Thursday, February 15, 2018

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MIKOH SWIMWEAR Capri Stripe Basic Scoop Bikini Top • Mikoh Swimwear • $112
OndadeMar Miranda Fressia Fringed Coverup • OndadeMar • $69.37
Emilio Pucci Libellula Printed Triangle Bikini Set • Emilio Pucci • $395
MIKOH SWIMWEAR Printed Bikini Top • Mikoh Swimwear • $42
MIKOH SWIMWEAR Reunion V Bandeau Bikini Top • Mikoh Swimwear • $90
SAME SWIM The Lola Low Rise Bikini Bottom • $120
Missoni Mare Two-Piece Crochet String Bikini • $185.62
MIKOH SWIMWEAR Lowers Rash Guard • Mikoh Swimwear • $112
Camilla Floral Print Silk Coverup • Camilla • $600
Lisa Marie Fernandez Genevieve High-Waist Button Bikini Set • Lisa Marie Fernandez • $595
Melissa Odabash Mesh Bikini Top • Melissa Odabash • $41.25
KIINI Luna Bikini Top • Kiini • $165
Melissa Odabash One-Piece Seychelles One-Shoulder Swimsuit • Melissa Odabash • $86–230
Zimmermann Tulsi Two-Piece Lace Panel Bikini Set • Zimmermann • $180
Sparkling swimsuit with Gucci logo • Gucci • $490

Wednesday, January 10, 2018

Be Prepared to Close the Deal

Be Prepared to Close the Deal Ensure all the bases are covered prior to approaching a lender By Stephen A. Sobin, president and founder, Select Commercial Funding LLC | bio Bases sobin 7-17 Many new commercial mortgage brokers, especially residential brokers who do not regularly place commercial loans, do not adequately prepare themselves and their clients before contacting a commercial mortgage lender and submitting a commercial mortgage loan application. Click below for Real Estate funding at This leads to a high level of rejection for the broker. It also results in a lot of wasted time by the lender’s underwriting staff. Following is an overview of the major steps a broker should take before submitting their client’s application to a lender, as well as a look at some key factors to be aware of during the loan-review process. As a mortgage broker, if you can stay on top of these variables, the odds of successfully shepherding a deal through to completion will improve tremendously. Financial check If a borrower has open credit problems, such as currently delinquent mortgages, judgments or tax liens, almost every conventional lender will issue an immediate rejection. Any and all such issues should be resolved satisfactorily before application. Brokers should have their borrowers prepare a clear and well-written explanation of all such issues. Lenders may consider these applications if the issues are resolved and in the past. If any issues are recurring, or likely to reoccur, the only likely option for the borrower would be a higher interest-rate loan through a private or hard-money lender. Conventional commercial lenders do not want to get involved with such a borrower unless all such issues are in the rearview mirror. Lenders today demand that a borrower has sufficient net worth and cash liquidity to qualify for a loan. Lenders do not want a borrower to invest all available cash into a property and leave nothing in reserve, in case of emergency, for unexpected property repairs or other expenses. Without adequate remaining cash reserves, the borrower could be stuck. Lenders will expect to see about 5 percent left in reserves after closing to cover potential emergencies. In addition, lenders will want to see sufficient total net worth before making a loan. Many lenders require some degree of a personal guarantee from the borrower. If the borrower does not have sufficient net worth, they will not able to cover the necessary guarantee. Most lenders will expect to see that a borrower has net worth at least equal to the new loan amount. “ A lender is not going to waste time on your application if the loan request does not stand out and demand attention.” Management experience One of the first items lenders look for is a borrower’s experience owning or managing similar properties in the past. Let’s say a borrower wants to buy a motel or gas station but has never managed a similar property in the past. Most lenders will not entertain such a request unless the borrower is willing to hire a professional property manager or key employee who has a demonstrated ability to manage a similar property. Lenders are not willing to take the chance of a new borrower learning on the job. A borrower will need to furnish a resume that details past experience. Additionally, if the borrower has failed in the past, as demonstrated by a foreclosure or short sale, a lender will expect to receive a well-written letter of explanation before giving the borrower another chance. Don’t go in blind and hope that a lender won’t uncover past problems. The lender will, and to ignore that reality on the front end will only waste everyone’s time and money. Meet the guidelines Before you apply with a lender, make sure to understand and meet the lender’s guidelines. Lenders typically lend up to 75 to 80 percent of the purchase price of the property. The days of lenders making loans equal to 100 percent or even 90 percent of a property’s value are long gone. Lenders have guidelines concerning loan amounts, the locations where they lend and the types of loans offered. Make sure to understand a lender’s guidelines before submitting a loan application. Make sure the lender offers the type of loan you are seeking. Lenders do not want to waste time looking at loan applications that do not meet their lending objectives. No lender wants to waste hours of time wading through reams of useless paperwork to ascertain whether or not to approve a loan. If a lender does not understand your request within a couple minutes, the loan will be passed over in favor of someone else’s application. The typical lender receives far more loan applications than they can actually close. This means a lender is not going to waste time on your application if the loan request does not stand out and demand attention. Your application needs to state all of the important information clearly and concisely. Many first-time or residential brokers do not understand the importance of a good loan package. Many worthwhile loans have been rejected because the broker did not present the request properly. A well-prepared request will contain the following: A cover letter or executive summary explaining the transaction and the loan request; A personal financial statement showing assets, liabilities, net worth and real estate owned; A financial statement for the property that includes a summary of operating income and expenses; and A current rent roll, as well as a financial pro forma and digital photos of the property. Be available Lenders will invariably have questions after they review the initial submission. Make sure the lender can reach you easily. If a lender gets no answer, a child answering a home phone, or a mailbox that is full, they will likely move on to the next deal. Most importantly, do not make up answers you think the lender wants to hear. Answer truthfully. If you do not know the answer, speak to the borrower and find out. Don’t assume anything. Wrong answers up front usually derail the loan process later after a lot of work has been done. As a broker, your job is to manage the borrower’s expectations and keep them informed. If the borrower requests terms that don’t meet the lender’s guidelines, say so up front. Don’t wait until a commitment letter is issued to tell your client that the terms a lender offered differ from the client’s original request. • • • Borrowers who use the services of a commercial mortgage broker expect the broker to act professionally, understand the loan process and to know which lenders to approach. An experienced broker will understand how to prepare a loan package that covers all of the necessary information in a concise and well-written package. That broker will understand each lender’s guidelines and requirements, and choose only those lenders that are likely to approve the loan on terms acceptable to the borrower. The mortage broker will be expected to demonstrate a skill set that the borrower lacks, or else why would the borrower agree to a broker fee in the first place? Most importantly, a good broker will guide the transaction from start to finish, ensuring that both a lender’s and borrower’s needs are met in an expeditious manner.

