| Author |
Previous Topic | Next Topic |
|
Drigotas
601 Posts |
 Posted - 06/26/2008 : 1:09:39 PM
|
Anyone out there that can do this?
Cashout refi
NOO
220K loan amount
70% LTV
Full Doc |
|
Scrooge McDuck
7972 Posts |
Posted - 06/26/2008 : 1:12:00 PM
|
| i hate that. why do they have to merge the properties like that? |
|
|
Drigotas
601 Posts |
Posted - 06/26/2008 : 1:30:55 PM
|
| I know. It is difficult enough to get financing for this kind of loan with one duplex on one parcel. Three duplexes on one parcel presents an extra challenge. |
|
|
markapex
346 Posts |
Posted - 06/27/2008 : 06:09:33 AM
|
We'd treat this as a 6 unit multifamily property.
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
|
|
|
brandie
3257 Posts |
Posted - 06/27/2008 : 07:27:49 AM
|
I had a deal just like this a year ago, and at the time Wachiova (commercial) was about to do it.
But lately I have been hearing rumors that they are not doing commercial. Nothing comfirmed, but I would call and find out for sure. |
|
|
jeff4567
1528 Posts |
Posted - 06/27/2008 : 07:58:28 AM
|
| Wells Fargo does small commercial loans up to 500K with no upfront costs. |
|
|
Drigotas
601 Posts |
Posted - 06/30/2008 : 07:22:39 AM
|
| Thanks, I put a call into my Wells Fargo AE to check into this |
|
|
PinnaclePeters
1076 Posts |
Posted - 06/30/2008 : 07:58:08 AM
|
6-unit multi-family.
Not a problem with our product, unless the borrower lives in one of the units.
At 70%, we'd be at 8.75% on a 30 fixed with No "Lock-Out".
7.75% on a 5/25 ARM.
Fax it over, Mike.
No up-front fees, no credit pulled until CTC.
Brokers protected. |
|
|
brad.easter
589 Posts |
Posted - 06/30/2008 : 4:29:47 PM
|
| Commercial direct lenders should have no problem with 6 units on the same parcel. Anything 5 plus and we are open to the deal. The condition of the property, DSCR and financial strength of the borrower are the lending issues. Bring it on - I love units! |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
