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December 10, 2024 • 40 mins
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Episode Transcript

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Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your host,
Frank the Bank Koto, president of Lincoln Lending Group and
he won three mortgage for twenty years right here in
Tampa Bay, joined by his incredible co host Rosa Bahiti
and Senia Akishna, top producing real estate agents with Mahara
and Associates. These three bring nearly five decades of experience

(00:21):
in the local real estate market. If you're looking for
real estate or business advice, no matter what your experience level,
the Business Happy Hour team has been there for you
for almost a decade right here on news radio WFLA. Now,
sit back, relax, and get ready for some serious real
estate and business talk with three of Tampa Bay's top experts.

Speaker 2 (00:40):
Here's Frank the Bank.

Speaker 3 (00:42):
Hey, Tampa Bay, welcome back to the number one show
for all things business and entrepreneurial.

Speaker 2 (00:46):
Right here on WFLA. iHeartRadio. Baby.

Speaker 3 (00:50):
That's right, the Real Business Happy Hour. Thank you, James,
Thank you for all the applause. I'm in studio with
my amazing co host Sindia Akisha A.

Speaker 2 (00:59):
How you do Sania?

Speaker 4 (01:00):
Hello? Hello everybody.

Speaker 3 (01:02):
Hello, Frank oh Rad good to see you today.

Speaker 2 (01:05):
How's your week going gone?

Speaker 4 (01:07):
Pretty good. No complaints here. Loving the sweather.

Speaker 3 (01:09):
I gotta tell you, Oh my god, it is so
amazing out there right now, isn't it. And so if
you guys are watching us live on Instagram, you know
that the weather is probably about eighty degrees right now.
But if you are listening on Sunday morning, it's pretty
chilly out there, I do believe. Is that your volume
of mind that I'm killing? Oh sorry, we're having a

(01:30):
little Instagram fun here today, guys. We have a great
show for you. Are We are very happy to have
our guests in studio. I actually, sen I can't remember
the last time that we had have we had a
lender on, like a lender account EXAC or a manager
or anything.

Speaker 2 (01:48):
I don't think we have.

Speaker 3 (01:49):
Actually, this might be one of the first times ten
years on this show. I don't know if we've ever
done this before, but I want to. I have the
pleasure to introduce Kyle and Jay Goldberg from lend Sure
lend Shure mortgage company. They are actually a lender. They
are one of the lenders that we at Lincoln Lending
Groups send our business to. And what I was so

(02:13):
impressed because Jay and Kyle came in and did a
presentation for my entire team last Thursday and bought everybody lunch.
Thank you very much for that. By the way, guys
a little mission barbecue over there. And Jay did a presentation.
I'm just gonna call it about common sense lending, and
I think that word common sense is just not used

(02:36):
enough in lending these days, mainly because back in the day,
I'm gonna throw it back like grandparents' days here, our grandparents,
you know, used to go to the bank and say,
you know, mister Branker, it's Jim down here at the
farm and I need a new tractor, and you know,
we got we're gonna pull some wheat this year, and
everything's gonna be good. I just need to give me
about one hundred thousand, and I'm good for it. And

(02:57):
they'd shake their hand and look them in the eyes
and everything was good, and that was common sense, right,
And then we get into this whole banking world, and
you know, in the seventies and the eighties and savings
and loans and lending and common sense just went away.
That personal touch in banking went away. There's no such
thing as telling your banker you trusted to trust you anymore.

(03:19):
A matter of fact, people will call me sometimes and
you can always tell you, like how old they are.
They're like, listen, I just want to come in and
meet with you. I want to talk to you about
my situation, and I have to tell them I'm like, listen,
it's not like that anymore. It doesn't matter how much
I like you, or if I care or you know,
how pretty you are or anything. That's just not how
banking is until now, until Jay comes in and decides

(03:44):
to do this presentation in front of my team last
week and essentially tells us all these things about how
they can look at transactions and they can figure things out. Now,
they're not going to shake the farmer's hand and tell
them you trust them, although you did tell me a
good story, Jay, about about us and somebody at a
very low loan to value on a very big loan amount,
because it's all about risk. But we're gonna get to

(04:05):
that in a minute. Go ahead and say, hi guys, Jay,
and and and Kyle.

Speaker 5 (04:09):
How was everyone doing today?

Speaker 2 (04:10):
That's Kyle and this is Jay.

Speaker 6 (04:12):
I'm really glad to be here and bringing some new
insight to the lending that most people don't realize is
available out there.

Speaker 2 (04:18):
That's right, that's right.

Speaker 3 (04:19):
And well, I'll turn around the camera a little bit
when you're talking Jay, and I'll make sure I get
you on there. But before we do that, Senny and
I have our one of our favorite parts of the
show every show is we like to do statistics. And
if you don't know Sennya Akishina, she is with Mahara
and Associates one of the faster growing that's right, applause,
one of the faster growing real estate companies. Guys have

(04:40):
over one hundred agents here local in Tampa Bay. You know,
I haven't asked you in a while. Do you know
what you're how your years is going to end up?
We used to do that all the time, say on
the kind of like how many transactions Maharan Associates has closed?

Speaker 2 (04:50):
Am I putting you on the stone?

Speaker 7 (04:52):
I know what I knew that I like, I don't
want to mess it up.

Speaker 4 (04:54):
I feel like we.

Speaker 2 (04:55):
Are welcome to the show landing like.

