80% LTV Multifamily

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AndrewSoss

224 Posts

Posted - 03/26/2008 : 4:20:02 PM

7 units
CA
Berkeley
DCR will be close to 1.20 depending on the rate
$870k loan amount / $1,087,000 appraised value
We already have an appraisal, need someone to use the appraisal and only review it.

Any takers?

Mursal97

85 Posts

Posted - 03/26/2008 : 5:43:30 PM

I would need to get more info from you to see if this one fits our guidelines. I can have my underwriter take a look at the appraisal to see if we can use it, however most likely we will order our own. The good thing about our company is we do all the work up front so there are no surprises later (e.g. after getting the appraisal back) Once submitted I can have an approval out to you within 24-48 horus. I look forward to hearing from you.

mvitasa

51 Posts

Posted - 03/26/2008 : 6:52:44 PM

email me mvitasa@firstbeaconfinancial.com so i can get you my submission form and get you a quote. w/ that high of a DCR i may be able to go stated but w/ full doc pricing depending on your fico. We may be able to use your appraisal. there is a $295 up front appraisal review fee. if the appraisal is unacceptable, a new one will be needed and the $295 will go towards the appraisal. Thanks.

EMScommercial

3637 Posts

Posted - 03/27/2008 : 4:13:15 PM

Your appraisal request may cause you some issues with this otherwise seemingly good deal... why not allow the lender to at least recertify it - which they will require......

If the borrower understands that the lenders will require a clean MAI appraisal along with all the pertinent documents to show income on property and with the borrower....

Then we can work on this with you....

Our network of over 300 commercial funding sources which we are direct brokers for (lenders, banks, private money, hedge funds, insurance companies, etc.) - NATIONWIDE ... and Beyond!!! - could be just what you need for such a deal..... (the number changes regularly - adding and removing to meet our clients' needs) to our internal - proprietary database.....

We do all the legwork - finding the lenders interested and getting the documents to them.... receiving the letters of intent and organizing them in sensible order for your clients..... we should work together on your deals.... let's talk!

** We issue a mutual NCND to protect both sides!! **

Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source....

We currently have 236 lending sources for this type of property in our internal database! This will help us find just the right loan for your client!!

Please contact me asap so we can get this taken care of! Just a note... if you call and I am not available at that time to talk, any one of my highly trained account managers can help you as well.

Remember... We only get paid when the thing funds!

Thank you...

GlennP

123 Posts

Posted - 03/27/2008 : 4:36:16 PM

Andrew there will be a $350 review fee, but send me the appraisal and I will be able to let you know if it will be accepted before sending the money. Call or e-mail me with the full package and the appraisal, thanks.

Mark_GMC

418 Posts

Posted - 03/27/2008 : 5:51:25 PM

Would love to take a further look at this one. Sounds, from what you've posted, like we'll be able to help you and your clients. Please submit your deal using the link below (this takes only 60 seconds on our website) and our commercial VP will review and get back to you within 24 hours. Thanks!

kenvphan

422 Posts

Posted - 03/28/2008 : 1:03:24 PM

Depends if the it was appraised by an MAI appraiser and how long ago it was appraised.

knagi

374 Posts

Posted - 03/28/2008 : 1:38:57 PM

welling to look at the appraisal for $300 review fee
this will take 48 hours to get the underwriter to give us an answer

andersonloans

32 Posts

Posted - 03/30/2008 : 7:44:45 PM

Hello..... If you have not placed this loan give me a call at 510-381-1930. Thx Antoine Anderson BFS Capital,LLC.