clydesnodgrass
176 Posts |
 Posted - 04/22/2008 : 1:14:08 PM
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This is probably the hardest group of loans I've ever had the unfortunate pleasure of trying to place:
I have 6 contracts, all of them foreign nationals (from the UK)... they are each purchasing a unit in a condo-tel in the Panhandle (Panama City). The development is 100% complete, no extra phasing, etc, HOA has been turned over... however, there is a rental desk.
There was also a 20% deposit put down by previous buyers that the developer is going to assign to the new purchasers and disclose on the HUD.
I'm pretty sure that's as complicated as it gets, but that's enough. Most of them are putting an additional 10% down, which brings us to 70% CLTV and they could almost probably put down another 10% bringing it to 60% CLTV, just depends if we can get this done or not.
Already tried World and Bank United... so any other suggestions or someone that can portfolio this loan - I'm all ears!
Clyde |
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