The Mortgage Guru

We realize there are good borrowers out there whose income qualify them for a home but are unable to obtain traditional financing due to past credit issues. Home prices are at the lowest they have been in many years. We do not want you to be left out of this tremendous buyers market. For our clients that are in this situation, we offer alternative options that will get you into a home and into the market now.  We have the ability to get you into a home on a lease option or ‘rent to own’ arrangement.  There are many advantages to getting into a home on a lease option or rent to own:

*Small Amount of Up-Front Cash Required
The amount of up-front cash required to acquire a home or other property
on a lease-option is usually small, often just a few thousand dollars
which will go towards your purchase price.
*Equity Share
If you decide to purchase the property at the conclusion of the 12 month
period, in some cases, you will receive a percentage of equity built in the property during that time period.
*Try Out the Property Before Buying
Another special lease-option or rent to own benefit for the tenant is the ability to try out the property before buying. If it is undesirable, the tenant hasn’t tied up a large amount of cash in a home that might be difficult to resell.
*Control Property With Very Little Cash
The ability to control a property and profit from its market value appreciation with very little cash is called leverage. Lease-option buyers have this unique advantage.

We have many properties to choose from. Call or e-mail today for more information regarding lease option or rent to own homes and we will be glad to assist you!

Matthew Garnes - 702.526.3133 - 866.427.6375 - mgarnes@garnesmortgage.com

Tags: Rent to Own by Matt Garnes
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If you are in the market for financing a commercial real estate property your best bet is to go through a commercial finance broker.  Choosing simply your local branch office will get you only their rates and products. We have access to the rates and products offered by dozens of banks. When you refinance or buy your commercial real estate property, you have a choice.

Understanding commercial finance, and finding the best financing package, can be complicated. Finding someone competent, who can guide you through the process and remain objective, is even more of a challenge. Commercial mortgage interest rates fluctuate, sometimes on a daily basis, and today more than ever positioning of lenders in the marketplace also changes. Our lending network and experienced advice will help you find the right financial products and services to suit your commercial financing situation. Our careful choice of lenders and loan options ensures you a competitive interest rate.

GETTING STARTED

In order to determine if you have a property that will attract financing I will need to look at a few things. At the very least I will need an executive summary for the property and if you have it an appraisal would be extremely helpful. If I locate an interested source for funding the next thing they will request are financials for the personal guarantor(s) as well as a resume outlining their experience in the commercial real estate field. My sources will also want to know how much money the personal guarantor(s) have into the project. By money, I’m talking actual cash into the deal. Keep in mind when looking into financing your commercial property that unlike residential financing which weighs more heavily on the borrower, commercial finance lenders weigh their decision much more heavily on the property and whether or not it is an income producing property. How will you know if your commercial property will be considered an income producing property by the lenders? Quite simply they will want the DSCR or Debt Service Coverage Ratio to be at least 1.10 but in todays market I would try to be at the 1.25 mark. What this means essentially is that for every $1.00 in debt there must be $1.10 or $1.25 in net income being produced by the property.

If and when I locate a source for your commercial financing I will forward you a commercial loan application as well as a broker agreement and an engagement agreement from the lender which will outline their committment in the deal as well as fees for completing financing on your project.

Contact me directly by phone at 702.526.3133 or by e-mail at mgarnes@garnesmortgage.com if you would like me to answer questions regarding your specific situation. If you already have your ducks in a row you can forward me your executive summary and hopefully an appraisal and I will locate a funding source for you and contact you back.

Tags: Commercial Finance by Matt Garnes
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We are in very turbulent times, financially speaking. I talk to homeowners everyday who are upside down in their mortgages, their payments have gone up or about to go up and are desperate to find a way to keep their homes. There have been several options presented by the government. The FHA Housing Stimulus Bill or ‘Hope for Homeowners’ seemed like a great idea, but, the bill took affect Oct 1, 2008 and as of today, Oct 13, 2008 our government still has not issued the full underwriting guidelines to lenders. Essentially what this means is nobody is underwriting these loans. Plus, the biggest obstacle with this loan is it is up to the good graces of your current lender to ALLOW you to refinance your home under this new bill. Word is you had better start thinking about hiring someone to do a loan modification for you before you lose your home. The loan modification can be an excellent way to re-negotiate your loan to either keep your payment the same before the rate went/goes adjustable or perhaps even lower your payment by eliminating the 2nd mortgage altogether. Every situation and every modification goes a bit different and there is no way to tell what your results may be until we start negotiating with your lender. I can tell you that we have about a 90% success rate modifying loans for our clients thus allowing the majority of our clients to keep their homes. Your lender does not want to foreclose on your property; it is too time consuming and too expensive for them. You will have a team of attorneys on your side who know the process inside and out; they do this day in and day out and know how to speak to your lender in order to get you your best deal and keep your home which is the our main concern for our clients.

You do have options! If you would like more information regarding the loan modification process call me directly at 702.526.3133 or e-mail at mgarnes@garnesmortgage.com

Tags: mortgage loan modification by Matt Garnes
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