Speaker 7 (05:01):
There're three hundred and forty million maybe my gosh, not bad,
not bad, pending and closed.

Speaker 2 (05:08):
I think that's allow.

Speaker 3 (05:09):
Do you know how about the number of transactions? I'm
really putting you on the spot today.

Speaker 7 (05:12):
I don't know the number of transactions. I would have
to ask our girl Stephanie at the office.

Speaker 3 (05:17):
All right, next week, we're gonna know the number of transactions.
And actually, you know what I'm gonna do is I'm
gonna pull up I'm gonna pull up some stats. So
I'll do some homework and I'll pull up the number
of transactions Lincoln Lending closed, and we'll look at Mahara
and Lincoln Lending and some dollar amounts because we run
in very similar numbers with each other. You guys have
a great team. If they do need to get in
touch with you about real estate, what's the best way

(05:38):
for them to do that.

Speaker 7 (05:39):
I think they should call me at eight one three,
seven five five reel or you can go online at
the reeldeal Tampa dot com.

Speaker 3 (05:48):
That's it, that realdeal Tampa dot com. Very easy for
you guys to remember. Check them out and that you
want to call Siniya when you have a house you
want to buy, or maybe you're interested in looking at
some properties, right, is that the best time?

Speaker 7 (05:59):
Or if if you want to sell, we still need
that inventory, so we need those sellers to get their
house on the market.

Speaker 2 (06:07):
That's right.

Speaker 3 (06:08):
So let's talk about the statistics. What did you say,
what are you surprising us with today?

Speaker 7 (06:12):
Well, so we do have our October numbers, so we
discussed that, you know last week that new pending sales
were down. So we'll see how November ends up in
terms of closed sales. Because overall, you know, activity has
slowed down.

Speaker 3 (06:26):
Right right, right, we would would slowed down, but there's
still excitement out there.

Speaker 4 (06:31):
There's excitement.

Speaker 7 (06:32):
And I do think that just the fact that our
prices are still steady. You know, when you see the
little bit of decline, I mean it's just a little
bit of a decline, it's the market correcting itself. And
you know we're in December now, so we really do
think that next year things are gonna, you know, start
waking up.

Speaker 3 (06:51):
I think next year, this whole country's going to wake up.
And I think, Kyle, you're laughing, what do you think.

Speaker 5 (06:56):
I think it's a true statement. I think a lot
of people right now are there's struggling for Christmas gifts
and stuff. You know, the liquid cash isn't there. So
I think with the new year coming around, new presidential election,
you know, coming in. I think it's going to be
a very positive outlook. You know, next year it's going
to be a little bit of a ramp up. But
I think in the coming years it's the market's going

(07:16):
to come back to kind of where the twenty twenty
one era was, where everyone was just firing off left
and right.

Speaker 2 (07:23):
Man, this I love this guy.

Speaker 3 (07:24):
Great prediction is that is a super super exciting prediction.
If you guys missed that on Instagram, Kyle is predicting
twenty twenty five is going to be another twenty twenty
one and people are going to be firing off.

Speaker 4 (07:35):
Well that happens.

Speaker 7 (07:36):
I mean, buyers, you better get off that fence and
start looking now.

Speaker 2 (07:40):
Thank you, Sennya. I think this is this not the
best time to buy.

Speaker 7 (07:44):
I think it is. Absolutely We're getting some great deals.
I just have a fantastic deal in a new contract.
Nice we got about forty thousand, more than forty thousand
off the list price. What So when people see that,
it's like, hey, sellers are negotiating.

Speaker 3 (07:59):
Yes they are, but as soon as what Kyle said happens,
no more negotiations, because now you have it. When these
buyers come back, that's what people have to understand it's
a supply and demand. If the buyers are back and
you don't have the big inventory, it's going to be
multiple offers on these products and we still.

Speaker 7 (08:14):
Don't have the inventory. That is like one of the stats.
I mean, I know it must do that little sheet
between all of them like it. Actually in Hillsborough County
we dipped just a little bit. Okay, so for October
our month supplies three point three in Hillsborough County.

Speaker 3 (08:27):
Where were we when we were a little more were
like three and a half three point four?

Speaker 7 (08:32):
But I mean still if the equilibrium to consider it,
you know kind of you know, even playing field, like
we're not we're not there.

Speaker 3 (08:39):
Right right, right, No, we're not because you've got to
be at six right, that's your equilibrium six months, you do.

Speaker 7 (08:43):
So, Yeah, like what this number means is if no
other homes you know, got listed, then it would take
three point three months to sell the existing inventory.

Speaker 3 (08:51):
Yeah, how low have you ever seen it? I'm curious?

Speaker 7 (08:54):
I mean and twenty one twenty two, I mean, inventory
was almost like non existent, you know, like numbers were
two months I think brybly lower than that.

Speaker 3 (09:03):
So that that's why we had that huge you know,
highest and best and the multiple offers just simply because
there were not enough homes to buy.

Speaker 7 (09:11):
Yeah, So to put in perspective, I mean year over
year inventory is up forty percent. Oh really, but I
mean still that number like we have, you know, a
lot more inventory to go for. You know, there really
to be more options for buyers, right, and I'm hoping
that that'll happen come next year.

Speaker 3 (09:28):
Right, but until then, now, Jake, go ahead, I know
you got something to say.

