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dwmordue
390 Posts |
 Posted - 06/06/2008 : 10:41:23 AM
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Anybody know of a lender offering 1st lien HELOC's greater than $250k? Looking for $500k.
Thanks. |
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dwmordue
390 Posts |
Posted - 06/06/2008 : 11:28:33 AM
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Just to be clear, I'm not looking for hard money.
Private money is fine if you have the flexibility and term. What are your parameters for LTV and credit? Rates and terms?
I'm looking for terms of 5+ years, and the clients needing these products are looking at paying to buy the margin down to 0.000% -.500% over index, or less.
The clients for these would be well qualified full doc clients with homes worth $750k - 1.5m
LTV's would be 50 - 70%
It would be for mortgage management, similar to CMG, so borrowers would need to be able to pay money to the line, and advance it quickly and easily. Are you set up for something like this?
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maclin
554 Posts |
Posted - 06/06/2008 : 11:50:48 AM
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The answer is Key bank but the problem is they do not pay brokers so you can help the client but not get paid or Us bank and get paid but the rate is TERRRRRRRible
quote:
Originally posted by dwmordue
Anybody know of a lender offering 1st lien HELOC's greater than $250k? Looking for $500k.
Thanks.
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coleendoyle
16 Posts |
Posted - 06/06/2008 : 12:18:41 PM
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| What state are you looking in? |
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Mulaman
17 Posts |
Posted - 06/06/2008 : 12:33:47 PM
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| Why does the CMG product not work? |
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dwmordue
390 Posts |
Posted - 06/06/2008 : 6:06:14 PM
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| Washington, Oregon, California. |
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dwmordue
390 Posts |
Posted - 06/06/2008 : 6:10:53 PM
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[quote]Originally posted by maclin
The answer is Key bank but the problem is they do not pay brokers so you can help the client but not get paid or Us bank and get paid but the rate is TERRRRRRRible
You had to get me started on KeyBank
I've used KeyBank for simo 2nds on 3 deals in recent months. I used 3 different reps from different branches, and all 3 deals got screwed up. 2 were late closings because of no response from Key Bank (on the cleanest deal I've ever seen, it took them a week to actually send docs. They told me on a Friday that they emailed them to escrow, and it was not until 7 days later that they actually sent them.)
On another deal they jacked the rate from 6.5% to 10.5% the day before closing on a purchase, saying that they "did not realize that the house value was over $500k" despite having an appraisal and sales contract for $690k for 5 weeks prior to closing.
If I have to give something away to a retail bank now, I give them to US Bank. Have given away 3 this year, and all 3 clients were taken care of. |
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nowbroker
1235 Posts |
Posted - 06/07/2008 : 07:50:05 AM
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Bank of America, also retail only.
Have you checked with Suntrust wholesale? |
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Mulaman
17 Posts |
Posted - 06/07/2008 : 08:13:33 AM
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| Still curious, why does the CMG product not work for you? |
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dwmordue
390 Posts |
Posted - 06/08/2008 : 3:10:30 PM
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CMG still works, but things really seem to be at a standstill at CMG in recent months, and in the event that their product becomes any more restrictive, or goes away completely, I'm looking for alternatives.
Also, the rates / margins at CMG have gotten significantly worse this year compared with last year. A 1st lien HELOC, in my oppinion, is a viable alternative to CMG.
Also, closing costs are much more competitive on most 1st lien HELOC's.
Also, we don't do the CMG as correspondent here any more, only as a brokered product, so the whole process does not go as smoothly as it did before. |
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Mandyvilla
3082 Posts |
Posted - 06/08/2008 : 8:45:08 PM
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LOL, I am not so sure anymore.....our HELOC wings have been snipped pretty hard. Also, you now need a credit score in the nosebleed area.
But......watch for some announcements to hit this week, many of you will be happy, and the rest PO'd. |
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dwmordue
390 Posts |
Posted - 06/08/2008 : 8:58:32 PM
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And that last post helps me how?
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Newbud
157 Posts |
Posted - 07/05/2008 : 9:31:19 PM
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| Is this HELOC still needed? |
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