Creative Financing - There Is Always A Way Submitted by Doug Quinn, AmeriFinance Mortgage 713-218-7333 / Quinn@AmeriFinance.com / www.AmeriFinance.com There are many mortgage brokers and mortgage companies with money to lend. If you have a normal loan with nothing unusual, then you are in luck. Many times people need some “creative financing” to get their results. Having had over 30 years experience arranging financing for businesses and individuals I can usually find a way to get it done. I must definitely look way outside the box for these solutions. Here are some examples: Recently I had a client with just medium to low credit scores (640 approximately). They wanted to purchase a house on a lot which was next door to a lot they already owned, but had a loan against the vacant lot. They wanted to grab the house to have a double lot to build on in the future. It was a rare opportunity because of the location. With their credit score they could not get financing over 80% which they needed. They wanted to put as little as possible down. I was able to work up a loan with a non-conventional lender to combine the properties as collateral. Using both properties as collateral and a few other special conditions, we were able to finance the purchase of the house with the borrower bringing about 3% of the purchase price in cash. Now he can build a new house on the double lot, after some minor credit repair. This was win-win for all. This loan took about 12 days to close. Another loan recently was a construction and permanent loan. Last year 2008 I was able to arrange a bank loan for the construction of a new house for a couple. The bank was able to loan 80% of the “as completed” appraised value. Since the lot and the house actually costs less than the appraised value, very little cash was required. I was able to close on his 30 year fixed loan after the house was build, again using the now completed appraised value, the borrower ended up bring $149.00 to closing. Yes one hundred and forty-nine dollars. Most mortgage companies can not figure out how to do that. The mortgage rate was 4.75% also. I will tell people up front if the loan they want to get is doable or not and not waist anyone’s time and money if it is not possible. The trick to creative financing is knowing finance, the market, the ever-changing industry, and being good at working with people and lenders to find solutions. Being a warrior in this industry helps. I learned a lesson from my friend Tony Robbins many years ago which he said was one of his biggest lessons. That lesson is “There is always a way.” I recommend that people keep looking for a way even if there does not appear to be any way to accomplish their goal. They must be open to ways that are unorthodox and far fetched. Seek help from professionals. True professionals as opposed to clerks in banks. Sometimes people’s pride can get in the way of their goal. Let it all go, keep your intention on having the goal, and allow the people, places, and events to show up. My favorite quote is from The Scottish Himalayan Expedition: Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: That the moment one definitely commits oneself, then providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issue from the decision, raising in one’s favour all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamt would have come his way. I have learned a deep respect for one of Goethe’s couplets: “Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it” About Our Show Advisor: Douglas Quinn, your mortgage warrior, is a seasoned experienced mortgage loan officer. He knows how to get the job done. Doug finds solutions when most lenders will not know how to get your financing closed. Doug has a degree in Finance and has many years experience in financial planning as well as business consulting. He can structure your loans that fit both your personal and business financial plans and goals. Feel free to call anytime to discuss you goals and dreams. He is your Mortgage Warrior.