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residentialwarra
10 Posts |
 Posted - 06/11/2008 : 10:55:53 AM
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7 Unit development, nothing owed on property currently, located in the midwest, 54% LTV. Borrowers have good credit scores (680-720), loan amount $3.1 million. Value of property as it sits: $650k-$1m.
Borrowers have been burned by lenders charging bogus upfront fees, so don't bother if the lender charges them.
Can anybody do this? |
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KHufford
5116 Posts |
Posted - 06/11/2008 : 10:57:52 AM
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You are not at 57% LTV you are asking for over 300% LTV, with a 57% Loan to future value....I dont think this is doable in the market right now...maybe for apartments but not condos. Anyone taking upfront fees from you on this is a con.
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residentialwarra
10 Posts |
Posted - 06/12/2008 : 07:55:02 AM
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| Does it matter that this would be construction "draws", we aren't looking for the $3.1 million on the property as it is |
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residentialwarra
10 Posts |
Posted - 06/12/2008 : 10:14:08 AM
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Bump
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