We Welcome Co-Broker
Mortgage Referrals!
We are always looking for the opportunity to co-broker loans with mortgage brokers who have loan requests that may fall outside the guidelines of traditional lenders.
In the last 10 years we have provided financing for some of the largest speculative real estate projects in Sarasota Florida and surrounding counties.
Our average loan amount is approx $750k and we would consider loans up to $3M. In the speculative investment area our underwriting guidelines are simple... If it makes sense, we will fund it.
The main key element to making sense is...
- How will the borrower pay us off?
- What is their exit strategy?
If we can identify that we are at a safe LTV, and the borrower has the income to make the payments (we also do interest reserves in some cases), and they have a clear and reasonably exit strategy, then we will very likely fund this loan and can close in just a few days if necessary.
However, due to the recent housing market and liquidity issues that banks are facing... we are now offering financing solutions to those looking to purchase a home that for any small reason or another cannot qualify for traditional financing.
For example, if a borrower has a low credit score and can easily have it restored but needs some time to get it resolved. Or perhaps the borrower needs to sell another piece of real estate first... or any other problem that can be easily solved with a little bit of time and money so they can be refinanced traditionally to satisfy our loan.
In this situation our guidelines are simple also...
- Our minimum mortgage amount is $100k
- NO 100% financing
- NO refinances on primary residences
- Less than 70% LTV
- Borrower must state the purpose of any funds in a cash out refi
NOTE: We do NOT want to take back real estate. We are a private money lender, but not a equity lender that is interested in foreclosing to take back real estate. We want our borrowers to pay us off. So, we offer NO prepay penalties, and all of our notes have language that allows a borrower to renew their mortgage providing they are on time with payments and the collateral value has not changed.
If you would like to talk more about how we can work together to provide and additional funding source for your clients, please give me a call at your earliest convenience: 941-926-1800 x108
If you have a loan request right now that you would like to submit, please use the form to the left of this page and I will respond to you ASAP.
We will NOT attempt to contact any borrowers without your permission, and if you co-broker a deal, we always make sure you are compensated for your services. You never have to worry about if you are going to get paid with us.
I look forward to working with you.
Best Regards,
John Schroeder
Gulfcoast Mortgage Solutions
5379 Ocean Blvd
Sarasota, FL 34242
(941) 926-1800 x108
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