Tuesday, January 9, 2018

8 Steps to Take Before Listing Your Investment Property for Sale

8 Steps to Take Before Listing Your Investment Property for Sale by Mindy Jensen | Presenting a strong, solid property is the best way to a fast, lucrative sale. But before you plant a sign in the yard, you’ve got some work to do. From assessing the state of the property and cleaning it up and getting it ready to list to speaking to your tenants so they aren’t blindsided by the sale and gathering up all the pertinent information about the property and any tenants, the work you do before the sale directly impacts how much money you make at closing. Ready? Let’s get started! Click below if you need financing at 8 Steps to Take Before Listing Your Investment Property for Sale 1. Assess the true state of your property. A visual inspection isn’t going to be enough. A full inspection—performed by a licensed home inspector—will give you a more accurate look at the state of the property. Your buyer is going to have an inspection and will ask you to repair or give a repair credit for anything major. (In a slower market, they’ll ask for most minor things, too.) Don’t give them ammunition for price reduction or closing concession requests. Know what’s going on in your property ahead of time so you can make the repairs you’ll be asked to make anyway. If your home inspection report turns up little or nothing, you can present it to potential buyers as a “pre-inspected home,” further providing proof that the property is a solid investment. 2. Make necessary repairs. Once you have an inspection report, you can see what the buyers will see when they receive their inspection report. Addressing the big issues before the buyers even see the home can help bring in a higher selling price because the property presents itself as solid, so buyers aren’t asking for larger-than-necessary repair concessions—or worse, canceling the contract because they have no confidence in the property! You can also choose not to make repairs and instead note the issue and report that these items will be sold as-is. This brings a lower upfront offer price, but you have less unknowns surrounding the inspection. airbnb-tips 3. Clean, clean, clean. The outside of the property needs to look great. So does the inside of the property, but if you’ve got tenants, you’ll need to coordinate with—and probably incentivize—them to clean it and keep it clean. A clean property sells faster (and for more money) than one that is less-than-tidy. Now, this may seem like a no-brainer bit of advice, but I am continually astonished by the utterly disgusting manner in which people live. You will be leaps and bounds ahead of the pack if you just have a clean home. If you’re selling a property you have recently rehabbed, one good, deep cleaning followed by periodic maintenance through closing will suffice. Contract with a cleaning service to come in once a week to freshen up the property. If no one is living there, the cost should be minimal. You can even contract with them to clean the home after it’s sold and the new owners have moved in. An added incentive to the buyers and a bonus to the cleaning company. It’s always a great idea to be on good terms with a cleaning company! 4. Coordinate with your tenants. If you’re selling a rental, you need to have your tenants on the same page. If you have a contentious relationship with your tenants, this is going to be just one more challenge, and you may find that waiting until their lease has expired and they’ve moved out is a better time to sell. If you have a good relationship with your tenants, sit down with them and tell them you are selling the property. Ask if they’d like to buy it. (This doesn’t happen frequently but it’s worth asking them first.) Ask them what times would work best for their schedule to show the property to potential buyers. Also, ask what times would NOT work for their schedule, and share these with your agent – and ask them to include this in the Agent Remarks, a private section in most MLS systems. Consider having the tenants themselves coordinate showings with the showing company. This reduces your hassle by not having to make multiple phone calls to confirm with the tenants. However, be alert and ask the showing company to report declined showings. One showing that doesn’t fit into the tenants’ schedule isn’t a big deal, but if they’re declining most showings, you could be losing sales and not even know it. 5. Find a great agent. Residential agents can list any type of residential property—but that doesn’t mean that all agents are good at selling residential investment property. If you don’t already have a great investor-minded agent, start looking for one right now. Go to local investor meet ups and ask fellow investors who they recommend, but find someone who understands your needs—and the needs of your tenants. airbnb-conviction 6. Have excellent pictures taken. Again, if you’re selling a rental, you’ll need to coordinate with your tenants to have pictures taken of the property. Offer to hire a cleaning crew to come in and clean their home for them, so your pictures present the home in the best light. Make sure the photographer takes pictures without fancy lenses or weird angles, so you convey the true home. 7. Gather up your documents. Go through your records and gather up anything pertinent to the property, from repair receipts and warranties to tenant screening information, rent records, and security deposits. Ask your tenant to fill out an estoppel certificate—a testament to how much they pay in rent, when it’s due, and how much security deposit they have given you. If you have move-in documentation, provide a copy to both the tenant (as a reminder of the state of the home when they moved in) and the new landlord. 8. Remember why you’re selling. You’re selling your property for any number of reasons: to cash in equity, move up in property size, or even to get out of the game altogether. Advanced preparation can make the entire sales process go smoother and be finalized faster. Follow these tips for a great selling experience.

