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mbroker1
38 Posts |
 Posted - 07/10/2008 : 08:26:46 AM
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Dear All:
I have a full doc foreign national loan with 4 trade lines 2 yrs old. Southtrust recently suspended their foreign national program. Wachovia is not an option either, as they have cut back their LTV's on thier foreign national programs as well. The property is located in central florida and I am looking for a full doc, 75% LTV on a second home purchase. Any ideas for a lender on the wholesale side?
This is a complete package ready to go.
Any help in placing this loan would be greatly appreciated.
Thank you again. |
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meridian1
376 Posts |
Posted - 07/10/2008 : 08:34:11 AM
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In which county is the property located?? Does the borrower have US credit??
Will 70%LTV work? |
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mbroker1
38 Posts |
Posted - 07/10/2008 : 08:35:44 AM
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| Property is located in Osceola County, they need 75% LTV to make it work. Thanks |
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mbroker1
38 Posts |
Posted - 07/10/2008 : 08:38:50 AM
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| The 4 trade lines reflect good standing for 2 yrs. There is no score assigned to these borrowers. The report is from a credit reporting agency showing the trades and history. |
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meridian1
376 Posts |
Posted - 07/10/2008 : 08:56:56 AM
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| you got email |
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mbroker1
38 Posts |
Posted - 07/10/2008 : 09:18:06 AM
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| thanks responded back, borrowers live in Trinidad & Tobago and this is their 2nd home in FL. Thanks |
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mbroker1
38 Posts |
Posted - 07/10/2008 : 12:45:24 PM
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| This is their first home in the states. |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 07:49:53 AM
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| Does anyone lend to foreign nationals at 70% LTV in FL? Thanks. |
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meridian1
376 Posts |
Posted - 07/11/2008 : 07:51:42 AM
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| John what happened with Emigrant Mortgage and SouthStar Funding? Wont they do it?? |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 07:55:21 AM
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| Emigrant 65% max, Southtrust suspended foreign national program. Still looking now for 70%. |
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alberone
193 Posts |
Posted - 07/11/2008 : 07:57:46 AM
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| Did you try Emmigrant? I think they only go to 65% though. This will be a tough one, but you know that already. It's not in Reunion, is it? A few lenders have, for lack of a better term, redlined that community as well as Bella Collina, Formosa Gardens, etc. due to high concentrations of fraud. |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 08:03:25 AM
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| not Reunion, that has been a tough area. I'm stuck, Emigrant max 65%. RLN is Canadians only. |
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meridian1
376 Posts |
Posted - 07/11/2008 : 08:07:12 AM
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John try
www.firstbacnkfla.com
Joe Huddleston
305-519-4415
I think they do foreign nationals, not sure about their LTVs
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alberone
193 Posts |
Posted - 07/11/2008 : 08:09:12 AM
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| Century Bank of Florida's retail division might be able to go 70%, it's case-by-case. If you made a friend over there you might get a deal in return. Who know, just a suggestion. Sometimes it's worth losing a commission to make a referral source happy. If your borrower really can't produce that 5% you might just be out of options. Good luck. |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 08:22:53 AM
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Thank you mereidan, they are sending me some email on the program. I just got off the phone with them and once reviewed I will comment. Any contact info for Century Bank?
