sithburns
313 Posts |
 Posted - 03/14/2008 : 3:31:36 PM
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Client has 650 FICO (never a late EVER but alot of mortgages and debt). He is self employed
Wife has 690 FICO. She is W-2 employed
$220K in assets
Currently own 14 properties.
Property appraised at $1.9M
Current 1st mortgage at $1.17M
Looking to cash out $300k
Option 1: refinance to 80% LTV
Option 2: take out bridge loan, HELOC, credit line or some other 2nd lien for the $300K to 80% CLTV
This is a condo on the gulf coast in Florida. Immaculate. Rents out for $3K/week. Client has lots of equity in other properties and will cross collateralize if necessary.
I'm looking for options.
Chris
loans @ fivestarsmortgage.com
407-456-3697
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