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JEMORTGAGE
338 Posts |
 Posted - 06/03/2008 : 2:51:57 PM
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| DOES ANYONE OFFER 90LTV PURCHASE?? |
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Miller192
176 Posts |
Posted - 06/03/2008 : 2:55:47 PM
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| What type of property is it? Is it owner occupied? |
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JEMORTGAGE
338 Posts |
Posted - 06/03/2008 : 2:56:54 PM
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| SHOPPING PLAZA, 700+SCORES ...WHATS HIGHEST LTV I CAN GET?? |
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lmany
36 Posts |
Posted - 06/03/2008 : 2:57:34 PM
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| Pretty much today the only 90% you can get is through a SBA Lender. It would have to be an owner occupied type of deal to qualify with SBA. We can do a max of 80% LTV and that is about the highest lenders are doing in this market. Some advertise for 85% or 90% but it is very rare that they actually end up lending that high. |
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Miller192
176 Posts |
Posted - 06/03/2008 : 2:58:09 PM
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| Without knowing any details I'd say we could probably do 80-85% If it's owner occupied we might be able to go higher. |
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JEMORTGAGE
338 Posts |
Posted - 06/03/2008 : 2:59:51 PM
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| 660K purchase price, what else do you need to know? |
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Miller192
176 Posts |
Posted - 06/03/2008 : 3:01:07 PM
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Well, is it onwer occupied or is it an investment property?
I would also like to see some financials at some point. You can call me or email me if you'd like. |
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JEMORTGAGE
338 Posts |
Posted - 06/03/2008 : 3:06:17 PM
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| since its a shopping plaza wouldnt that be considered investment? never done a commercial loan before so i wouldnt know |
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rocky007
360 Posts |
Posted - 06/03/2008 : 3:06:48 PM
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| Without knowing any details you're looking at 80%ltv and a rate of 7 or 7+ %. |
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Miller192
176 Posts |
Posted - 06/03/2008 : 3:10:05 PM
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quote:
Originally posted by JEMORTGAGE
since its a shopping plaza wouldnt that be considered investment? never done a commercial loan before so i wouldnt know
Not neccessarily but it sounds like this is an investment property. I could do 80% easy and maybe 85% if it's a strong deal. |
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lmany
36 Posts |
Posted - 06/03/2008 : 3:18:41 PM
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| I'd be happy to review the loan if you have a rent roll and financials on the property. We also may allow the seller to hold a second if that's an option (75% LTV/ 85% CLTV). Please call or email me if interested. |
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omegafunding
277 Posts |
Posted - 06/03/2008 : 3:22:34 PM
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Yes. If the seller carry's second for 30-40% 90% CLTV no problem. 12-18 month loan. 9-14% 4 points. This is private money. No bank games no red tape, close in 2 weeks. Call if interested
Ben
Omega Funding, Inc
www.omegafund.com
720-279-4345 |
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khoiey
1583 Posts |
Posted - 06/03/2008 : 3:27:05 PM
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| Not to be mean but I don't think you will close this deal based on what you ask us with your given information. |
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EMScommercial
5138 Posts |
Posted - 06/03/2008 : 3:30:08 PM
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I'll throw my hat in the ring!
Based on what you wrote.... you can expect to see quotes for 80% ltv (up to 85% possibly).... for conventional lending sources..... up to 90% for SBA....
Our network of over 350 commercial funding sources which we are direct brokers for (lenders, banks, private money, hedge funds, insurance companies, venture capital firms, etc.) - NATIONWIDE ... and Beyond!!! - could be just what you need for such a deal..... (the number changes regularly - adding and removing to meet our clients' needs) to our internal - proprietary database.....
We do all the legwork - finding the lenders interested and getting the documents to them.... receiving the letters of intent and organizing them in sensible order for your clients..... we should work together on your deals.... let's talk!
** We issue a mutual NCND to protect both sides!! **
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source....
We currently have:
248 conventional
68 SBA
lending sources for this type of property in our internal database! This will help us find just the right loan for your client!!
Please contact me asap so we can get this taken care of! Just a note... if you call and I am not available at that time to talk, any one of my highly trained account managers can help you as well.
Remember... We only get paid when the thing funds!
Hyperlink to our page for submissions - very straight forward and simple - http://www.EclipseMortgageServices.com/body_contactme.php - we will receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting the process!
Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf
Thank you...
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PinnaclePeters
1113 Posts |
Posted - 06/03/2008 : 3:36:54 PM
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90% with a 600 score up to $5M.
Purchase, Full-Doc, Owner/User.
Must be able to cover the Debt Service by a 1.20 ratio (translation... for every $1 of debt, they'll need $1.20 in income).
Borrowers personal income - along with borrower's spouse's income - can be used to augment property income (rents).
Borrower needs to operate his business using at least 26% of the available square footage to qualify as "Owner/User".
(SBA wants 51% owner occupancy on the 504 program to get to 90% on a 50/40/10 loan...)
60 days source/season of funds.
Need 2 months PI in reserves.
No taxes/insurance escrows required.
Gift Funds allowed, but borrower needs 10% "own funds".
Seller 2nds allowed to 90% CLTV.
Seller can pay up to 3% towards buyers closing costs.
Our fee is $2300, collected at close. No "up-front" fees.
Simple. |
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simply commercia
77 Posts |
Posted - 06/03/2008 : 3:37:06 PM
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| 90% is available but it depends on the property and the borrower. |
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ccbank
1318 Posts |
Posted - 06/03/2008 : 4:58:27 PM
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| If in California call me. |
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swmsn
4205 Posts |
Posted - 06/03/2008 : 6:46:53 PM
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Leigh was spot on with their reply. Many times 90% will not Debt Service either.
Work out with your borrower getting another 5-10% |
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Bruce@Met-West.c
256 Posts |
Posted - 06/04/2008 : 06:15:01 AM
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| We, Met-west offers 90LTV on Occ >50%, on minimum 500K loans, full doc, wide range of commercial properties. |
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gman1958
294 Posts |
Posted - 06/04/2008 : 06:27:04 AM
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HI,
As some of the posters have said...80 ltv is probably the max you can get. Many do say they can get you 85% or even 90%(non SBA)...the problem becomes..DSCR - can you debt service at 1.20 or better? At 90 ltv...it is possible, but doubtful.
So with that said, we would need to know what the purchase price is, location, rent roll ,income and expense report, recent credit(need at least a 680), sellers tax returns for the last 2 years to see how well the borrower qualifies.
Please contact me to discuss the deal and i will help you structure this.
thanks
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