Speaker 6 (09:31):
Well, you know, with what we're saying about inventory is
being increased and some market pressure in the makes sense
lending arena. Right now, we're actually breaking month over month
over month records real month, which you would have thought
with Thanksgiving and a shorter month, I think it was
only an eighteen day business day month.

Speaker 2 (09:50):
Right.

Speaker 6 (09:51):
We broke records both on the West Coast and the
East Coast and exceeded all of our goals. So there
is robust lending out there when you find the opportunity
to find the right lenders the right products that fit
your needs.

Speaker 3 (10:03):
So we're going to dive into this with Jay and
Kyle from Lenscher and talk about this common sense lending
and he's talking about a whole different type of lending guys.
The reason we have him on today and I think, Senya,
we're gonna both learn a lot today. This is not
about fha VA and conventional loans. This is about the
loans when you can't qualify for those, and it is
becoming a huge segment of lending and of real estate.

(10:26):
If you had asked somebody five years ago about non
QM lending and what percentage it was. Matter of fact, Jay,
you might have that stat I'll put you on the spot.
Is you know what percentage is non QM lending in
the entire space?

Speaker 6 (10:36):
Do you know that by chance the current numbers I
don't have. But coming out of COVID and with the
growth of alternative lending or non QM lending right it
was projected to be the highest growing business entity in
the United States at that time. Some things have slowed
down with price increases, some of the insurance problems that

(10:58):
we're dealing with, but it's still a very robust market.
There was a lot of people that never realized that
there was lending options for them post the subprime crash
back in two thousand and eight and two thousand and
nine where non QM, which is not a subprime product.
It has brought alternative lending back into the space about

(11:18):
six or seven years ago, and now it's really getting
its legs under and a lot of the general population
is starting to figure out that there are opportunities out there.

Speaker 3 (11:27):
Yeah, So when we get back from the break here
in a minute, after we do some more stats with
Senny and I, we're going to learn what the heck
is non QM lending because a lot of you guys
are out there.

Speaker 7 (11:34):
He's gonna say, yeah, you probably need to tell everybody because.

Speaker 4 (11:37):
That is the we're hearing more of.

Speaker 3 (11:39):
But I mean, She's like, what's non QM lending?

Speaker 2 (11:43):
You know what it is?

Speaker 3 (11:44):
But I'm going to let you ask Jay that question
when we get back from the break after when tey
what we're gonna do.

Speaker 2 (11:49):
We're gonna take a break here.

Speaker 3 (11:51):
When we get back, we're going to talk a little
bit more about the stats in the current market, so
all of you know where you are, and we're going
to explain to you why you should be marrying the
house and date the rate or date the program as well.
We're going to talk to h Jay and Kyle about
that here from lend Sure, and don't forget. If you
need a mortgage, it is Lincoln Lending Group eight one
to three mortgage dot com or contact Frankdibank dot com

(12:11):
or the Real Deal Tampa dot com if you need
to find a home, and don't worry if you don't
remember both of them, just ask for one and we'll
get you to the other. We'll see in a minute
here on the Business Happy Hour.

Speaker 1 (12:20):
Now we're back with some serious real estate and business
talk with three of Tampa Bay's top experts. You're host
of the Business Happy Hour, Frankdibankkodo, Rosa Bahiti and Senia Akeshna.

Speaker 3 (12:31):
All right, Tampa Bay, welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial.
We have a couple great guests today. We have some
great statistics. We have some good news for you. So
if you look in for good news early in the
morning on Sunday or right here on Instagram, you have
come to the right place, the Business Happy Hour.

Speaker 2 (12:49):
If you need to.

Speaker 3 (12:50):
Find a real letor if you actually want to find
a house and you can actually close before the end
of the year, believe it or not, if you act now,
we can guarantee that you will close by the end
of the year. I can tell you that right now,
and you can get your homestead exemption for this year.
You gotta go to the real deal Tampa dot com.
Talk to Senya, let her find you a house, and

(13:11):
then you go over to my website eight one to
three mortgage dot Com click on my little picture and
we will find you the financing that you're gonna need.
And guess what if we can't find conventional or government
financing for you. Today you're going to learn about a
whole new segment of lending called non QM lending, but
I'm gonna call it common sense lending. Today we're gonna

(13:31):
bring back Jim going to the banker asking for a
farm loan for the tractor. We're bringing it back, guys,
get ready to shake the hand and get a loan
from Lensure here in just a minute. But before that,
my favorite part of the show, the stats. Senia take
it away.

Speaker 7 (13:46):
Okay, so I guess where we can finish shup at.
I did come across a realtor dot com article ooh,
and it is saying the existing home sales are gonna
soar next year. Really, and we've got three Florida on
their list of.

Speaker 2 (14:01):
Twenty Come on, Tampa, come on, come on.

Speaker 7 (14:03):
Well Tampa is not up, but I mean it's got
to be in the mix. No, because Orlando's there, Jacksonville, Miami,
So you know that Tampa's right there. Yeah, I think
that's exciting. I mean they're you know, double jit digit
what are they?

Speaker 2 (14:17):
This is?

Speaker 7 (14:18):
Well Jacksonville is at the bottom there, but thirteen percent
increasy year over.

Speaker 4 (14:23):
Year in sale prices or just in home sales.

Speaker 2 (14:26):
Wow.

Speaker 7 (14:27):
So we've been talking about how, oh it's been a
little bit slower, you know, home sales are generally down.
But I think this just goes along with what we're
all thinking is, hey, next year, things are gonna start
picking up the pace.

