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FHIhomeloans
6 Posts |
 Posted - 02/11/2005 : 2:00:00 PM
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This borrower has been on title for one year but he is not on the loan. wants a cash out REFI at 95%LTV Stated self employed 685mid Fico. he can not provide cancelled checks but can provide a private VOR.Property is a Duplex. Need a 2/28 @ 7.20% or better perferabley one loan. Does any one have any suggestions on who would lend on this kind of a loan?
I would appreciate any help!
Thanks! |
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mikeysowa
132 Posts |
Posted - 02/11/2005 : 2:14:55 PM
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This is an easy deal, i can get this done for you, i have a nabk that excepts private vor, stated,
how many tradelines?
place the loan with me, i will give you 40 split.
mike sowa
212-213-5120 |
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shane backer
29 Posts |
Posted - 02/13/2005 : 5:37:35 PM
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| hey FHIhomeloans mike sowa is a great guy, I have done business with him in the past. He is a very reputable guy. |
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dnuex2
3023 Posts |
Posted - 02/13/2005 : 7:28:04 PM
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Theres quite a few banks that will be ok with private party VOR's. Try Mandalay Mortgage, http://www.mandalaymortgage.com
Darrin |
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n/a
4409 Posts |
Posted - 02/16/2005 : 11:38:15 PM
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| mikeysowa, you should reveal the lender or give a split more like 80% to 90% after all it is free money for you. give a guy a break. |
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dbortolussi@sbcg
63 Posts |
Posted - 02/16/2005 : 11:41:12 PM
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Take a hit once, and you'll make more in the long-run. Did you know that the avg. 30 year loan is sold in 8 years? No one will stay a loan for too long---he will be a repeat offender.
Treat him right, he'll come back, plus referrals too! Don't have tunnel vision, look at this business as long-term----not short-term like Ditech or Ameriquest |
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n/a
4409 Posts |
Posted - 02/17/2005 : 08:48:50 AM
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| i love accredited they work all night and underwrite there loans locally so they can make there own acceptions. i have had them close loans in three days start to finish. |
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mikeysowa
132 Posts |
Posted - 02/17/2005 : 12:30:31 PM
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accredited IS A GREAT BANK, they give a lot of exceptions i have done things with them nobody wnated to touch.
Bnc bank is just like that too, and even faster.
mike |
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AndrewReed
480 Posts |
Posted - 02/17/2005 : 4:34:34 PM
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| another good bank is express capital lending, they will take a private vor with 24 months history with no cancelled checks. |
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FHIhomeloans
6 Posts |
Posted - 02/18/2005 : 08:15:39 AM
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| Thank you Everyone you all have been a Tremendous help!! |
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