that they offered me.

Check Engine Light On (FREE Check)

Oil Change from *$19.95

AC Check (FREE)

71 Point Vehicle Check (FREE)

Brakes From $159.00

To find out more about Jupiter AAMCO please call them at (561)745-6567

It is truly nice know I have found an honest place to handle all of my automobiles service needs.