Sunday, January 7, 2018

Hard Facts about Hard Money

By Houtan Hormozian What is hard money? Mortgage originators often get this question from prospective clients when discussing potential financing options for the real-estate purchase. In recent years, the term "hard money" has changed in meaning somewhat. Prior to the subprime mortgage crisis, hard money meant just that: cold, hard cash. Essentially, it was money that belonged to a private investor that was loaned to an individual using real property as security for the loan. As the years passed, so has the negativity surrounding the term. Hard money is again considered a useful tool to be leveraged when attempting to secure financing for investment and other types of properties. Hard money loans are often offered to borrowers who are enduring circumstances that make conventional loans difficult or impossible to use. Often, hard money is the best option for borrowers who are in a time crunch, because the turnaround time from application to funding is much quicker for hard money loans than traditional loans. As with all things, however, nothing comes for free. Hard money lenders are willing to extend financing to borrowers who do not qualify for conventional loans, which makes their investment inherently riskier. To account for this risk, hard money lenders charge interest rates that are often much higher than those of conventional loans. An originator's clients will need to understand this up front. In addition, hard money lenders are more interested in the value of the property than the credit profile of the borrower, which places much more scrutiny on the property. Hard money lenders often are much more conservative when placing a value on a subject property than a conventional lender. Another factor that originators must consider before suggesting hard money loans to their borrowers is the repayment time frame. Where conventional loans have terms of 15 years to 30 years, generally, the loan terms on hard money loans usually last no more than a few years Click on link below if you need a loan...

