27 Feb 2018

Commercial Lender I Recommend: Nick Rinella From Bank United

Commercial Lender I Recommend: Nick Rinella From Bank United

Hello!

Several times a week I get asked about a commercial loan.

Commercial loans are not something we do at VanDyk Mortgage, BUT I can recommend a commercial lender to you.

His name is Nick Rinella from Bank United. He is located here in Fort Myers.

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Phone: 239-277-3500

E-Mail: NRinella@BankUnited.com

I have referred several clients to Nick and also know other Financial Advisors and CPA’s that use him. Nick does an awesome job and you can trust him with your referrals.

Hopefully this information will help you in the future in case you need a commercial lender.

26 Feb 2018

Can You Close a Home With No A/C Unit?

Can You Close a Home With No A/C Unit?

 

The answer is … no,  and this can be a major problem for you and your business. House has had the A/C unit/ pool pump/ water heater stolen or broken and the lender will not close the loan until the equipment is fixed.

Seller or buyer agrees to pay for the repair but will not do so until closing.

This is understandable because the seller does not want to waste money and the buyer does not want to improve a property that he doesn’t own yet.

We have a solution that will allow the property to close, loan to fund, and the repairs to be done within 10 days of funding. We require that you get 2 estimates from licensed contractors. We will stipulate that 1.5 times the amount of the highest bid be put into escrow at closing. Example: highest bid is a $1,000. We will require 1.5 times ($1,500) held in escrow.

Schedule the work to be done shortly after closing. Once work is completed we send out an appraiser for final inspection and then release the funds to the contractor. This program is for minor repairs like the A/C unit, water heater, pool pump etc. It is not to be used on a new roof, kitchen/bath remodel etc. It is not a renovation loan.

Hopefully this information helps you in with you’re A/C Closing questions.