Speaker 3 (14:39):
Did you have the Orlando one? What it says about that.

Speaker 7 (14:41):
Oneando's fifteen point two percent and then Miami is actually
number two on the list of twenty four percent.

Speaker 3 (14:49):
What they're talking they're talking about twenty four percent increase
in home sales in Miami. That's crazy.

Speaker 5 (14:56):
Wait, do you think Kyle, that's gonna be hard with the
condo market with all the new laws coming into and stuff.
I mean, I know a lot of people, you know,
younger generation and stuff like that. They all moved to
Miami because it's the new hype and stuff like that.
Then they get down there, they have no yards, already
seen too much for them after you know, year one,
year two, and then they're moving back to Pennsylvania because

(15:16):
they're over it. So I don't know about Miami. Miami,
definitely i'd be intrigued to see if you know, it
is one of the top you know areas.

Speaker 2 (15:25):
Downtown Saint Pete.

Speaker 3 (15:26):
I'm really you know, I like the Dunneat and the
downtown Saint Pete's things like that. Somebody yesterday really brought
up a question about condos and should they be buying
a condo right now or not?

Speaker 2 (15:35):
I feel you chime in on that.

Speaker 1 (15:37):
Well.

Speaker 7 (15:37):
The one thing that so when we do stats, I
only really include single family homes.

Speaker 4 (15:42):
I was going to ask you, I went ahead, and
today I'm like, you.

Speaker 7 (15:45):
Know, let me just grab it just in case, because
I mean we've definitely seen you know, the condo and
they group them and condos and town homes. Yeah, that mark,
you know, definitely been struggling just because, yeah, all the
inspections the new rules my Stone survey.

Speaker 4 (16:01):
So those numbers have definitely dropped a bit. Okay, it's
more challenging to sell them. You know, they're on the
market longer.

Speaker 3 (16:08):
He's got these assessments and the association fees going up
and so so how bad is it?

Speaker 4 (16:14):
Well, let's see where's my sheet here?

Speaker 2 (16:17):
Let me jump in one seconds.

Speaker 6 (16:19):
Looking the condo market is does have pressure on it
right now, but there's a very good robust side to
the condo market as long as you do your homework
or the people that you're working with through your homework
is as long as the condo that you're looking at
is either a newer condo or it has gone through
the cycle with the new laws, you know what you're

(16:40):
dealing with. Where the problem comes in is when you
don't know, and there could be some surprises out there.
So it really comes down to educating yourself on the
building that you are looking at to see if it's
the right building for you.

Speaker 3 (16:52):
So let me sure, let me ask you this before
send gets her stats on it. I gave I said
something to somebody the other day. I hope I said
it right. But these laws all go into effect by
January first, but they've all known about it, So it's
like they have to implement all of this reserve stuff
and everything by the first which means for their twenty
twenty five budgets.

Speaker 2 (17:10):
Am I right or wrong?

Speaker 3 (17:12):
Shouldn't most condos already have it figured out?

Speaker 6 (17:16):
Well, you'd like to think that that would be true,
but it seems like a majority of them has really
kicked the can down the road. They might have gotten
involved in some of the new structures that they need,
but they haven't gotten all the way through one of
the big holdbacks. And there are going to be some
changes in the upcoming legislature sessions. All the condos that

(17:37):
are more than thirty years old need to have a
full structural inspection.

Speaker 2 (17:41):
On engineering report.

Speaker 6 (17:43):
Just is not enough engineers out there. I'm hearing some
stats and this might not be a one hundred percent factual,
but some of the requests are going all the way
out to twenty twenty seven right now, and they're required
by December thirty.

Speaker 2 (17:55):
First of this month.

Speaker 6 (17:56):
Oh Man oh governed santis he wanted to bring in
a special session ause of this, and none of the
legislature would come. So it is the really first thing
on the docket for this year's legislature session to be
able to modify some of these condo laws or extend
them so the condos can comply.

Speaker 3 (18:16):
That's that's a very good point. Well, I'm sure I
think these hurricanes had to set the guys back as well.
I mean, it probably didn't help, but well.

Speaker 6 (18:22):
They had since twenty twenty one. I mean, October wasn't
really going to be the determining factor of whether you're
gonna make it or not.

Speaker 2 (18:29):
I was trying to come some slack. Jay's pretty tough
on these guys.

Speaker 3 (18:32):
He's like, hey, listen, bro, you had three years, so
I love your advice. Though, Jay and I think setting
and would agree, right is it's more about the research,
and I think it's more important now than ever on
both the mortgage and the real estate side. Like like,
you know, I'm gonna put you on the spot, don't
kill me. But when you when you take a condo listing,
what do you do as a listing agent? Do you
research these things and get in with the HOA and

(18:54):
find out absolutely?

Speaker 7 (18:55):
Yeah, I mean you, hey, did you guys have this done?
Do you have that done? But as Jay said, it's
the newer buildings that already you know, are incompliance and
things like that, I mean, are those are goodbyes? And
I do think that that is the right property for
some people. They don't want to have a yard to maintain.
You know, you pay your fee, but that covers everything.

(19:15):
You know, you just have maintenance free living. So there's
definitely good situations out there. But like I ended up
selling our condo which was kind of just a you know,
place we'd get a way to in Saint Pete last
summer in twenty three.

