Dax Dickson

Today is a new era of real estate and investing. House prices are down and there is a ton of money out there to buy bank REO properties. This is just one of the programs I have worked with lenders to create during 2008 to make it easier to buy and sell distressed bank properties.

A few of the other programs now available:

Purchase Rehab loans
* This is great for investors who
- Are buying homes that are not habitable
- Are buying homes that need extensive repairs
- Own to many homes to qualify for Fannie Mae and Freddie Mac financing

Blanket Loans
* This is great for investors that are rapidly acquiring properties and can't get Fannie Mae or Freddie Mac financing

If the solution for you or your client does not exist I or one of my associates will work to create a common sense loan program that does fit.

Looking forward to an excellent 2009!!!

--
Dax Dickson
Finance Specialist

612-578-9898

Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.

I have noticed a big swing in my business lately. Refinances have picked up but many applicants are up side down in there homes. So the majority of my business has been first time home buyers getting some great deals on homes and investors.

There are two types of investors I have been seeing.

1.) Investors who purchase, rehab and rent (PRR)
- Here is an example of what the PRR investors are doing

Purchase a home for $70,000 + Rehab Cost of $30,000 = X
We get the borrower a loan for 80% of X
Upon refinancing for long term finance borrower can usually get down payment back. End loan varies from 20 year to 30 year financing. Some borrowers opt for a commercial loan on property instead of Fannie Mae or Freddie Mac solutions.

2.) Investors who purchase, rehab and sell (PRS)
- Here is an example of what we are doing for the PRS investors
Purchase a home for $70,000 + Rehab Cost of $30,000 = X
We get the borrower a loan for 80% of X
We do not refinance these borrowers. Thier construction loan is either a 12 month or 24 month interest only balloon not.

If you have any questions about PRR mortgages or PRS financing please feel free to call.

Dax Dickson
612-578-9898

Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.





