Dax Dickson's (thecommercialfinancestore) Blog

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Mortgage and Lending - The Commercial Finance Store
RECENT BLOG POSTS
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, descrip...
11/01/2008
LIST OF ITEMS REQUIRED TO UNDERWRITE A MORTGAGE FOR A MULTI-FAMILY OR MIXED-USE PROPERTY (The need for items #10-13 will vary according to each situation).     •1.       CURRENT RENT ROLL including: Regulated units (controlled, stabilized) Apartment numbers Room/Bathroom Count   •2.       COMPLET...
11/01/2008
Almost all lenders are concerned that their money lent is repaid, so underwriting of construction loans usually focuses on how that might occur. In the most basic situation, that of an individual building a home for themselves, a business building a property for business use, or an investor build...
11/01/2008
LIST OF ITEMS REQUIRED TO UNDERWRITE A CONSTRUCTION & REHAB MORTGAGE LOAN (Items 1-10 needed immediately.  Items 11-18 needed as we proceed).     •1.       EXECUTIVE SUMMARY OF THE DEVELOPMENT   •2.       CONSTRUCTION BUDGET including hard and soft costs.   •3.       BACKGROUND/BIO ON EACH PARTNE...
11/01/2008
ACREAGE - a 2 dimensional measure of land equaling 160 square rods, 10 square chains, 4,840 square yards, or 43,560 square feet.ADJUSTABLE RATE MORTGAGE - a mortgage with an interest rate that changes periodically, according to an index that is selected when the mortgage is issued. The initial in...
10/27/2008
Our Team has been working with the banks in the Twin City, MN metro area to bring you some of the best rehab mortgage solution to date.  Here are the basic guidelines for our Residential Rehab and Construction Mortgage Financing:•      -          Minimum 660 FICO score •-          If rental, Mini...
10/27/2008
JJumbo LoanA loan which is larger (more than $240,000 as of 1/1/99) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.
08/22/2007
IImpoundThat portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves. IndexA published interest rate against which lenders measure the difference betw...
08/22/2007
HHazard InsuranceA form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.Housing Expenses-to-Income RatioThe ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her gross ...
08/22/2007
GGinnie Maesee Government National Mortgage Association. Government National Mortgage Association (GNMA)Also known as "Ginnie Mae," provides sources of funds for residential mortgages, insured or guaranteed by FHA or VA. Graduated Payment Mortgage (GPM) A type of flexible-payment mortgage where t...
08/22/2007
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Dax Dickson

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