Speaker 4 (19:27):
Mm hm, And I mean, I'm glad we did it.
I could see that the sales in there are struggling.

Speaker 3 (19:31):
But they were older, right, they were older.

Speaker 7 (19:34):
The assessments keep going up because there are things that
have to be done. The balconies had to be redone,
the sea walls, I mean, and those things wrack up.
And I think a big portion of it is those
h away fees or the condo fees.

Speaker 2 (19:44):
Your sea wall probably got demo, not over.

Speaker 6 (19:48):
What really happened was if you look at a condo
and compare it to a single family house, if you
do not maintain your house and just maybe throw a
little bit of paint on it from time to time,
but not fix the pipe and just keep If you
didn't get any work on your house in forty years,
what would your house look like?

Speaker 1 (20:06):
Right?

Speaker 6 (20:06):
And that's what's going on with the condos, that it's
time to pay the piper for not doing what should
have been done the whole time.

Speaker 3 (20:13):
And now it's all just coming to a head exactly.
We're going to take a break real quick. Already, coach
your off, Jay, we got eight seconds left. As soon
as we get back, we'll learn a little more about
condos and then common says lending.

Speaker 1 (20:22):
Stay tuned, Welcome to the Business Happy Hour radio show
with your host, Frank the bang Kodo, president of Lincoln
Lending Group and he won three mortgage for twenty years
right here in Tampa Bay, joined by his incredible co
hosts Rosa Bahiti and Sinia Akishna, top producing real estate
agents with Mahara and Associates. These three bring nearly five

(20:43):
decades of experience in the local real estate market. If
you're looking for real estate or business advice, no matter
what your experience level, the Business Happy Hour team has
been there for you for almost a decade right here
on news radio WFLA. Now sit back, relax, and get
ready for some serious real estate's business talk with three
of Tampa Bay's top experts.

Speaker 2 (21:03):
Here's Frank the Bank.

Speaker 3 (21:05):
All right, Tampa Bay, we're having a great show today.
Sanny and I are learning some stuff, and I promise
you guys are gonna learn some stuff too. Good news
is home sales are still looking good. There's some great
news happening with condos.

Speaker 2 (21:18):
If it's newer.

Speaker 3 (21:19):
According to Cindya, it's gotta be a little newer or
they have to get their work done. I'm gonna leave
you with this on condos, and then we're gonna get
into create common sense lending. Okay, this could be a
great show. Is I just had somebody under contract on
a condo and they disclosed the hoafe at seven hundred
and twenty five dollars. Turns out a week before closing,
we get all the stuff back from the hos.

Speaker 2 (21:38):
Reason.

Speaker 3 (21:39):
I asked you what research you do, and I know
you do all the research, so does everybody at Maharran Associates.
By the way, realdeal Tampa dot com, that's how you
find them, Realdeal Tampa dot com shameless plug. It was
actually one thy fifty oh my gosh, and we all
know from the condo world, when you have your HOA
increase that much, you get notified. It doesn't happen on

(22:00):
a Monday and they tell you on a Tuesday, right,
or like a month two months later you find out
the next day like your HOA is required to give
you notification like ninety days. Long story short, the poor
buyer had to back out the contract because there's over
a thirty percent increase in the HOA fees.

Speaker 2 (22:14):
So great advice is do your research.

Speaker 3 (22:17):
There are a bunch of good condos out there, but
we are going to learn about some creative condo options
and some common sense condo options here with Jay and
Kyle from Lensure. In just a second, Senning, you had
a question, Well you.

Speaker 7 (22:29):
Call it common sense lending, and we've been hearing the
term non QM. Can you explain exactly what it is?
What kind of products are non QM loans?

Speaker 6 (22:39):
Well, non QM just essentially stands for non qualified mortgage
a qualified mortgages an agency or government backed lending faj
Fanny Freddy. So non QM just means non qualified under
the standard qualifications. So to expand into that, a lot
of it when you're talking about an owner occupied or

(23:03):
a second home, which is regulated under the regulations post
the crash in two thousand and eight is that a
borrower has to be able to income qualify and afford
the property. In standard qualified mortgages, you've got very limited
sources a couple of years of tax returns or very
stable W two or way urn or income. Where in

(23:24):
our arena we've got approximately fifteen different types of qualifications
from income sources where we'll go down to one year
of income docs. We qualify a lot of self employed people,
which when you talk to a realtor about being self
employed do you usually get kind of a negative face

(23:46):
back at you because of how the tax returns are
going to look. Where we'll actually just look at the
businesses or the personal bank statements and qualify you on
those which meets regulations. We'll use multiple businesses and bring
business together with bank statements. We'll do loans based on
assets that you do have high holdings in public investment

(24:09):
accounts or even restricted investment accounts for one case, and
things like that, that we can bring those assets into
your loan and turn that into actual income qualifying income.
We do ten ninety nine only loans where in self
employed people. You know, one of the benefits of being

(24:30):
self employed is the ability to write off a lot
of your expenses, and there might be additional usable income
behind that. That's really a CPA question. But we create
tangible income to qualify people that will fall out of
the qualified mortgage arena. We do a lot of very
creative ideas around the qualification of income. Like I said,

(24:54):
there's at least fifteen sources before we get into highbred
sources or merged so horses, where I will actually take
somebody that's a standard wage journer, good job, say a
teacher that's been on the job for twenty five years
making fifty sixty thousand dollars a year, but has an
astronomically large four oh one K package, that I will

(25:15):
use that restricted investment as a income qualify or enhancement
to their monthly income to qualify them for that property.
The general idea here is that in the event that
they did struggle financially, they've got the assets behind them
to prevent a default. And that's the main thing is
to prevent default.