Ada MN, Adams MN, Adrian MN, Afton MN, Aitkin MN, Akeley MN, Albany MN, Alberta MN, Albert Lea MN, Albertville MN, Alden MN, Aldrich MN, Alexandria MN, Alpha MN, Altura MN, Alvarado MN, Amboy MN, Andover MN, Annandale MN, Anoka MN, Appleton MN, Apple Valley MN, Arco MN, Arden Hills MN, Argyle MN, Arlington MN, Ashby MN, Askov MN, Atwater MN, Audubon MN, Aurora MN, Austin MN, Avoca MN, Badger MN, Bagley MN, Balaton MN, Barnesville MN, Barnum MN, Barrett MN, Barry MN, Battle Lake MN, Baudette MN, Baxter MN, MN, Bayport MN, Beardsley MN, Beaver Bay MN, Beaver Creek MN, Becker MN, Bejou MN, Belgrade MN, Bellechester MN, Bellingham MN, Beltrami MN, Belview MN, Bemidji MN, Bena MN, Benson MN, Bertha MN, Bethel MN, Bigelow MN, Big Falls MN, Bigfork MN, Big Lake MN, Bingham Lake MN, Birchwood Village MN, Bird Island MN, Biscay MN, Biwabik MN, Blackduck MN, Blaine MN, Blomkest MN, Blooming Prairie MN, Bloomington MN, Blue Earth MN, bluffton MN, Bock MN, Borup MN, Bovey MN, Bowlus MN, Boyd MN, Boy River MN, Braham MN, Brainerd MN, Brandon MN, Breckenridge MN, Breezy Point MN, Brewster MN, Bricelyn MN, Brooklyn Center MN, Brooklyn Park MN, Brook Park MN, Brooks MN, Brookston MN, Brooten MN, Browerville MN, Brownsdale MN, Browns Valley MN, Brownsville MN, Brownton MN, Bruno MN, Buckman MN, Buffalo MN, Buffalo Lake MN, Buhl MN, Burnsville MN, Burtrum MN, Butterfield MN, Byron MN, Caledonia MN, Callaway MN, Calumet MN, Cambridge MN, Campbell MN, Canby MN, Cannon Falls MN, Canton MN, Carlos MN, Carlton MN, Carver MN, Cass Lake MN, Cedar Mills MN, Center City MN, Centerville MN, Ceylon MN, Champlin MN, Chandler MN, Chanhassen MN, Chaska MN, Chatfield MN, Chickamaw Beach MN, Chisago City MN, Chisholm MN, Chokio MN, Circle Pines MN, Clara City MN, Claremont MN, Clarissa MN, Clarkfield MN, Clarks Grove MN, Clearbrook MN, Clear Lake MN, Clearwater MN, Clements MN, Cleveland MN, Climax MN, Clinton MN, Clitherall MN, Clontarf MN, Cloquet MN, Coates MN, Cobden MN, Cohasset MN, Cokato MN, Cold Spring MN, Coleraine MN, Cologne MN, Columbia Heights MN, Columbus MN, Comfrey MN, Comstock MN, Conger MN, Cook MN, Coon Rapids MN, Corcoran MN, Correll MN, Cosmos MN, Cottage Grove MN, Cottonwood MN, Courtland MN, Cromwell MN, Crookston MN, Crosby MN, Crosslake MN, Crystal MN, Currie MN, Cuyuna MN, Cyrus MN, Dakota MN, Dalton MN, Danube MN, Danvers MN, Darfur MN, Darwin MN, Dassel MN, Dawson MN, Dayton MN, Deephaven MN, Deer Creek MN, Deer River MN, Deerwood MN, De Graff MN, Delano MN, Delavan MN, Delhi MN, Dellwood MN, Denham MN, Dennison MN, Dent MN, Detroit Lakes MN, Dexter MN, Dilworth MN, Dodge Center MN, Donaldson MN, Donnelly MN, Doran MN, Dover MN, Dovray MN, Duluth MN, Dumont MN, Dundas MN, Dundee MN, Dunnell MN, Eagan MN, Eagle Bend MN, Eagle Lake MN, East Bethel MN, East Grand Forks MN, East Gull Lake MN, East Pointe MN, Easton MN, Echo MN, Eden Prairie MN, Eden Valley MN, Edgerton MN, Edina MN, Effie MN, Eitzen MN, Elba MN, Elbow Lake MN, Elgin MN, Elizabeth MN, Elko MN, Elk River MN, Elkton MN, Ellendale MN, Ellsworth MN, Elmdale MN, Elmore MN, Elrosa MN, Ely MN, Elysian MN, Emily MN, Emmons MN, Erhard MN, Erskine MN, Evan MN, Evansville MN, Eveleth MN, Excelsior MN, Eyota MN, Fairfax MN, Fairmont MN, Faribault MN, Farmington MN, Farwell MN, Federal Dam MN, Felton MN, Fergus Falls MN, Fertile MN, Fifty Lakes MN, Finlayson MN, Fisher MN, Flensburg MN, Floodwood MN, Florence MN, Foley MN, Forada MN, Forest Lake MN, Foreston MN, Fort Ripley MN, Fosston MN, Fountain MN, Foxhome MN, Franklin MN, Frazee MN, Freeborn MN, Freeport MN, Fridley MN, Frost MN, Fulda MN, Funkley MN, Garfield MN, Garrison MN, Garvin MN, Gary MN, Gaylord MN, Gem Lake MN, Geneva MN, Genola MN, Georgetown MN, Ghent MN, Gibbon MN, Gilbert MN, Gilman