A message from the Loan Ranger (loans)

I have been trying to get a feel for how various lenders are doing during the lock down. I got this email from our very own Ron Manges of First National Bank.  It sounds like they are ready to lend.

Hello Josh. 

Thank you for the recent phone call, and the great emails and messages during these crazy times.   I miss gathering with our diverse community of people.

The first round of the SBA PPP loans has wrapped up and actually went very well at FNB. I personally was able to guide and assist 60 individuals with securing funding to keep their employees and themselves working, and we are now working on round 2.

Also, I am busy with both purchases and refinances. We continue to provide no origination points on purchases and refinances up to $750k.  Rates are some of the best I’ve seen in years.  I am currently assisting 2 members with hard-money refinancing, paying off those lenders at a much lower rate.

I encourage investors to consider financing purchases that they were planning to do with cash.  I frequently assist folks by getting a quick initial approval, and then provide them with a letter to give the seller stating that they have secured financing.  With a loan of 80% of the purchase price, they are enabled to preserve cash, and direct it towards renovation costs, or other purchases.  Hitting a 3-4 week close target is very realistic.

Additionally, on loans under $50k, we normally rely on credit scores for approvals, not requiring tax return submission. This makes processing these deals a lot faster.

Usually through discussions I can find a creative way to help with transactions, or direct folks to someone who can.

Thanks much – Rock On REIA!

Ron Manges

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