Mixed Use Property

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John5

47 Posts

Posted - 06/02/2008 : 5:20:47 PM

Hello,

I have a mixed use property that is stated and non owner occupied. The borrowers fico is 697 and the property is free and clear. I need max ltv for a cash out loan, do you know who can help me.

Property Value 410k
Loan Amount 307,500 @ 75% LTV
Property is in CA

Thank you for your time.

gman1958

294 Posts

Posted - 06/02/2008 : 6:45:16 PM

john,

This appears to be a pretty straight forward deal. The max ltv on a cash out refi is 75%/ the fico score is good, and a NOO is ok.

Need to know:

exact location of property
how many commercial units/resi units in building
any vacancies
rent roll
dscr?

He should be able to get a rate in the 7's for this product

Please contact me to discuss and i will help you structure the deal.

Thanks

swmsn

4205 Posts

Posted - 06/02/2008 : 7:32:33 PM

Go to Gary and he can also show you why you do not have to go Stated. ( Its the property that is important on making the payments not the borrowers current checking account.

Matt W.

1927 Posts

Posted - 06/02/2008 : 7:57:12 PM

Would like to hear more of the details. Please call or email with more info for pricing.
Thanks,

kenvphan

452 Posts

Posted - 06/02/2008 : 9:57:30 PM

I can help you with this deal. We are also located in Southern Cal.

markapex

346 Posts

Posted - 06/03/2008 : 06:55:42 AM

75% is about right on the LTV. We'll need to know what the use of the cash out is.

Apex Mortgage is a commercial mortgage portfolio lender owned by First Trust Bank, FDIC. We are a small balance lender doing loans from $25,000 to $750,000 in 43 states. Our terms run to 25 years, fixed or ARM with no balloons or lock-outs. We offer brokers the ability to earn 2 points in YSP.

While we are happy to work with high credit score borrowers, most of our deals are in the 575 to 660 credit score range.

Ask about our new Prime Rate ARM program.

We underwrite, process, close and service all of our loans. We never send files out to another company for any reason.

Mark Langman
Apex Mortgage
800-262-2739, ext. 221
215-283-8885 fax
mlangman@apexmtg.com
www.apexmtg.com

John5

47 Posts

Posted - 06/03/2008 : 08:15:40 AM

quote:
Originally posted by kenvphan

I can help you with this deal. We are also located in Southern Cal.

Hi Ken,

I would like to discuss with you further about the details of this loan and find out what pricing would be. Could you call me when you have a chance? I look forward to hearing from you.

Thank You,
John Travis

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