MN, Glencoe MN, Glenville MN, Glenwood MN, Glyndon MN, Golden Valley MN, Gonvick MN, Goodhue MN, Goodridge MN, Good Thunder MN, Goodview MN, Graceville MN, Granada MN, Grand Marais MN, Grand Meadow MN, Grand Rapids MN, Granite Falls MN, Grant MN, Grasston MN, Greenbush MN, Greenfield MN, Green Isle MN, Greenwald MN, Greenwood MN, Grey Eagle MN, Grove City MN, Grygla MN, Gully MN, Hackensack MN, Hadley MN, Hallock MN, Halma MN, Halstad MN, Hamburg MN, Ham Lake MN, Hammond MN, Hampton MN, Hancock MN, Hanley Falls MN, Hanover MN, Hanska MN, Harding MN, Hardwick MN, Harmony MN, Harris MN, Hartland MN, Hastings MN, Hatfield MN, Hawley MN, Hayfield MN, Hayward MN, Hazel Run MN, Hector MN, Heidelberg MN, Henderson MN, Hendricks MN, Hendrum MN, Henning MN, Henriette MN, Herman MN, Hermantown MN, Heron Lake MN, Hewitt MN, Hibbing MN, Hill City M, Hillman MN, Hills MN, Hilltop MN, Hinckley MN, Hitterdal MN, Hoffman MN, Hokah MN, Holdingford MN, Holland MN, Hollandale MN, Holloway MN, Holt MN, Hopkins MN, Houston MN, Howard Lake MN, Hoyt Lakes MN, Hugo MN, Humboldt MN, Hutchinson MN, Independence MN, International Falls MN, Inver Grove Heights MN, Iona MN, Iron Junction MN, Ironton MN, Isanti MN, Isle MN, Ivanhoe MN, Jackson MN, Janesville MN, Jasper MN, Jeffers MN, Jenkins MN, Johnson MN, Jordan MN, Kandiyohi MN, Karlstad MN, Kasota MN, Kasson MN, Keewatin MN, Kelliher MN, Kellogg MN, Kennedy MN, Kenneth MN, Kensington MN, Kent MN, Kenyon MN, Kerkhoven MN, Kerrick MN, Kettle River MN, Kiester MN, Kilkenny MN, Kimball MN, Kinbrae MN, Kingston MN, Kinney MN, La Crescent MN, Lafayette MN, Lake Benton MN, Lake Bronson MN, Lake City MN, Lake Crystal MN, Lake Elmo MN, Lakefield MN, Lake Henry MN, Lakeland MN, Lakeland Shores MN, Lake Lillian MN, Lake Park MN, Lake St. Croix Beach MN, Lake Shore MN, Lakeville MN, Lake Wilson MN, Lamberton MN, Lancaster MN, Landfall MN, Lanesboro MN, Laporte MN, La Prairie MN, La Salle MN, Lastrup MN, Lauderdale MN, Le Center MN, Lengby MN, Leonard MN, Leonidas MN, Le Roy MN, Lester Prairie MN, Le Sueur MN, Lewiston MN, Lewisville MN, Lexington MN, Lilydale MN, Lindstrom MN, Lino Lakes MN, Lismore MN, Litchfield MN, Little Canada MN, Little Falls MN, Littlefork MN, Long Beach MN, Long Lake MN, Long Prairie MN, Longville MN, Lonsdale MN, Loretto MN, Louisburg MN, Lowry MN, Lucan MN, Luverne MN, Lyle MN, Lynd MN, Mabel MN, McGrath MN, McGregor MN, McIntosh MN, McKinley MN, Madelia MN, Madison MN, Madison Lake MN, Magnolia MN, Mahnomen MN, Mahtomedi MN, Manchester MN, Manhattan Beach MN, Mankato MN, Mantorville MN, Maple Grove MN, Maple Lake MN, Maple Plain MN, Mapleton MN, Mapleview MN, Maplewood MN, Marble MN, Marietta MN, Marine on St. Croix MN, Marshall MN, Mayer MN, Maynard MN, Mazeppa MN, Meadowlands MN, Medford MN, Medicine Lake MN, Medina MN, Meire Grove MN, Melrose MN, Menahga MN, Mendota MN, Mendota Heights MN, Mentor MN, Middle River MN, Miesville MN, Milaca MN, Milan MN, Millerville MN, Millville MN, Milroy MN, Miltona MN, Minneapolis MN, Minneiska MN, Minneota MN, Minnesota City MN, Minnesota Lake MN, Minnetonka MN, Minnetonka Beach MN, Minnetrista MN, Mizpah MN, Montevideo MN, Montgomery MN, Monticello MN, Montrose MN, Moorhead MN, Moose Lake MN, Mora MN, Morgan MN, Morris MN, Morristown MN, Morton MN, Motley MN, Mound MN, Mounds View MN, Mountain Iron MN, Mountain Lake MN, Murdock MN, Myrtle MN, Nashua MN, Nashwauk MN, Nassau MN, Nelson MN, Nerstrand MN, Nevis MN, New Auburn MN, New Brighton MN, Newfolden MN, New Germany MN, New Hope MN, New London MN, New Market MN, New Munich MN, Newport MN, New Prague MN, New Richland MN, New Trier MN, New Ulm MN, New York Mills MN, Nicollet MN, Nickerson MN, Nielsville MN, Nimrod MN, Nisswa MN, Norcross MN, North Branch MN, Northfield MN, North