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cincyloanguy
125 Posts |
 Posted - 06/12/2008 : 4:04:11 PM
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| I need a blanket loan for a investor with sfr.They are mostly in ohio and northern kentucky. Who is strong for this program? |
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mortgagemessiah
7834 Posts |
Posted - 06/12/2008 : 4:10:26 PM
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| No one. It would have be split up into 2 different loans because you can't cross state lines. You are going to need an LTV of under 75%. Lower if they're in OH. They also need to be showing positive cash flow and have a history of positive cash flow. The client is going to need a credit score of at least 700. That's if u can find someone to do it. Most american hedge funds aren't touching them and very few overseas funds are. |
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cincyloanguy
125 Posts |
Posted - 06/12/2008 : 4:12:53 PM
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| so there are no investors buying into the us housing market for commercial? I find that hard to believe. I can split the deal into both states. The properties all cash flow and credit score is over 700. |
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swmsn
4205 Posts |
Posted - 06/12/2008 : 6:46:28 PM
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Steve is right. There are some but they are very few and far between. Its not so hard to realize considering the over all market condition. Commercial Lenders have seen the destruction to the bottom line of many and do not want to follow in their foot steps. Many Many sources stopped doing this in Jan. I can go on and on about this.
I'm sure you are aware of the conditions of OH in places. Declining market will drop the ltv.
I can look at what you have and see if we can develop something based on the info I can obtain.
Email me and I'll send you a list.
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mortgagemessiah
7834 Posts |
Posted - 06/12/2008 : 7:49:13 PM
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quote:
Originally posted by cincyloanguy
so there are no investors buying into the us housing market for commercial? I find that hard to believe. I can split the deal into both states. The properties all cash flow and credit score is over 700.
If you don't believe me, start riding the phones and call hedge funds. |
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cincyloanguy
125 Posts |
Posted - 06/13/2008 : 04:58:30 AM
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| Steve its not that I dont believe you its just amazing to me. I will be making some calls to get it figured out somehow. thanks for the help. |
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