American Financial Network, Pinnacle
C G Barbeau
Home Maintenance Tips
Puerto Rico experiences coastal ocean air.
Houses in Puerto Rico may need to be painted annually.
Flush the water heater once a year.
Change the filters for the air conditioner every three months.
Check for rust, mold and water damage on the exterior by walking around
the outside of the house to do a five minute inspection every year
Puerto Rico fire hazard insurance agents:
Felipe Garcia (787) 671-8298
This year learn about other loan programs
I know this is not the most exciting topic but being prepared will get buyers in
position to make offers that can close.
Non warrantable condominium complex can get a loan.
If the HOA has lawsuits and not enough reserves there are wholesale broker options
If it is just the owner occupancy under 51% Fannie might
make an exception.
The reason why the condo HOA is in trouble is vital to
making the choice. Get the HOA management company on the phone and ask them
what the
Ins and Outs of their problems.
Lenders who fund non warrantable condos (let’s say it’s a
high rise in Florida with construction defect lawsuit to just demonstrate how
ugly)
Acra
Loan stream
Loan Lock Prime
Newpoint Mortgage
Deep Haven
Change
Excelerate Capital (yes that’s how the spell their name)
ACC Mortgage
5th Street Capital
Fund Loans
Impac
First National Bank of America
They need 20% down; full doc; FICO above 680 in general
As a broker you do this borrower paid.
You charge 2 points and most of the above charges 2 points
…OUCH
Loan has to be big enough to not be a HIGH Cost Loan
Getting a new broker conduit approved, ask Paul how long
this will take
I would first start with how much this condo is in EXTRA
costs upfront. Four points, cough cough
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| White Amaryllis |
The Ocean Institute is reconstructing a smaller copy of the Pilgrim like the phoenix from the ashes. Workers on the dock today spin the story about what really happened. A passerby shouts to the workers about the erroneous signs asking, "what happened to the Pilgrim?"
They coyly pretend they do not know. Signage misrepresents that the new ship is the same as the old.
The Pilgrim, a ship in Dana Point Harbor that served as the ultimate sailing fantasy for forty years of students in Capistrano School District. The Pilgrim in the harbor was a replica with some antique parts. She was a life size copy of the three-masted schooner merchant ship that Richard Henry Dana detailed in his novel Two Years Before the Mast. School children read the book, wrote stories about throwing the hides down the bluffs, and re-enacted the sailing on the ship Students slept in her quarters overnight and performed duties described in the novel.
In 2018 the ship was inspected by the US Coast Guard, the Insurance company's inspector, several boat consultants, the Harbor Master, and the Ocean Institute. They were advised to dry dock the Pilgrim and repair the leaks. Instead of fixing her, they let her sit in the water for four more years to sink.
March 27th, 2020 locals noticed her sinking and notified the Ocean Institute. On the afternoon of the 28th she keeled over. By the 29th the ship sank in her slip at Dana Point Harbor.
A crane was leased to lift the Pilgrim out of the water on Thursday, April 2 for inspection to determine the cause of its sinking. But U.S. Coast Guard halted the operation when crews heard loud cracking and deemed the plan unsafe. Negligence and lack of maintenance caused major rot in the mask and hull. The Ocean Institute called to consult with the County and the School District to solicit funds, but immediately the Ocean Institute found it cheaper to take the insurance settlement and demolish the Pilgrim in its slip.
The barge crew conducted the demolition and removal process on Tuesday, April 7, 2020. The removal was a process of cutting her into four foot pieces over several days with locals onlooking. Chain saws, pry bars, and hoists from the dock pulled her apart into scraps. The ship's wheel, lanterns, sails, the carvings, sleeping benches, the living history pieces mostly disappeared. Some items are today displayed in persons homes when they were supposed to become part of the Institute's collection. Pieces of the hull and mast sat in the Ocean Institute parking lot until 2022, some rotted parts line the pathway on the Ocean side of the building.
The Pilgrim's last insurance valuation was at $6 million. The vessel was surveyed during Pilgrim’s last haul out of the water in 2018, at which time the marine surveyor provided a market value, or insurable value. Ocean Institute underinsured the ship and settled for something shy of three million dollars.
The Pilgrim was an important classroom and field trip destination for hundreds of thousands of children for forty years and played a prominent role each year during the Ocean Institute’s Tall Ships Festival. My children scrubbed the decks and ate an onion. What do you recall about your school trip on the Pilgrim?