Friday, January 5, 2018

Mortgage Application: How to Apply For a Mortgage

Mortgage Application: How to Apply For a Mortgage By: Lending Tree CHONCE June 23rd, 2017 mortgage application If you feel you’re ready for home ownership and will need a loan, you’ll want to start looking into applying for a mortgage. A mortgage application requires several steps and there are different routes you can take, depending on which type of mortgage you wish to obtain. However, while many of the qualifications and requirements you need are similar, they are subject to change each year. In this article, we’ll explain how to apply for a mortgage from start to finish, along with what down payment you need to consider and how to get approved. Understanding Today’s Mortgage Market It’s been about 8 years since the ’08-’09 recession and housing market crash. While the economy is slowly continuing to rebuild, it is no longer as easy to obtain a mortgage as it was during pre-recession years. Over the past year, mortgage rates have been historically low, motivating many Americans to pursue their dream of home ownership, but the mortgage crisis of ’08 has certainly left its mark and caused mortgage underwriting to be more stringent. This is not necessarily a bad thing since all applicants should be fully prepared and stable enough to take on a mortgage. However, knowing how to navigate the mortgage application process will make it less stressful for home buyers to secure their mortgage. Getting Approved For a Mortgage When applying for a mortgage, there are a few steps you want to take to get prepared and ensure your application is approved. Step 1: Preparing Your Finances Lenders want to see that you’re financially prepared to obtain a mortgage and pay it back over time. They’ll want to look at all sources of income, your job history, self-employment income, and your credit history. If you’re self-employed, they’ll want to see copies of your last two tax returns to show consistent income. They require this to make sure you have an acceptable debt-to-income ratio. A debt-to-income ratio is basically all your monthly payments divided by your gross monthly income. This number helps lenders measure the ability you have to pay off your existing debt along with your mortgage. Generally, lenders like to see a debt-to-income ratio lower than 43%. When it comes to your credit, lenders will like to see a solid credit history and often require a minimum credit score, depending on the type of mortgage. For example, you need at least a 620 credit score for some mortgages and at least a 580 credit score for an FHA mortgage. If you are applying for a mortgage with a spouse who will be your co-borrower, their credit will also need to be run. Your score will also help determine what type of interest rate you get, making it essential to maintain a good credit score. Step 2: Determining Your Mortgage Budget The next step involves determining how much house you can afford. Your income and current debt amount will help lenders decide how much to pre-approve you for. No matter what amount you get approved to borrow, keep in mind that a good rule of thumb is to keep your total monthly housing expenses at or below 35% of your gross (pre-tax) income. For example, if you earn $70,000/year or 6,250 per month, your maximum housing costs should never exceed $2,187.50 per month. Keep in mind that other costs may be tied into your house payment like property taxes, private mortgage insurance (PMI), and homeowner’s association fees. It’s best to go through your existing budget and determine how much you can comfortably spend on your mortgage each month. You can also utilize our home affordability calculator to help you determine how much home you can afford. Step 3: Figure Out How Much You Need For a Down Payment Finally, you’ll want to determine how much your down payment will be. Your down payment requirements can vary, depending on what type of mortgage you get. Below are down payment minimums for three popular mortgage types: Conventional – around 5% of the home’s purchase price VA – as little as 0% of the home’s purchase price FHA – 3.5% of the home’s purchase price While it is clear that you can purchase a home with little to no money down, if you put less than 20% down you will have to pay private mortgage insurance (PMI), which will add to your monthly mortgage insurance. Depending on the type of mortgage you get, you may be able to get rid of PMI after a while but it still raises the cost of your housing expenses as long as you pay it. PMI varies depending on the size of the down payment and the loan. It generally ranges from .3 percent to 1.15 percent of the original loan amount per year. Finding a Mortgage Lender When it comes to finding the right lender, you have many options to choose from. It’s important to shop around and compare different loan options. You can do this in a secure and easy manner online without even having to have your credit ran. Determine what you’re looking for in a mortgage lender, along with if they specialize in the particular type of mortgage you want. Once you have all your information gathered, it’s not hard to work through multiple deals and bargains with lenders. Also, be sure to keep in mind that loans are normally sold after the first payment of the loan, so don’t worry about the lender’s brand as much as you should worry about the cost associated with the loan. LendingTree has a mortgage product that allows you to compare offers from 5 different lenders all in one place and you can try it out and explore your options here. The Process For Actually Applying For a Mortgage Once you’ve found your ideal mortgage lender, you can start the mortgage application process. Normally, it begins with a pre-qualification once you determine the type of loan you’d like to qualify for. This usually doesn’t take much time at all. Generally, the lender will run your credit score and credit history to determine how much money you can borrow for your mortgage. Once you get approved, you can start house shopping. Once you’ve found a home you like and have it inspected, you can make an offer. The next step is the mortgage application process. If you’re filling out an application for a government-sponsored, first-time home buyer’s program, have your lender explain the requirements beforehand. In most cases, for all types of mortgages, you’ll need to submit information and documents like your driver’s license, employer information, copy of your social security card(s), pay stubs, bank statements, tax returns, your profit and loss statements (if you own a business), and specific information about the property. Once you’ve completed the loan application, your lender will verify all the information you provide and ask you for any additional supporting documents. Shortly after you apply for your loan, expect to receive a loan estimate (estimate of your closing costs) and a commitment letter (specific conditions of the loan) from your lender. At this time, you should avoid any major changes to your financial situation. Do not finance a new car or apply for any credit cards or other loans because that could derail your mortgage approval. Then, the lender should get everything organized and processed for underwriting. The mortgage underwriter is the key decision maker and they carefully evaluate all the documents prepared by the loan processor for a final verification. Once the underwriter approves your loan process, you’ll enter the closing process. You’ll review all the terms of the loan, pay closing costs, and do a final walk through of the property. During your closing meeting, you’ll receive a lot of documents that you need to carefully review and sign. Once everything is signed, you’ll have your loan. Click on link below for more Real Estate related topics... Overall, the entire process can take a few weeks on average.