tncconline
30 Posts |
 Posted - 05/27/2008 : 09:42:04 AM
|
Hello,
I have a client who is working on building up credit to finish off her deals.
Untill then, she needs a bit of cash to tide her over -
She, however, has a very specific situation and the only way to get her the cash she needs to tide her off is with a private lender.
She currently owns two properties in NY, total value of 1.2 million, she has 1 mortgage out currently that has a balance of 400k
The last broker she used, CROSS COLLATERIZED boh properties for her sigle loan, so the small 2nd she needs has to be X-Collaterized as well.
She only needs like 50k or so to last her for a few months while she does her credit.
She is going to be refinanced into a 30yr fix, but as of now, her ARM came up and she is paying 6k/ month needlessly.
She is retired, collecting SSI, 5x Rental Incomes, Dividend income. She has 300k in bank (Which she cant touch due to the type of retirement account she has).
Is there a hard or private lender that will do a small 2nd for about 50k - Cross Collaterize the loan for both her properties?
The Loan should be re-paied when she closes on her refi within 3-6 months.
Please advise,
Thanks~
|
|
Search for: 