Speaker 3 (25:34):
So that's the common sense nature of this lending and
kind of put it in Layman's terms on I know sending.
You're probably sitting here thinking, how how come everybody doesn't
do this? It's you have somebody that can't get cannot
meet the guidelines of FHAVA or conventional loans because they're
very strict. Give me your W twos, give me your

(25:54):
pay stubs, give me your tax returns. They don't play
around with the bank statements in just ten ninety nine's
and and just assets and things like that. But you're
saying you can take a common sense approach and you
can look at what they have and formulate a plan.

Speaker 2 (26:09):
Am I understanding that?

Speaker 6 (26:10):
Like I'll give you a perfect example, especially coming out
of COVID, where a lot of businesses cease to operate
for a period of time or how to downturn in
their revenue where they might not qualify using two years
of income docks because of the reduction, but they do
qualify on one year income docs, so we'll eliminate that
downturn year or the declining income if they still qualify.

(26:33):
If you're looking at a business that has less revenue
this year than last year, that would be a negative
and you're doing an income calculation well, if they do
qualify on the current income, we'll eliminate the year prior.
That is the problem in the agency world, because you
are going to pay your payment on the money that
you're making today. What you made two years ago or
three years ago really doesn't matter related to your payment.

(26:56):
But in the agency lending it matters a whole bunch.

Speaker 4 (27:00):
Okay.

Speaker 7 (27:00):
And actually, you know what the spurs you say, common
sense lending. To me, this sounds like out of the
box lending. Yes, right, So I mean you have all
these creative solutions, and I like that you brought up,
you know, the teacher scenario because I'm thinking your main
client bas is probably what.

Speaker 4 (27:16):
Self employed individuals.

Speaker 7 (27:18):
So even like you know, real estate agents were commission based.
So you know, sometimes it does get very tricky to
be able to qualify for a loan.

Speaker 2 (27:26):
See it all day long.

Speaker 6 (27:27):
I mean, we get very very We do deep dives
into income to find income. Unlike agency lenders, we're always
looking for a way to make a loan happen. We're
not looking to fill in the boxes. So I tell people,
on a regular basis of the brokers that we deal
with at our guideline book, we have to have a
guideline book, but our guideline book is written in jello.

(27:50):
There's an exception or some way of wiggling around to
find the right borrow or the right loan package and
get them into that property. And then if there is
a tangible reason why they can't be in agency, they
can over the next year or two years, restructure some
of the things that they do see that maybe some

(28:11):
of the wright house that they're taking in their tax
returns aren't necessarily that big of a benefit to them,
that they redo their tax returns for the next year
or re amend their tax returns to qualify into an
agency product the lowest rates possible and then REFI out
of it. But you are being able to get the
quality inventory that's out there. Inventories are coming up in

(28:31):
the market, but quality inventory is where it gets tough.
So when you find that house that you really want,
are you ready to be able to put a non
contingent offer on it immediately? Because somebody else will and
then you'll be stuck with the properties that you might
not necessarily want.

Speaker 3 (28:50):
Right And that's why one of our It's Funny Jay
said it in front of our media to two things
I love as you say.

Speaker 2 (28:54):
The guidelines are written in Jello.

Speaker 3 (28:56):
One of my managers literally wrote that down and put
it on our ternal matrix as the note for your company.
It says, guidelines are jello, which which means common sense.
Where you're gonna and you guys will even get on
the phone with the clients. You'll talk things over. You know, hey,
explain to me how you make this money. What do
you do here? That's not something you can do in
the fanny MA fha and VA and conventional world. You

(29:20):
mentioned clicking a box. That's all government lending is. It's
clicking the box. You click enough boxes, they hand you
money for your house. You don't click the boxes, you
don't get the money with you guys, you have Jello boxes.

Speaker 6 (29:31):
And we generally as a role want to lend people
money more than they want to borrow the money, which
an agency you definitely don't have that. We're always looking
at every opportunity that comes our way, and we're talking,
you know, somewhere in the area of five hundred million
dollars a month. We're looking to capture every one of

(29:52):
those opportunities. As loans come in and how our conversation
plan works with our account executives. They are we are
actually bonus on the ability to close the highest percentage
of loans possible. So we're not throw the loan against
the wall to see if it's six. Kind of lender
where let's throw it against the wall and make it

(30:12):
happen and find a way to get this bar or
A lot of the scenarios that come my way are
presented one way, and by the time we get done,
we've done one hundred and eighty degree turn to actually
find the loan inside their original presentation.

Speaker 3 (30:26):
So you probably I'm sure this is going through your
mind here, but watch. I'm gonna mention this first and
then ask the question. One of the most exciting things
that you said in our presentation was that unlike government
and conventional loans, where we have to use the lower
credit score of the two buying individuals. So you got
husband and wife one's got a six fifty O or
has a seven to fifty, you got to use the

(30:48):
six fifty when.

Speaker 2 (30:49):
You're qualifying them.

Speaker 3 (30:50):
On government and conventional loans, you're always be the lower
of the person. You said that you actually get to
use the primary wage earner's credit score. So if the
husband is the primary wage journer, maybe and he's got
a seven fifty and the wife has a six fifty.
We're using seven to fifty, Is that right?

