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hoangad
2931 Posts |
 Posted - 05/19/2008 : 10:55:03 AM
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580 fico
co-op 3 story condo
o/o
cash out
0x30
full doc
loan amount: $200,000
65% LTV
California - San Francisco
Never done a co-op property before.
Can somebody help please?
Thanks in advance! |
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hoangad
2931 Posts |
Posted - 05/19/2008 : 11:03:43 AM
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| help please |
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v_dawar
15 Posts |
Posted - 05/19/2008 : 11:27:50 AM
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I can help. Please give me a call at 415-887-9741. We are based in San Francisco.
Regards
Vivek Dawar
Heading National |
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hoangad
2931 Posts |
Posted - 05/19/2008 : 11:44:43 AM
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how can you help?
do you have a lender that you can help me submit this to?
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v_dawar
15 Posts |
Posted - 05/19/2008 : 11:46:39 AM
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Yes I can help you submit to a lender. But it is going to be a private money loan. Call to discuss. Thanks.
Regards
Vivek Dawar
Heading National |
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hoangad
2931 Posts |
Posted - 05/19/2008 : 11:50:43 AM
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wholesale lenders only please. not looking for hard money. thanks though.
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hoangad
2931 Posts |
Posted - 05/19/2008 : 11:53:23 AM
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| WILL FANNIE OR FHA TAKE THIS? |
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bigwill1128
91 Posts |
Posted - 05/19/2008 : 11:57:04 AM
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| run du, and if you get an approval most big lenders do co-ops, I usually use vertice or wachovia ( non-portfolio), you can also use wells, chase, etc...... |
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hoangad
2931 Posts |
Posted - 05/19/2008 : 12:11:19 PM
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| has anyone closed one before? |
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bigwill1128
91 Posts |
Posted - 05/19/2008 : 12:18:09 PM
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| yes I have closed co-ops before they are pretty popular in NY |
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hoangad
2931 Posts |
Posted - 05/19/2008 : 12:21:26 PM
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| anything different than other residentila sfr loans? please let me know. |
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bigwill1128
91 Posts |
Posted - 05/19/2008 : 12:41:36 PM
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| They are different more paperwork involved, but pretty close to a condo, you have to get the co-op board involved, and you need to make sure the lender does co-ops in California, also alot of lenders have approved co-op project lists. They also take much longer on average, the ones I have closed have taken close to 60 days. T |
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hoangad
2931 Posts |
Posted - 05/19/2008 : 12:57:02 PM
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thanks will! appreciate the help very much!
have a good day. |
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samwillsonbiz
194 Posts |
Posted - 05/19/2008 : 1:43:20 PM
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Co-op in California is extremely difficult. Outside = not so bad.
If you get this closed I will make sure every California Co-op that crosses my desk goes to you. |
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hoangad
2931 Posts |
Posted - 05/20/2008 : 1:26:03 PM
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who can do this deal?
i cant help him out.
who wants the lead? |
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hoangad
2931 Posts |
Posted - 05/21/2008 : 3:23:34 PM
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| HELP! REVERSE MORTGAGE WILL WORK? |
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hoangad
2931 Posts |
Posted - 05/21/2008 : 3:56:40 PM
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| ??????????? |
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jsales
4 Posts |
Posted - 05/21/2008 : 4:07:44 PM
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| Big Will do you have a contact for Vertice and do they lend in CA? I have a few co-ops in excess of 1 million sitting on my desk right now. I have called everyone and nobody will touch CA. When you referred to running DU were these properties east coast? |
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hoangad
2931 Posts |
Posted - 05/21/2008 : 8:18:25 PM
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| ????????? |
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gotdebt123
99 Posts |
Posted - 05/21/2008 : 8:28:07 PM
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WOW
What is a COOP 3 story CONDO...Is it a COOP or a CONDO?
Either way call the management company of the building as they will have approved the buyers. Find out which lenders did financing in that building.
California -Problem
Cashout with those scores problem.
My whole market was COOP's in NY.
COOP you own shares of the Corporation. Condo you own the unit. With a COOP based on the size of the unit they allocate a certain amount of shares.
Closing costs on a COOP are the cheapest of any realEstate transaction about 2k
COOP Lien Search $350
UCC filing Fee $150
Underwriting, attorney, processing, application.
No Title
No MTG tax.
So if it 1 million dollar COOP or 45k COOP smae Closing cost scenario.
Emmigrant...may do the deal but they were a big pain in the a..
RUN a DU good luck
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bigwill1128
91 Posts |
Posted - 05/22/2008 : 04:46:01 AM
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| I just checked Vertice is NY only |
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bigwill1128
91 Posts |
Posted - 05/22/2008 : 04:46:31 AM
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| I would check with Chase |
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