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jschwartz
607 Posts |
 Posted - 03/28/2008 : 10:03:21 PM
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Borrower purchased lot in N. Arcadia CA for $1,280,000 and put $410,000 down on it. Property on site was completely demo'd and lot was regraded. Borrower needs to finish project and refi existing first to $1.9MM to finish the project (includes fees, 12 mos. int reserves, etc). Upon completion, new property will be valued at $2.75MM. Have a subject to appraisal from Feb 2008 supporting this value. This would give us a 70% future LTV.
Borrower has 660+ credit
Who can do this deal? stips? rate/terms? lender fees? |
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KHufford
5701 Posts |
Posted - 03/28/2008 : 11:04:01 PM
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This is a PERFECT example for our trophy residentail program at MJM. I am working on about 10 of these right now, and can run through it quickly. Email me and I will tell you want we need for an approval.
Rates start at 9.9%
3pts
30 yr term
prepay negotaible
No income docs needed just assets
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