Yes, I am still doing Business & Commercial ULOCs

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mortgagemessiah

8003 Posts

Posted - 05/22/2008 : 12:27:00 PM

We are stll doing BLOCs and still only charging 3%. We have sources that will still go to $1,000,000.

Clients must have:

Proof they have been in business for a minimum of 3 years (no shelf corps)
Have a 680 or higher FICO.
Have solid financials. The banks have pretty much limited stated to a maximum line amount of $30,000.

Terms and rates are determined on a case by case basis. The banks are frowning on people who's income is derived from residential real estate. This includes mortgage brokers, SFR property investors and real estate agents.

mortgagemessiah

8003 Posts

Posted - 05/22/2008 : 12:54:39 PM

That's our standard fee. Yes, we are able to do deals in WA.

mortgagemessiah

8003 Posts

Posted - 05/24/2008 : 08:15:44 AM

bump

mortgagemessiah

8003 Posts

Posted - 05/26/2008 : 06:50:51 AM

bump

mortgagemessiah

8003 Posts

Posted - 05/27/2008 : 4:45:45 PM

bump

mortgagemessiah

8003 Posts

Posted - 05/28/2008 : 07:21:47 AM

bump

mortgagemessiah

8003 Posts

Posted - 05/31/2008 : 10:41:45 AM

bumps

jordanb

370 Posts

Posted - 06/03/2008 : 12:53:35 AM

-Hello Steve

What is the Maximum Line Amount on Stated UBLOC's? Can you apply to (5) different Banks for $30K a piece?

Thanks!

mortgagemessiah

8003 Posts

Posted - 06/03/2008 : 07:37:55 AM

the maximum on a stated BLOC depends on the client and the bank. It's usually $30-50k. Yes, we can take it to 5 different banks.

jordanb

370 Posts

Posted - 06/07/2008 : 7:35:40 PM

Thanks Steve for the prompt response. I'll get together w/ my client and see if he would like to proceed.

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