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dealcloser8
42 Posts |
 Posted - 05/15/2008 : 6:27:27 PM
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Hi,
Need an institutional lender who can lend $16 million for refinance to get out of construction loan. The appraisal value is $28 million. This is a SFR and owner occ. The borrower is self employed, owner of builder company, 691 fico, $1.9+ million in reserve, and his monthly income in last 2 years was $136K a month.
I can be reach at 408-395-1410 x102 Cell 408-881-3876 Email: Howie@SaratogaBancorp.com
Highly appreciate!!!
Howie |
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KHufford
5701 Posts |
Posted - 05/15/2008 : 6:30:47 PM
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Not nearly enough income or assets.
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hpmfinancial
1471 Posts |
Posted - 05/15/2008 : 6:36:16 PM
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I bet you are wasting your time. A borrower with this kind of property should have a direct banking relationship. I see these fantasy deals all the time that never pan out.
If you must, I say take him to Countrywide and get him on an option arm. Make 3 in the back 2 in the front and tell him his rate is only 1%. Make sure it is on 40 year amortization. |
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dkendall1979
9487 Posts |
Posted - 05/15/2008 : 6:41:28 PM
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Even at 7% IO, the payment would be nearly $100k/mo
What a waste of money. |
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harrasmith
13 Posts |
Posted - 05/15/2008 : 6:44:11 PM
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| If you do not know the guy very well...ask for an application fee, then you feel OK spending a little time on him. I have some diret contacts to the head of private wealth banking at one of the largest banks in the world. If interested you can call me at 513-616-0237 and I will forwward his name to you. |
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velecico
3624 Posts |
Posted - 05/15/2008 : 7:15:05 PM
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Send me 10K and the 1003 , i will get the Swami on it |
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KHufford
5701 Posts |
Posted - 05/15/2008 : 7:17:49 PM
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Mabye people are being a bit harsh, but educate your client that in order to support that large of a loan he would need to make more than double what he currently does or have more like $7 million bucks liquid.
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Quicksilver
4526 Posts |
Posted - 05/15/2008 : 7:23:46 PM
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quote:
Originally posted by harrasmith
If you do not know the guy very well...ask for an application fee, then you feel OK spending a little time on him. I have some diret contacts to the head of private wealth banking at one of the largest banks in the world. If interested you can call me at 513-616-0237 and I will forward his name to you.
No offense but private banking/wealth won't touch this, I deal directly with a few institutions and know VP's personally at BNY here. This guy doesn't meet near the income or liquid assets, he has nothing to pledge. |
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monarchdad
1806 Posts |
Posted - 05/15/2008 : 7:29:33 PM
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| These kind of deals float around to broker, to broker, to another broker forming a daisy chain longer than Interstate 5. |
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microboby
13 Posts |
Posted - 05/15/2008 : 8:32:46 PM
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I had a deal like this for a year , The builder owner probably invested 6 mill got a construction loan for 16 that use to be 60% LTV and got a nice appraisal for $28 , maybe that big ass house in Corona del Mar that is worth 75 Mill is a comparable. Sad part is that the owner builder will have to keep making the payments until the property sells for cash or to a super wealthy individual that can pay cash or sustain a loan like that. The owner builder would need to be in a 40% DTI and his income would not be suficent.
My best advice is to find him an investor partner that can keep those payments for at least 18 months until the house sells.
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samwillsonbiz
194 Posts |
Posted - 05/16/2008 : 10:01:14 AM
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Howie,
How are you involved in this deal?
We know this loan well. We know a number brokers already working on this. We know the loan originator.
Please email me. |
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samwillsonbiz
194 Posts |
Posted - 05/16/2008 : 10:03:05 AM
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quote:
Originally posted by monarchdad
These kind of deals float around to broker, to broker, to another broker forming a daisy chain longer than Interstate 5.
Exactly, lets nip this in the butt. There have been complaints about this being shopped to everyone already. |
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brad.easter
589 Posts |
Posted - 05/16/2008 : 10:05:26 AM
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| How many times did the Neverland Ranch come through your shop? We had numerous look sees to no avail. Cut your losses. This one will travel the length of I-10, not I-5! |
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