Mankato MN, North Oaks MN, Northome MN, Northrop MN, North St. Paul MN, Norwood Young America MN, Oakdale MN, Oak Grove MN, Oak Park Heights MN, Odessa MN, Odin MN, Ogema MN, Ogilvie MN, Okabena MN, Oklee MN, Olivia MN, Onamia MN, Ormsby MN, Orono MN, Oronoco MN, Orr MN, Ortonville MN, Osakis MN, Oslo MN, Osseo MN, Ostrander MN, Otsego MN, Ottertail MN, Owatonna MN, Palisade MN, Parkers Prairie MN, Park Rapids MN, Paynesville MN, Pease MN, Pelican Rapids MN, Pennock MN, Pequot Lakes MN, Perham MN, Perley MN, Peterson MN, Pierz MN, Pillager MN, Pine City MN, Pine Island MN, Pine River MN, Pine Springs MN, Pipestone MN, Plainview MN, Plato MN, Pleasant Lake MN, Plummer MN, Plymouth MN, Porter MN, Pratt MN, Preston MN, Princeton MN, Prinsburg MN, Prior Lake MN, Proctor MN, Quamba MN, Racine MN, Ramsey MN, Randall MN, Randolph MN, Ranier MN, Raymond MN, Red Lake Falls MN, Red Wing MN, Redwood Falls MN, Regal MN, Remer MN, Renville MN, Revere MN, Rice MN, Richfield MN, Richmond MN, Richville MN, Riverton MN, Robbinsdale MN, Rochester MN, Rock Creek MN, Rockford MN, Rockville MN, Rogers MN, Rollingstone MN, Ronneby MN, Roosevelt MN, Roscoe MN, Roseau MN, Rose Creek MN, Rosemount MN, Roseville MN, Rothsay MN, Round Lake MN, Royalton MN, Rush City MN, Rushford MN, Rushford Village MN, Rushmore MN, Russell MN, Ruthton MN, Rutledge MN, Sabin MN, Sacred Heart MN, St. Anthony MN, St. Anthony Village MN, St. Augusta MN, St. Bonifacius MN, St. Charles MN, St. Clair MN, St. Cloud MN, St. Francis MN, St. Hilaire MN, St. James MN, St. Joseph MN, St. Leo MN, St. Louis Park MN, St. Martin MN, St. Marys Point MN, St. Michael MN, St. Paul MN, St. Paul Park MN, St. Peter MN, St. Rosa MN, St. Stephen MN, St. Vincent MN, Sanborn MN, Sandstone MN, Sargeant MN, Sartell MN, Sauk Centre MN, Sauk Rapids MN, Savage MN, Scandia MN, Scanlon MN, Seaforth MN, Sebeka MN, Sedan MN, Shafer MN, Shakopee MN, Shelly MN, Sherburn MN, Shevlin MN, Shoreview MN, Shorewood MN, Silver Bay MN, Silver Lake MN, Skyline MN, Slayton MN, Sleepy Eye MN, Sobieski MN, Solway MN, South Haven MN, South St. Paul MN, Spicer MN, Springfield MN, Spring Grove MN, Spring Hill MN, Spring Lake Park MN, Spring Park MN, Spring Valley MN, Squaw Lake MN, Stacy MN, Staples MN, Starbuck MN, Steen MN, Stephen MN, Stewart MN, Stewartville MN, Stillwater MN, Stockton MN, Storden MN, Strandquist MN, Strathcona MN, Sturgeon Lake MN, Sunburg MN, Sunfish Lake MN, Swanville MN, Taconite MN, Tamarack MN, Taopi MN, Taunton MN, Taylors Falls MN, Tenney MN, Tenstrike MN, Thief River Falls MN, Thomson MN, Tintah MN, Tonka Bay MN, Tower MN, Tracy MN, Trail MN, Trimont MN, Trommald MN, Trosky MN, Truman MN, Turtle River MN, Twin Lakes MN, Twin Valley MN, Two Harbors MN, Tyler MN, Ulen MN, Underwood MN, Upsala MN, Urbank MN, Utica MN, Vadnais Heights MN, Vergas MN, Vermillion MN, Verndale MN, Vernon Center MN, Vesta MN, Victoria MN, Viking MN, Villard MN, Vining MN, Virginia MN, Wabasha MN, Wabasso MN, Waconia MN, Wadena MN, Wahkon MN, Waite Park MN, Waldorf MN, Walker MN, Walnut Grove MN, Walters MN, Waltham MN, Wanamingo MN, Wanda MN, Warba MN, Warren MN, Warroad MN, Waseca MN, Watertown MN, Waterville MN, Watkins MN, Watson MN, Waubun MN, Waverly MN, Wayzata MN, Welcome MN, Wells MN, Wendell MN, Westbrook MN, West Concord MN, Westport MN, West St. Paul MN, West Union MN, Whalan MN, Wheaton MN, White Bear Lake MN, Wilder MN, Willernie MN, Williams MN, Willmar MN, Willow River MN, Wilmont MN, Wilton MN, Windom MN, Winger MN, Winnebago MN, Winona MN, Winsted MN, Winthrop MN, Winton MN, Wolf Lake MN, Wolverton MN, Woodbury MN, Wood Lake MN, Woodland MN, Woodstock MN, Worthington MN, Wrenshall MN, Wright MN, Wykoff MN, Wyoming MN, Zemple MN, Zimmerman MN, Zumbro Falls MN, Zumbrota MN