Speaker 6 (31:05):
Absolutely? We just actually closed a loan. Now this was
a little a little bit tricky, but a non occupant
coe bar er. So we had a lady that just
graduated from nursing school, so she was in her first contract,
low income, couldn't afford her property. So her father came
in and was not going to be a co bar
well it was going to be a co BarreR, but

(31:26):
a non occupying co bar. So his credit score was
much higher than hers. I think she was a seven
oh five and he was around the seven ninety eight hundred.
He made more money than his daughter, so he ended
up in first position. So his daughter, even though she
was going to be making the payments, he was just
a security behind it. She got the benefit of his

(31:46):
credit score, the lowest rate possible and the highest loan
to value possible being a brand new graduated nurse by
bringing dad into it.

Speaker 2 (31:54):
That's awesome. That is so, are you thinking something?

Speaker 7 (31:57):
I'm thinking I think that's incredible and I love it
when people do have creative solutions. We want to get
people into properties. You know, people want to live in
a home that they own.

Speaker 3 (32:08):
Yep.

Speaker 7 (32:08):
So you know, and it's it's not fun when you're
being told no, if you can't get you know, fha,
you know conventional, you just you know you're stuck, you know,
wait around for two years. So then you know, they
go see you and you tell them you know what, Nope,
tell us your scenario and you have a product for them,
or they can get that loan, get the house that
they fall in love with.

Speaker 4 (32:26):
I love it.

Speaker 2 (32:26):
That's it. So I'm here's the question I'm asking when
you get back.

Speaker 3 (32:29):
In the break, what in the hell is the catch?

Speaker 2 (32:31):
There's got to be a catch to this.

Speaker 3 (32:33):
There has to be some something that that we have
to give up. We're gonna answer that question when we
get back, and I'll tell you how you find out.
I find all these programs eight one three Mortgage dot Com,
Frank Thebank. We'll be back in just a minute.

Speaker 1 (32:43):
Now, we're back with some serious real estate and business
talk with three of Tampa Bay's top experts. You're host
of the business Happy Hour, Frank the Bank, Kodo, Rosa
Bahiti and Senia akeishna.

Speaker 3 (32:54):
Hey, Tampa Bay, Welcome back to the business. Happy our man,
Senny and I have a good show today for you.
We have been talking about common sense lending with lend Sure.
By the way, guys, if you're wondering, you're hearing about
all these products and you're wondering, well, how do I
get in touch with Lyncher?

Speaker 2 (33:07):
You don't you call Lincoln Lending Group? Is what you do?

Speaker 3 (33:11):
You go to contact frankdbank dot com or the real
deal TAMFA dot com. You talk to Senny us. You'll
get you over to me. And remember, guys, we offer
all products. So if we do you get your application,
we're going to try to take you in the government
conventional route, and if we can't, we have the best
option right here with Lyncher. And if you're an originator
out there and you're like, god, I need that lender,
how do I get that lender? The same thing you

(33:33):
go to contact frankdbank dot com.

Speaker 2 (33:34):
You call me.

Speaker 3 (33:35):
You can come work for us and you can work
right here with Jay and Kyla Lyncher, or to be honest,
you could probably sign your company up with them, but
I'd much rather you come work for me. So contact
frankdbank dot com, or you can go figure out how
to find Lenscher on your own. All right, Jay, what's
the catch you just told us all this amazing stuff
you can do. I mean, there's got to be a catch.
You can't be doing everything just like Fannie May and

(33:56):
just making it that much easier.

Speaker 2 (33:58):
Right.

Speaker 6 (33:58):
Well, when I'm talking to Pete, you know, at a
cocktail party or at a dinner engagement about what we do,
they're always thinking that the rate is going to be
very high. Our rates in the current market are just
a hair just a click above what the agency lending is.
But none of our loans also carry mortgage insurance.

Speaker 3 (34:20):
Oh yeah, po.

Speaker 6 (34:22):
When you take the PMI out, a lot of times
the payments get back into line and be even now. Also,
back when the big crash outen in two thousand and
eight and the government came in to save Fanny and Freddy,
it was supposed to be a short term venture which
is turned into a multi decade venture. Well, now they're

(34:42):
trying to break that conservatorship again. And one of that
is the cleanliness of the books. So in order for
agency lending to slow down some lending in different sectors,
they increase fees and increase costs. So in a lot
of times, on an investment property, your second home in
the non QM sector, you can end up being in

(35:04):
a better financial position by leaving the agency market. We
also have a very very popular program. It's probably our
most robust problem program right now is buy now, Sell later,
which we call the BOOST program, which is a bridge loan.
It's a modified bridge loan where bridge is used in
a lot of places in lending, but we'll actually give

(35:27):
you a loan on your departure property, extracting the equity
out of that property, eliminating the debt from that property,
freeing up all of your assets, and freeing up all
of your income to immediately buy your new property and
then dispatch the departure property in the next year. That
property has gone absolutely crazy because it turns you in

(35:48):
from listing your house today to actually shopping tomorrow and
being able to really tap into the quality inventory on
a non contingent, closable deal and the dispatch of the
form of property with no payment attached to it, and
then that goes away and you pulled the rest of
the equity out.

Speaker 2 (36:07):
At that point, I did see sending a perk up.
As soon as you said.

Speaker 7 (36:10):
That, Oh, I love that, and I mean that is
a solution that I think a lot of people could.

