Each week on “Around Town,” our host talks to members of the First Coast community who are making an impact in their part of town. Today our host Sarah Olson spoke with Faye Pake and Amber Brogan.
Faye Pake
Owner at Beltway Finance
Website Address: https://beltwayfinancegroup.com/
Short company description:
We do funding nation wide. We aren’t known in our town but though it would be nice.
Transcript:
Sarah:
Welcome back to another episode of Around Town. I am your host, Sarah Olsen, and today joining me is Faye Pake and Amber with Beltway Finance. Thank you for being here.
Faye:
Thank you.
Amber:
Thank you for having us.
Sarah:
This is fantastic. So you guys are mortgage lenders, but this is your own company as well. You bridge the gap with traditional financing in a unique, different way solving needs of investors. Can you tell us more?
Faye:
So what we do is we help people that cannot get traditional financing. If your home can’t get appraised, we can come in and give you that gap funding so you can get the house up to speed and then get it appraised, and then you can refinance it into a longer term loan. Or you can flip it. We become that in-between part with the banks.
Sarah:
And you two connected because you had your real estate agent as well.
Amber:
Yes. I work for Heron Real Estate. I had a mobile home that we found out through the title that it was moved and it couldn’t get traditional financing. So I knew Faye with Beltway and I sent it over to her and she got it done in less than two weeks.
Sarah:
Explain to me, because I’m also a mobile home investor and I absolutely love them. Explain to me the gap in that situation, and I’m sure it’s the same situation, just different homes and circumstances. Explain to me how that gap works. What is that for the consumer?
Faye:
So you’re looking at when you’re doing the in-between financing, we’ll get them the down payment for it. It will deposit straight into their account. Then they can use that as negotiating power because they have cash on hand for the property. They’ll move into the property and then they can refinance it out or flip it. Typically when you’re flipping, you’re looking at about three months holding. Your payments are going to be one payment a month. You can break that into your budgeting plans. You’re good to go. Then we always try to help them build a relationship with the bank so that when they have their next project, they already have a foot in the door and build that roadmap. It’s like an asset for them. Another thing we can do, if they’re doing this full time, we can do business credit cards so they can get some points and start building that business credit up. Then they can get more into commercial lending if they’re not already in commercial lending.
Sarah:
Tell me more about this. I just got an LLC for investing. I’m going to become this awesome real estate investor. So I set myself up strategically correct with an LLC. I get a bank account. I don’t have any credit.
Faye:
You’re like 18. It’s like that first part.
Sarah:
Right. So how do you get from point A to being able to use other people’s money?
Faye:
We’ll leverage your good credit to get the loan piece done so you can start the first project. Then we’ll start building the business side and building the business cards. Once you have a year under your belt and you have track records, you have hard money lenders that you can go to. We do have people that do multi complexes and different DSR loans that work through the program.
Sarah:
And DSR loan is?
Faye:
It’s a loan based more on your rents received rather than your income. So if your DTI is a little bit off or you’re not necessarily working full time, you can base your loan on the property. There are stipulations to it. I direct people to the website and we can do a Q&A. But for the most part, it’s based off your rents.
Sarah:
I love the word gap because gap is really important. The interest rates on a gap loan, you’re taking more risk, so they’re going to be a little bit higher.
Faye:
All of our rates are going to be market average and based on your credit. My job is not compensated through the banks. My job is to get you the best that’s out there and help you build that platform so you have somewhere to go. You have to plant the seed and let it grow. On the business side with credit, we all had to do it at 18. On the personal side, you just have to get those relationships built. Once you start with a lender and show track record, you can go back and they give you more product. If you’re trying to get anything less than $100,000, you can put yourself in a position to do it all at 0% on cards if you do it strategically and line it up. When you’re going above that gap, say 500 and less than, you’re looking at different lenders that once you pay off a loan, they’ll offer you lines of credit or different products because they want you as much as you want them. My job is to make you look beautiful.
Sarah:
So really get some credit counseling and making you look good on paper as well as in person.
Faye:
Exactly. If people have had bumps in the road with credit, everybody has. The idea is to know the map so you can build and know where you’re going.
Sarah:
This is your company. Woman owned business. Years in the industry?
Faye:
I’ve been in the industry for over ten years. I just started moving out a little bit and branding, trying to do a little bit different. It’s been great. We’ve had a lot of success in the area. We’re kind of getting out there. I’m used to being behind the computer learning the banks.
Sarah:
Left brain, right brain. So Amber brings the right brain, the marketing, the creativeness. It’s a great partnership because it’s based on business. You solved a need she had for her client, made her look like the hero. Then you’re the hero behind the desk, behind the money.
Faye:
I try to figure out the best case for the client because we really want clients for life. We want to build that relationship and help them build because we both started off starting at the bottom.
Sarah:
And your clients are throughout Florida and other states?
Faye:
Yep. Everywhere. I can do Hawaii and Puerto Rico. But sometimes I prefer everywhere else.
Sarah:
Maybe I’ll start my mobile home business in Hawaii or Puerto Rico. That would be nice. Thank you, Faye and Amber, for being on the show. And thank you for watching another episode of Around Town. You can watch this and get all their information on PropertySolutionsTV.com.
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