Many agents and buyers have asked "How can I get financing for my investor clients if they want to buy BOARDED & ABANDONED properties in the Twin Cities Metro" and "I know about the FHA 203K program for owner occupants but what can I offer my investors for rehab and construction financing"?

My answers:

The FHA 203K program is awesome for owner occupants in the Twin Cities, MN Metro and we offer it but that is not the only solution.

Not many finance people in the Twin Cities really understand rehab & constuction mortgage financing!

Here are the basic guidelines for our Residential Rehab and Construction Mortgage Financing for both investors and owner occupants:

• Minimum 660 FICO score

• If rental, Minimum 1.25 DSCR

• If using DTI, Maximum 45%

• Can blend both with global calculation

• If DTI and DSCR do not work we can use marketing plan and pledge payment reserves to bank

• 6 Months reserves

• Purchase plus Construction = X

• Loan amount = 80% of X

These loans are more common sense underwriting. It is important to get accurate rent rolls, PFS, operating statements and proof of ALL assets. Once we have that we need to sit down with the borrower and work out the solution.

These loans are available for everything from Spec Homes to the Boarded and Abandoned bank owned properties in the Twin Cities, MN area!

Contact US

612-578-9898

Our team in located in the Minneapolis / St Paul , MN Metro

Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.

LIST OF ITEMS REQUIRED TO UNDERWRITE A

SHOPPING CENTER / INDUSTRIAL OR OFFICE BUILDINGS

(The need for items #9-12 will vary according to each situation).

•1. CURRENT RENT ROLL including:

SF of units

Lease abstract details such as

Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three year historical data would be ideal)

•2. COMPLETE INCOME/EXPENSE STATEMENT on the property including:

Annual property taxes

Insurance

Water/Sewer

Fuel

Electricity

Maintenance/Repairs

Management

CAM

Leasing commissions, tenant improvements

•3. COMPLETE DETAILED PHYSICAL DESCRIPTION along with SITE PLAN or Property Survey.

•4. IF ACQUISITION, PROVIDE COPY OF FULLY EXECUTED CONTRACT OF SALE.

•5. IF REFI, PRICE ORIGINIALLY PAID FOR PROPERTY, date of purchase and summary of current financing.

•6. PHOTOS, if available

•7. SUMMARY OF CURRENT FINANCING (refinance only) including:

Current Lender

Current principle balance

Current interest rate

Current monthly payment

Maturity date

Prepayment penalty information

•8. INFORMATION ON MANAGEMENT COMPANY, IF SEPARATE FROM OWNERSHIP

•9. CURRENT PERSONAL FINANCIAL STATEMENT (where applicable)

•10. CURRENT BUSINESS FINANCIAL STATEMENT (where applicable)

•11. LAST TWO (2) YEAR'S PERSONAL TAX RETURNS (where applicable)

•12. LAST TWO (2) YEAR'S BUSINESS TAX RETURNS (where applicable)

•13. PERMISSION TO RUN CREDIT REPORT(S)

Our Team is loacated in the Minneapolis St Paul , MN Metro

We originate mortgage loans in both Minnesota and Wisconsin

Contact US

612-578-9898

Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.

Commercial Mortgage, Commercial Purchase Loan, Commercial Refinance Loan, Apartment Mortgage, Commercial Purchase Loan, Commercial Refinance Loan, Commercial Mortgage Lending, Commercial Purchase Lending, Commercial Refinance Lending, Commercial Mortgage Loan Lending, Commercial Purchase Lending, Hard Money Lending, Private Money Lending, Asset Based Lending, Equity Lending, Collateral Based Lending