Speaker 4 (36:14):
Use right now.

Speaker 3 (36:15):
Yeah, absolutely, they still want to sell their property, but
this is an option for them to actually buy the
new house first using the equity and the one you're selling.
You even allow them to pay off debts and do
other things with this money. So it's very very creative.

Speaker 6 (36:28):
Again, we have gotten very creative. Just recently we closed
one where we did originalan. We pulled equity for down payment,
and we pulled equity, put it in the bank and
used that as an asset qualifier within a loan. So
we created income by giving them a no payment loan.

Speaker 2 (36:46):
Yeah, it's crazy. It's amazing.

Speaker 3 (36:47):
They don't count the payment against them or in the
house that they're selling, and so they added put money
in the bank and then divided it out and created
income for it.

Speaker 4 (36:55):
No, that's awesome.

Speaker 7 (36:55):
I'm just thinking, hey, go buy your next house, you
know tomorrow, right Mark, it really wakes up.

Speaker 4 (37:01):
It's going to be even easier for you to sell
your current.

Speaker 3 (37:03):
Home, so exactly then it'll be a better market. Listen,
the catch, guys is is just you gotta have. You
got to give Jay a little bit more. You got to,
you know, if you're putting three percent down conventional, you're
probably gonna need ten percent down to go into non QM.
If you're, you know, putting down an investment. You guys
are honestly right there. When it comes to investment in
second home, you're no different really than Fanny May. When

(37:23):
you've taken a consideration that PMI that you talked about,
you try to put fifteen percent down on an investment
property Fanny May wise, the PMI is ridiculous, The rate
is ridiculous. I will guarantee will get a lower rate.
How do you get all of these benefits? Contact frankdbank
dot com. That's how you gotta go. Contact frankdbank dot com.
I'll get in touch with Jay and Kyle and we'll

(37:45):
get you in front of them. I know you had
another question about a product, right.

Speaker 7 (37:49):
Well, because yeah, the other term you've been hearing a
lot of is DSCR.

Speaker 4 (37:53):
Right, so that's a non QM product, right, Yeah?

Speaker 3 (37:57):
I think so, yeah, DSCR general, what does it is?

Speaker 6 (38:00):
It's considered a debt service loan, So all of your
debt your private debt or even commercial debt completely goes
away and you're only looking at qualification of a credit
score and the the payment on your new property versus
the rent that you're going to be bringing in on
that property.

Speaker 4 (38:18):
In case would somebody uses like an investor, so.

Speaker 6 (38:21):
All wants to all investor, any any primary residence does
have to be qualified under federal regularly.

Speaker 4 (38:28):
This is for like I want to get a multifamily going,
you know.

Speaker 6 (38:34):
But we do these with you know, standard annualized rent.
We do a short term rent, We do condo tels,
very popular product in today's airbnb, short term rental Airbnb.
And you know, we can pull the rent rolls on
a new property and a lot of different sources through

(38:55):
the appraisal or through air DNA, there's different services out
there that we can generate approved numbers.

Speaker 3 (39:02):
I love it, Kyle, What do you have to throw?
And we got about a minute left.

Speaker 5 (39:05):
I mean, the biggest thing that take away from this
is that in common life, people don't want to ask questions,
right you know, they want to assume, they want to
be the knowledge expert and stuff, and any all of
us in this room right now, we all know that
each day, we're learning something new. I'm not an expert
on everything in the non QUM world. You're not the
you know, don't try anything about helocks and stuff like that.

(39:27):
So the biggest thing is always to ask the question.
Don't assume that just because your situation is a no,
ask away, and the worst answer could be a note
or it could be a yes, and then you're on
the pathway of that next property.

Speaker 2 (39:39):
Yeah, exactly.

Speaker 6 (39:40):
We really specialize in turning chicken poop into chicken salad.

Speaker 4 (39:45):
And if you don't ask, you're not going to get
the yes. So you have to ask.

Speaker 5 (39:48):
I love that, and it's our job to write the story.
That's where we're pretty much an author. Yes, give us
the information, let us, you know, put it on paper
and find a pathway to that success story.

Speaker 2 (39:59):
I love it.

Speaker 1 (39:59):
You.

Speaker 3 (40:00):
You guys have really summed it up. Your guidelines are
Jello your real people. You will talk to people, you
will figure out scenarios. You will work with my team
and with Senia and to figure things out. So you
got to go to us first. You gotta go to
the real deal Tampa dot com to talk to Sennya
about finding the house. And you got to go to
contact Frankdbank dot com. If you want to get your
hands on these lends Sure products, you can talk to

(40:21):
me as a new originator and existing originator, or a
client or even an agent.

Speaker 2 (40:25):
We are happy to do it. Guys.

Speaker 3 (40:26):
Thank you so much for coming on the show. Your
first time on real radio and you killed it.

Speaker 2 (40:30):
It is awesome.

Speaker 4 (40:31):
Thank you very much.

Speaker 3 (40:33):
Thanks for having us absolutely and you guys have a
wonderful Christmas.

Speaker 2 (40:37):
Guys.

Speaker 3 (40:37):
Remember len Sure and Lincoln Lending are here to say yes,
not to say no. Common sense lending check us out.
Contact frankdibank dot com and for the best real estate
team Maharan Associates the Real Deal Tampa dot com.

Speaker 2 (40:49):
See you guys next week.
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