Thanks for helping, there are really good people that are on this website, get to know them and they want to help. I thank you all for this! |
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alberone
193 Posts |
Posted - 07/11/2008 : 08:26:30 AM
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| Century Bank retail - Ken Mattern @ 941-302-5500. You can tell him this is the deal that Bernie was asking about. |
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808
2597 Posts |
Posted - 07/11/2008 : 08:30:35 AM
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| check w Bankunited.com I haven't used them since they suspended all their portfolio programs for the most part, but back in the day they were the go to lender for Foreign Nationals and unusual Condo deals since their based out of Miami and Miami is full of Foreign Nationals and Condos |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 08:38:01 AM
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| thanks Bernie, Ken said he would take a look at it if I wanted him to, however they shut down thier wholesale side. |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 08:45:04 AM
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Ravi,
Is that webiste infor right. I tried to look it up and can't find them. I haven't received thier email yet. Bankunited stopped doing foreign national loans. Thank you for trying anyway. Any other ideas? Thanks again everyone. |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 08:48:42 AM
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| Is it true Loyds of London is doing foreign national loans. I thought they were just about insurance. A realtor refferal suggested this to me. Anybody use them on the wholesale or retail side for a client? |
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808
2597 Posts |
Posted - 07/11/2008 : 08:49:04 AM
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| then how about Banco Popular???? |
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meridian1
376 Posts |
Posted - 07/11/2008 : 08:49:46 AM
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Sorry John,
Here is the right website address www.firstbankfla.com |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 09:05:39 AM
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Thanks Ravi. Banco Popular no longer lends in FL.
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varga197
208 Posts |
Posted - 07/11/2008 : 11:30:53 AM
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Anyone has a contact person to Emigrant ? or their wholesale website?
Thank you |
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alberone
193 Posts |
Posted - 07/11/2008 : 11:32:38 AM
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https://www.emigrantmortgage.com/EmigrantMortgage/brokerdirect/index.jsp
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mbroker1
38 Posts |
Posted - 07/11/2008 : 11:41:15 AM
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| Emmigrant max is 65% LTV. The borrowers need 70%LTV and to make reserve requirements. I been looking all day and still can't find any lenders yet. I appreciate the help. One would think with the US dollar being realtively weak internationally, they would want more of these loans. I guess it's the property values here in florida they are concerened with. This is a full doc loan! |
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meridian1
376 Posts |
Posted - 07/11/2008 : 11:42:52 AM
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Check this lender and see what they have to say.
American First Financial
727-447-1459
www.americanfirstfinancial.com
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mbroker1
38 Posts |
Posted - 07/11/2008 : 11:48:05 AM
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Thanks Ravi,
American First Financial only goes to 65% LTV as well. I think I'm screwed, any other ideas? Thank you all.
John |
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bramous
970 Posts |
Posted - 07/11/2008 : 11:52:46 AM
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quote:
Originally posted by mbroker1
Ravi,
Is that webiste infor right. I tried to look it up and can't find them. I haven't received thier email yet. Bankunited stopped doing foreign national loans. Thank you for trying anyway. Any other ideas? Thanks again everyone.
John,
BankUnited still does them but they are limited to ten counties in Florida.
• Broward • Charlotte • Collier • Hillsborough • Indian River • Lee • Manatee • Martin • Miami-Dade • Palm Beach • Pinellas • Sarasota • St. Lucie
Maybe this will help? |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 11:56:41 AM
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| Thanks Bill, the property is locted in Osceola County in central florida, next to Disney. Thank you for the correction on Bank United. That is good information for future use. |
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varga197
208 Posts |
Posted - 07/11/2008 : 12:00:09 PM
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| Thank you Alberone |
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mganovsky
2070 Posts |
Posted - 07/11/2008 : 12:13:42 PM
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| Did you try Oceans Bank out of Miami????? |
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mbroker1
38 Posts |
Posted - 07/11/2008 : 1:19:23 PM
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| Didn't Ocean bank become Popular Mortgage? I know they dont do Foreign nationals anymore. Anyone else? I appreciate you trying. The boorower is just crushed, as they require 70% LTV and can not come up with the other 5%. The program they were going to use was suspended earlier this week. |
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nbafinancial
2 Posts |
Posted - 07/18/2008 : 10:30:24 AM
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Dear All,
Everyone looking for Foreign National Programs we offer a 65% no doc loan for foreign nationals & resident aliens, and we can also go 75% Full doc for(Canadians Only)
contact:
NBA Financial Group
786-923-5998 |
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