snappper
7 Posts |
 Posted - 05/19/2008 : 3:48:55 PM
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Hello All,
I'm trying to get a stated income loan done for a borrower that owns two adjacent properties, one being his residence, and the other being a 19 acre working olive grove. The home curently has a $150K private mortgage on it, and the olive grove is owned free and clear.
The borrower is looking for a stated income loan of $215,000.00, of which about 50-60K is cash out to invest in the business. The LTV/CLTV will be about 60-65% based on the value of the home and the 19 acre olive grove. The residence is owner occupied, and the farmland has been in the family for over 75 years. oan type is flexible, and the borrower's and co-borrower's middle fico scores are 681 and 700 respectively. They have an active business license and a tax id number, and no mortgage lates, bankruptcies or foreclosures. Borrower can show assets of about 40K cash in a savings account.
Please let me know what you think, and what other information you may need.
Thanks for taking a look.
Jonathan Shulman
310-963-2253 |
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